This year has seen a whirlwind of home sales so far. Many families are uprooting their lives and moving, but that could harm them in the long run—many homes are selling “as-is” these days, and many people are blindly going into buying mode.
Don’t fall into this mind set—learn why you should avoid rushing into selling your house here.
You Moved Recently—Why Move Again?
Generally, you don’t want to move more than once in a single year. Moving too often can create severe problems with taxes, resulting in penalties. Plus, if you remain in your house for at least two years, there’s a good chance you’ll have better resale value.
You Don’t Have Time for Repairs
Making home improvements can help a home sell more quickly, but if you don’t have time to make those repairs, then this is a moot point. Plus, if the repairs in your current space are too much to tackle right now, what makes you think you’ll be able to complete repairs in your next home? In the current market, many houses are being sold “as-is,” which puts buyers at a disadvantage. You may end up needing to make a lot of repairs in your new home in order to retain its resale value.
Affording a New Place Might Not Be in the Cards
Taking out a mortgage you can’t afford to pay back isn’t good. Interest rates and down payments are rising, so if you can’t afford them now, create a separate savings account and start adding to it. Additionally, simply waiting until the market slows down may be the best choice.
You Haven’t Even Started Looking
Procrastination is a surefire sign that moving right now isn’t a good idea. If you haven’t planned a budget, researched towns or neighborhoods, or contacted an agent, you shouldn’t move. Spend the remainder of the year prepping yourself by exploring new locales so that you can be ready for a full search in the future.
Social Media Is Swaying Your Decision
There needs to be a good reason for you to want to move. If your friends or family members have inspired you to move away, then you may not really be ready to leave. You shouldn’t want to move because your friends did; you should want to because of better opportunities, a better community, and an improved quality of life. If your community is thriving and has seen more economic growth and improvement overall, you should stay. A year from now, you could be reaping the benefits of living in one of the most desired communities in your city.
Having a good reason to move is essential. After you’ve read up on each of these reasons to not rush into putting your home on the market, start saving and making improvements to your house now. A year from now, you’re going to look back and realize that staying put was a good decision.
