I’m just getting back from relocating my sons in South Carolina, and now I’m thinking, “Is it time to move?” “Should we simplify our life and downsize?” “Do we need to move up to a bigger home?” “Is now the best time to sell, or will it be best to sell 5 years from now?” “Will the market be as strong then as it is now?” “Is it time to leave Brooklyn?” We need to start planning now.
Choosing to move is a big decision. There are many lifestyle and financial factors to consider and a lot of questions that must be answered. Here are 5 factors that indicate it could be time to move:
- Life events call for a move up to bigger or different. Company comes to visit. Some stay overnight and there just isn’t anywhere for them to sleep. An aging parent is moving in with the family because they can no longer care for themselves. Closet space is limited or overcrowded. The little kids are now big kids outgrowing shared bedrooms or the number of children in your family has increased. You’ve started an at-home business and need a home office. The space in your home just isn’t cutting it any longer. It could be time to move.
- Your life has changed, really changed. Baby Boomers, folks in their 50’s and 60’s, are becoming empty nesters. This is an important life change that trumps all other reasons to sell a home. For example, our sons wanted to establish their independence but realized Brooklyn was too expensive for them to live on their own. They chose to move to South Carolina for affordability and even bought their first home. Now my wife and I need to move into a home that sync’s with our empty nesting phase in life, a home that makes more sense for our life as we now know it. Becoming an empty nester, taking on a new job that comes with a new, long commute, retiring, divorcing, etc., are all significant reasons that can indicate it is time to move.
- Home improvements and landscaping are being neglected. Is it time to move on to a maintenance-free way of life? Are home improvement projects and landscaping no longer fun to do? Do you have time to keep up with it all? Maybe you are now physically challenged and are unable to paint, plant or hammer. If your home and yard are being neglected, it will take more money to get it ready to sell. What’s even worse is you may have to ask for a lower price to get your home sold. It may be time to move to a smaller and simpler home that you can take good care of.
- The market is strong. The shortage of houses for sale in Brooklyn is an extra incentive causing bidding wars. The backlog of homebuyers means multiple offers on new listings and higher home prices are normal. The value of a house in Brooklyn is soaring! According to the National Association of REALTORS®, total existing-home sales increased 6.1 percent in March – the highest annual rate since September 2013. The number of houses for sale, however, has experienced a fairly small increase of 2 percent above a year ago making it a seller’s market!
- You have equity in your home. Many homeowners have positive equity in their homes and don’t realize it. According to Corelogic’s Third Quarter 2014 Equity Report, 94 percent of homes priced at $200,000 and above have positive equity. You may have lost your home’s equity during the housing crash, but don’t stay there in that mindset. Have your home reappraised to find out how much equity you have built in your home. Selling may be an option once again, and it could be time to move.
Now just might be the time to move, to finally put your home on the market. The seller’s market may switch to a buyer’s market as more homes come on the market. Mortgage rates are predicted to stay low because of geopolitical unrest and lower oil prices keeping inflation in check. Take a look at all your opportunities. How long will they be as good as they are today? Staying in Brooklyn doesn’t get easier, and market where you are considering moving to is getting stronger.
Call your Brooklyn real estate agent with Fillmore Real Estate, Charles D’Alessandro at (718) 253-9600 ext 206 or email [email protected]. If you’ve been wondering about moving for a while, now might be the best time to move.