How to know when it’s the right time to sell your home

When you’re thinking about selling your home, you already know it’s a big financial and emotional decision. Whether you’re relocating for work, upgrading to accommodate a growing family, or downsizing for a simpler lifestyle, timing can play a critical role in ensuring a successful sale. But how do you know when it’s the right time to sell your home?

Here are some key factors to consider if selling is on your mind this year.

Life events often drive the decision to sell. A specific factor that makes the decision to sell easy is typically job relocation. If you’ve received an offer for a new opportunity in another city, state, or even country, selling your home may be necessary. You could attempt renting out your home instead of selling. However, because there’s a massive need for inventory in the Triangle, it’s a great time to sell if you’re moving.

Other changes may be that you’re welcoming a new addition to your family, or the kids are moving out. Whether you’re moving up to create more space or down to keep from having too much, selling is a great opportunity to put your equity to work for a home that’s the right fit. In addition, financial changes may make you want to consider selling. For example, if you get a new job that improves your income, you may want to get an upgrade. If things get tight, a downsize could provide relief.

It’s been a seller’s market in the Triangle market for many years. That means demand continues to exceed supply and homes aren’t staying on the market long. As long as the market continues down this trajectory, it’s going to be a great time to sell.

The National Association of Realtors (NAR) reports that sales begin ramping up in February and March. The busiest times in real estate are May through August. However, North Carolina’s temperate climate means there’s not a complete slowdown through the slower months. Even during the slower months, it’s a great time to sell simply because people need homes to buy. If you’re asking if it’s the right time to sell your home, the answer will be yes for the foreseeable future.

Is your home market-ready? If your home needs minor updates or improvements, chances are it’s a good time for you to list your home. In fact, in today’s market, focusing on small improvements like boosting curb appeal and making an effort to declutter and depersonalize can help your home sell quickly.

If you want to address potential issues before listing, you could start with a pre-inspection. A home inspection provides an extensive report on your home’s condition, including the foundation, roof, and everything in-between. When this report is complete, you can address potential issues before listing your home, which can prevent surprises during negotiations.

The National Association of Realtors (NAR) reports that owning a home provides the largest source of wealth for many families. That’s especially true for those who purchased over the last 5 years, when the annual compounded growth in home equity was over 11 percent in Raleigh, according to NAR data. With that type of increase in value, it may be a good time to capitalize on that investment.

If you have equity that can benefit you financially, talk to your financial advisor to determine how you best use that equity to your advantage. It may be a great time to consider selling to purchase a larger home. Just remember to use enough from the sale of your home to cover the mortgage balance, agent fees, and closing costs to set yourself up for success down the road.

Selling a home can be emotionally taxing. That’s especially true if you have lived there for many years. One of the easiest ways to determine whether it’s the right time to sell your home is whether you genuinely feel that you’re ready to move on. If you are unable to separate yourself from the memories you’ve made in the home, you may want to put a pause on a sale. However, if you’re ready to let go, it’s a sign that it’s time to sell.

Keep in mind that selling a home takes time and energy. From staging to showing the home to negotiations to paperwork, it takes a lot of effort. If that doesn’t deter you from putting your home on the market, you’re in a great position to sell.

Selling your home is a deeply personal decision, influenced by a mix of practical, financial, and emotional factors. By assessing your current situation, understanding market conditions, and preparing your home properly, you can determine whether now is the right time to make your move. The key to success is to get a trusted real estate professional on your side from day one. The right person will guide you through the process and help you achieve your goals, ensuring you have a smooth transition to the next chapter of your life.