Several personal and economic factors can drive homeowners to sell a home. In many instances, the decision can be the best move for your family. Here’s what to consider before listing to determine if selling is right for your needs.

How to Know When It’s Time to Sell Your Home

1. You’ve Outgrown It

Whether you’re having a child or caring for an aging parent, you may find that your current living space no longer accommodates the size of your family. This is one of the most common reasons to sell a home, especially for first-time sellers.

If you feel cramped and uncomfortable, it may be time to relocate to a bigger property where everyone will have ample space to enjoy.

2. Demand Has Increased

Listing at the right time is important if you want to increase your chances of a quick and lucrative sale. Generally, low inventory and high buyer demand indicate a good time to sell a home. When supply is low, home prices often rise, yielding a better return on investment.

Before listing, research the local market with your real estate agent. Your agent has access to data about properties that have recently sold in your area and how long they sat on the market.  

3. You Have Substantial Equity

After owning your home for some time and paying down the mortgage, you may have quite a bit of equity built up. When selling, you should have enough equity to pay off your current mortgage and cover a 20% down payment on your next home.

To calculate your home equity, subtract your outstanding mortgage balance from the current market value of the property. If you don’t have enough equity, you may end up just breaking even. If you’re interested in profiting, it may make sense to wait.

4. No Emotional Attachment

Over the years, families create many memories in their homes. Emotional attachment can make selling less appealing to you. 

On the other hand, not having sentimental attachments to the property can make selling easier. For example, you’re more likely to settle for a fair price and accept an offer. Thus, it’s better to list once you can commit to the sale.

If you’re ready to sell your home, work with a real estate agent from Greenway’s Real Estate & Auction. With offices in Covington and White Sulphur Springs, our team has guided residents of Virginia and West Virginia through the selling process for over 60 years. We provide honest advice to help you make the most of your investment. List with confidence when you let Greenway’s do it! Call (540) 962-1155 to schedule a consultation, visit us online for more details, or text LISTING to (540) 698-0883 to learn more about the latest offerings in your area. We also have an app available on all smart devices.