Your house is one of your most treasured assets. And unlike other assets, more emotional value is attached to a home. Homeowners think of selling their property as a lifestyle decision more than a market-driven one.
Perhaps you’re looking at selling your home because you need to upgrade or downsize, or, perhaps, you need a change of environment. Some situations may compel you to sell your house fast, while others allow you the luxury of waiting for the best offer.
Here are the top reasons that will justify the need to sell your home:
You’re going through life changes
Life can happen fast. You probably bought your home as a single person, and the next thing you know, you’re married and are now planning to have kids. That means you need to upgrade to a larger house. You might also find yourself on the other side of the fence. You’re going through a divorce and now have to downsize as you may not be able to keep the property on a single income.
Your home doesn’t fit your present lifestyle
With the pandemic turning remote working into the new normal, perhaps you’re now looking for a bigger space where you can have an appropriate home office. You might be looking to make your space more conducive for productivity. If your home is no longer serving your changing needs, it might be time to put it on the market and move to one that serves your new needs better.
Your home expenses are cutting into your finances
A mortgage is just one expense of owning a house. Other fees, such as home insurance, private mortgage insurance, property taxes, utilities, household maintenance, and lawn upkeep can put a huge dent in your wallet. You also have to spend on unexpected repairs or replacements, such as a broken appliance or a new window.
Ideally, you should earmark 1% to 3% of your home’s purchase price annually for maintenance and repairs. Unfortunately, not everyone has the means to do this, especially during the pandemic where reduced working hours and furloughs have affected many people.
If your finances are not in the best shape, then perhaps the right option is to move to a smaller home that you can comfortably afford rather than face the risk of foreclosure.
Your neighborhood no longer meets your needs
Your neighborhood may have gone through recent changes that make it less suitable for your preferences. For example, if you’re a young couple with kids nearing school age, you might find that the schools you’re eyeing are too far from home.
Another reason may be a recent development in your neighborhood that has made living there less desirable for you. For example, a new condo building constructed next to your home may now be blocking your view of the bay, which was one of the reasons you bought the home in the first place. This reduces the desirability of the property, as well as its value.
You enjoy challenges
Some homeowners take pride in fixing up a house. They like using their resources on renovating. However, once the project is complete, they feel the need for a new challenge. Now, they’re looking to sell and work on the next fixer-upper.
You’re in a seller’s market
You might have been hesitant to sell during last year’s lockdown for fear that you won’t find buyers. But despite the ongoing pandemic, the housing market in the Bay Area and beyond has been thriving. Inventory remains low and people are out shopping for houses. In today’s seller’s market, you might even get an offer above your asking price.
Your work needs you to relocate
Relocating for a job is one of the top reasons people sell their homes, even if the move is only across town. The pandemic has also influenced the decision of many to move to a new home. With remote working on the rise, people no longer see the need to live close to financial or commercial centers and opt to relocate to a more affordable suburb.
On the other hand, some people who don’t own a car choose to limit their exposure to the virus when taking public transportation. They want to live near their workplace where they can walk to the office.
You have a trusted San Francisco Realtor
Keep in mind that both your financial situation and your real estate market are unique. Get in touch with an experienced Realtor who can help you analyze both and see if selling your home is the right decision at this time.
If you decide to take the next step, your Realtor can help you close a profitable sale with their numerous services, including:
- Staging a house for sale or connecting you with real estate staging companies
- Setting the right price for your home
- Marketing your home to reach as many prospective buyers as possible
- Breaking down any technical jargon
- Negotiating strongly on your behalf
- Managing all the needed paperwork
Let Team Hatvany, led by Nina Hatvany, help you achieve your home selling goals. With over 50 years of collective experience, the team is one of the frontrunners in the San Francisco real estate market and was the number one team in the market from 2017 to 2020.