According to iProperty Management, people stay in their homes for an average of 16 years. Approximately 42% of homeowners sell in less than 10 years. They sell their homes for a myriad of reasons. A growing family (upsizing). Empty nest (downsizing). Wanting to live closer to family. A job change. Divorce. Death. You name it. But how do you know if now is the right time to sell your home? Consider these factors.
Tell-Tale Signs You Should Sell Your Home
To Take Advantage of a Seller’s Market
Currently, Redfin ranks the Tulsa real estate market as a very competitive seller’s market. That means that sellers typically sell above their list price in a very short time frame. Plus, they might see more than one buyer seriously interested in their property.
Ease Financial Stress
You bought your house in 2019. Then, bam! The pandemic hit your household…hard. You find yourself struggling to keep up with your bills every month, including your mortgage. Take advantage of the equity you built up to ease your financial stress by selling your home. However, keep in mind that once you sell it, you need to find another place to live. And just like how your home went up in value, so did others currently on the market. So, expect to pay more for your new digs. Even so, by paying down/paying off debt with the equity from your home’s sale, it may easily free up enough money to afford that new mortgage. Or you might want to sit back and rent a place for a little while to give you time to think about your next move.
Lifestyle Change
Like I said before, people sell their homes for a variety of reasons, including a change in their living situation. Getting married? Exchange the bachelor pad for a family starter home. Family expanding? Time to upsize. Kids flew the coop? Time to downsize. Ready to retire and want to make things super simple? Sell the single-family home and buy yourself a condo.
Before you make any decision, though, weigh the pros and cons of selling. Again, once you sell your property, you then become a buyer. Then, contact a Tulsa REALTOR® to gauge the local market and set a list price. They can set you on the right path. Good luck!
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
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