Lynn's Blog

How to know if it’s time to sell your house?

How to know if it’s time to sell your house?

Is there such a thing as the 7-year itch when it comes to moving house?  According to Ask.com; in the United Kingdom, the average person moves every six years and Americans move, on average, about every 5 years.  I think it stands to reason that Canadians are likely to get the urge to move every 5-7 years as well.

It’s sometimes tough to decide when to make a move and sell your house. Considerations such as the state of the real estate market, timing, finances and many other factors come into play when considering a move. 

Moving houseThe following signs are good indicators that you’re ready to sell your house.

1.Your home is appreciating – and you’ve built equity.  If you have been in your home a long time the chances are good that you have built some solid equity in it. According to Canadian Association of Accredited Mortgage Professionals (CAAMP) “Canadians with mortgages have significant equity in their home, averaging about 66 per cent of the home’s value” Additionally, according to stats from The Vancouver Island Real Estate Board; single family home prices, in Nanaimo, have increased by 4% over the past 12 months. With the equity you’ve built in your home, you can put it toward a down payment on that home you’ve been wanting or maybe downsize and use some of the equity to travel.

2.Your life has changed or is changing. Whether you are an empty nester or a young couple starting a family, new circumstances make it time to make a move.  

3.Space isn’t working for you. Perhaps you have too much or too little space.  All you know is that the space you have no longer reflects your needs. If your space is creating issues for you, it’s definitely time to move.

4.You just want to.  There is no better time to sell than when it just feels right! 

 

 

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