According to the National Association of Realtors, the average amount of time a homeowner occupies a house is 10 years. However, some stay much longer than that while others are moving out sooner. It all depends on each resident’s time frame. Whatever the reason may be, there are some issues that can occur that ultimately cause a homeowner to move on to something new. Sometimes it’s financial, other times it’s emotional. Regardless, here are six ways to tell it’s time to move out.
- The market is skyrocketing and you want to profit from it. Depending on the area you live in, it may become a popular new place on the market. What better time to cash in, especially if you’ve been debating on moving out. The price per square foot could be increasing, houses in your neighborhood could be selling at a rapid pace, new additions to your town could be bringing in more residents, etc.
- Your neighbors got quite a nice chunk of change for their home(s). If you’ve noticed properties in your area are being put up for sale, search them online and see what they’re being listed for, also pay attention to how quickly they sell. If the houses that have the same amount of bedrooms and bathrooms as yours are being sold for an amount that you would love to have in your bank account, consider putting yours up for sale.
- Your house has become a financial burden. Perhaps you’ve fallen on hard times and you’re struggling with property taxes or mortgage payments. It may be time to find something more affordable.
- Your family has overgrown the home. If you bought a home when you first got married but now have multiple children, pets, etc., it may be time to move into a larger home.
- You need a change of scenery. Whether you want out because a loved one has passed away and it’s time to move on, or if you simply want to move to a different part of town.
- Maintenance has become too costly. This could be landscaping, snow removal, issues with your septic tank, trash and recycling, house-cleaning, etc. All of these add up over time and many of these services don’t come cheap, especially if they occur often.
You’ve stayed for at least five years (the recommended minimum time). Selling too soon means there is a chance you haven’t built up equity beyond the down payment, as mortgage payments are mostly just interest payments in the beginning. It’s not a good look to buyers if you haven’t been in the house for long. They’ll wonder if something is wrong with the house or the neighborhood to cause you to exit quickly. This could affect their decision to buy