When Your Home No Longer Feels Like Home: Why It Might Be Time to Move
Having a place to call your own, with the space, features, and location that suits your needs, is one of the many perks of homeownership. However, life is unpredictable, and what may have been the perfect home for you at one point may no longer be a good fit. If you can relate, it may be time to consider making a move.
Recent research by the National Association of Realtors (NAR) indicates that the average person stays in their home for about ten years. During that time, it's likely that a lot has changed in your life. Even if you initially thought your home would be your forever abode, there's no need to feel stuck. Partnering with a local real estate agent can help you explore your options in today's market.
Many homeowners are doing just that. According to a survey from Realtor.com, one in three people who plan to sell their home in 2023 are doing so because their current home no longer meets their needs. The top reasons for selling, according to NAR, include moving closer to friends or family, retiring, needing a different size home, experiencing a change in family situation, or relocating for work.
If your home is no longer suitable, selling is a great option, and the current market is favorable for sellers. Well-maintained homes listed at market value are receiving lots of attention from buyers and selling quickly. Additionally, if you've owned your home for some time, you likely have significant equity. This can be used to help finance your next move, as 38% of recent buyers used the proceeds from selling their previous home to cover the down payment on their new home.
In summary, if your current home no longer meets your needs, it may be time to consider selling and finding your dream home. Enlist the help of a real estate professional to explore your options and learn more about the equity you have available in today's housing market.