Keyword(s): thinking of selling your home

Are you planning on selling your house so that you can make a permanent move to a new place? Are you one of the 22 percent of Americans who moved or know someone who moved because of the ongoing pandemic? Is your old home no longer going to be useful to you?

If you’re thinking of selling your home, it helps to know if it’s the right time to do so first. A lot of homeowners like to wait for the market to open up before they sell their homes. Considering what can happen if you sell at the wrong time, it’s a smart move.

In this guide, we’ll give you a handful of reasons to sell a house in 2020. Keep reading to learn what they are.

1. There’s a Change in the Neighborhood

One of the things you have to consider is the state of the neighborhood you’re in. Because of the coronavirus pandemic, the entire area where you live may have changed. This change can be social, economic, or infrastructure-wise.

It helps to know what’s going on in your area. Is your neighborhood becoming too commercial or too young? Are you in a place that makes it difficult to survive emergencies like the pandemic?

Always consider the state of your neighborhood in your checklist for selling your home. It’s a factor that can help you sell your house or fail at it. Knowing these things about your neighborhood will also help you know who you want to market to.

For example, if you’re in a neighborhood that is quiet and full of older couples you will probably want to consider marketing to people who want to live in a quiet neighborhood. 

2. You Have Equity on Your Side 

Another thing to consider when selling your house is equity. Equity is the difference between your home’s market value and how much you still owe for it. If the house has a higher market value than what you owe for a mortgage, you have high equity.

This is the best time to sell a house equity-wise. You don’t want to sell a house when its market value is smaller than how much you owe for it. That’s negative equity, which will get you a short sale.

If you’re the type of person who prefers to have funds available, wait for positive equity. Don’t sell your house yet if you’re still going to end up with a mortgage to pay off.

As a tip, take advantage of the appreciation in the property value of your home. Don’t let it go to waste or wait too long. Property value fluctuates, which also makes equity for your home vary.

3. You’re Thinking of Selling Your Home For a New Job

Thanks to the health crisis, a lot of us are realizing that we can find work without being present at the workplace. For example, 58 percent of knowledge workers in the US now work in remote offices.

If you have a stable job where you can work from the home, you may be thinking of moving out. You may be thinking of moving in with your elderly parents so you can watch over them during your off-hours. Or, you may be dreaming of working at home so you can also take care of your children with your spouse.

These are all valid reasons to sell your home. If selling your home in the city and moving into a residential area outside the city is better for you, go for it. If it’ll help you take better care of loved ones, then it’s worth the move.

4. Maintenance Becomes Harder With Age

Age and health are two of the things that catch up to us when we least expect them. One day, you can still clean up the rafters and the chimney. The next, you might learn that you can’t because you have asthma or a bad back.

If your health is keeping you from keeping your home, don’t keep it. Sell it before it loses its value in the market. Then, get a new home that’s easier to take care of.

Once you grow much older, you’ll realize that a smaller home is better for you than a big one. It’ll be harder to move around in a big house. Once you age, you’ll be dreaming of having fewer floors to climb, fewer rooms to clean, and shorter hallways to travel. 

5. It’s More Difficult to Make Ends Meet

It’d be a good thing to have a mortgage-free home, like 37 percent of the homes in the country. However, not everyone can pay off all their mortgage without getting broke. Not everyone can get a job that gives them enough to pay mortgages and survive all their other bills.

Did you bite into a home with a mortgage that’s larger than you can chew? No matter how beautiful the home, you need to consider your financial health first. Consider how much easier it may be for you to move to a new house where the mortgage is easier to handle. 

If your home is driving you deeper into debt, let it go. Put it on the market and downsize. Don’t wait for the inevitable, which can be either a foreclosure or a short sale. 

6. You Outgrew Your Home and Can Upsize It

Let’s take a look from a different perspective. Some people have a stable financial status and are taking care of growing families. Rather than sell the home to downsize, they’re selling it to upsize instead.

If you want to give your growing kids more space to play and learn, don’t hesitate to sell the old house. You’ll be able to give them individual rooms. It’ll also help some parents reignite that spark once they have a room that’s only theirs.

This is also good news for those who want to sell their homes that can fit medium-sized families. If you have this kind of home, you can sell yours and look for one more suited to your lifestyle. 

Growing families isn’t always the reason for upsizing a home. In some cases, the homeowners buy bigger homes because their money is also growing. There’s no reason to live in an uncomfortable place if you can afford something better. 

7. Interest Rates May Remain Low This Year

If you plan on selling your home in 2020, having low-interest rates is a big advantage. The Federal Reserve doesn’t plan on changing the interest rates more than 1.75 percent higher. It’s good news for a slew of potential buyers, and that’s good news sellers in turn.

Most homeowners who are selling their houses are also in the market for a new home to move into. Note that some fluctuations may still occur throughout 2020. However, it’s likely to remain low enough to encourage more buyers into the market.

8. A Wave of New Buyers Are Coming Into the Market

The next generation of blooming adults is entering the housing market and looking to buy. If you have an entry-level home, start thinking of selling your home. Entry-level up to midlevel homes are likely to be in high demand this year as more buyers come in.

What if you have a house that’s a little more high-end? Nothing is stopping you from selling your home. You can still expect a small number of young homebuyers who have interests in high-end homes.

9. Selling the Home Lines up With Trends and Buyer Behavior

If you want to be smart about selling your home, keep notes of the trends in the real estate market.

It’s not only during spring when potential buyers are entering the market again. Remember, the trends tend to differ from place to place. For example, the value of a pool in Denver may not be as high as it’d be in California. 

Find out what the hottest trends are in your area. Learn about buyer behavior during the various seasons, so you know how to prepare your home for buyers. If you want to sell your home fast, find out what your competition is doing to attract buyers and improve upon it.

10. You Need to Move On

There may be a time in your past when the market was in a perfect state for selling your home. However, you didn’t feel ready to part with the home. Or you didn’t feel that it was necessary to move out because it held heavy sentimental value to you.

There’s no reason for you to force yourself to sell your home if you’re not ready. Now, you may feel at peace or comfortable about selling your home. Take this as a sign to start planning on selling your home.

Other emotional or personal reasons people have is that a loved one died. If a house has a lot of deep memories, it may be better for some people to sell it once they’ve grieved. It’s also possible that the relatives of the departed homeowner don’t need the home.

Sell Your Home This Year

If you’re thinking of selling your home, it helps to know and consider these ten things. Don’t wait around if the market is at an optimal phase. Grab the opportunity so you can also get a new home that’s more suited to your liking. 

That’s it for our guide for homeowners who want to sell their homes this 2020. If you want to see more guides on real estate, check out our blog page. If you have any queries, feel free to talk to us.