Thinking of Selling? Here’s What to Consider Before You Move | The Listing Team

The real estate market is on fire these days. If you’re a homeowner, you’ve probably fielded at least one phone call asking if you’re interested in selling. It’s only natural to consider your options.

However, relocation involves headaches that make those who have recently survived one pray they won’t need to do so again anytime soon. Is it worth the hassle? If you’re thinking of selling, here’s what to consider before you move.

1. Preparing Your Homestead for Sale

One thing to look at is your current property’s curb appeal. Certain upgrades matter more than others. For example, many first-time homebuyers cherish things like a well-organized garage with plenty of storage space and eco-friendly upgrades that make your property more sustainable.

Fortunately, it doesn’t take too much effort or cash investment to hang some pegboard for organizing small garden tools and install shelves and cabinets to keep hazardous chemicals like antifreeze safely away from children and pets. It’s not too costly to replace incandescent bulbs with LEDs, either.

Another easy spruce-up you can DIY in a single weekend is to tackle the painting yourself. You might want to hire a pro to do a two-story exterior, but you can easily welcome buyers with a fresh coat indoors. Think light, neutral shades with perhaps a striking accent wall. You can also get creative with your trim, but don’t go too crazy. Remember, you want buyers to picture their furnishings in your space, and most couches clash with fuchsia.

2. Finding a Suitable Property

Once you sell your current homestead, where do you plan to go? Real estate prices don’t look like they’ll tumble anytime soon, so you want to line something up before you find yourself with nowhere to go. Some experts believe a crash is on the way, given how inflation has spiraled, so you can’t count on scoring a deal.

What if you’re thinking about buying land and doing a custom build? Keep costs in mind there, too. The price of lumber soared during the second half of the pandemic, and ongoing supply chain issues and chaotic world events make it dubious whether they’ll come back to normal soon.

3. Take a Realistic Look at Your Earning Potential

Unless you’re one of the lucky elite with enough cash to buy a house, you will have to carry a mortgage on your new home. Recent changes could help you get a qualified one, even with a relatively high debt-to-income ratio. However, the job market also remains somewhat volatile — think long and hard about what you can afford to avoid future problems.

Consider everything that could impact your income. For example, you might hesitate on selling and moving into a pricier mortgage if you recently received a diagnosis of a chronic illness. Health care is notoriously expensive in the U.S., and some employers don’t understand needing time off to attend doctor appointments. If you worry about how illness may affect your finances, it’s best to be conservative.

4. Think About Your Growing — or Shrinking — Family

On the other hand, now might be the time to get the most bang for your buck. What if your current abode doesn’t comfortably fit all five kids you and your partner hope to add to your family? Rising rents mean more singles and childless-by-choice folks are looking to get off the roller coaster. What’s too tiny for you might be cozy for them.

Likewise, you might act now if you plan to downsize. Those looking to grow their families are also seeking bigger homes, and you can command top dollar now.

5. Ask Yourself Where You Want to Retire

Let’s face it: Moving is a major headache. It disrupts your daily routine for weeks, sometimes months. Even once you settle into your new place, you have the fun adjustment period when you get to figure out which box holds what and where you stashed necessities like the paper with the new garage door code.

Lest you think it can’t be so bad, consider the results of a recent survey of 1,000 Americans. The majority considered moving the most stressful life event — even worse than divorce.

Therefore, ask yourself where you want to retire, especially if you’re getting up in years. If you always dreamed of retiring to Arizona and you’re secure that your work-from-home situation is permanent post-pandemic, now might be a good time to head west, young wrangler. If you know you won’t be happy elsewhere, why move now only to do so again in a few years?

Considerations Before You Sell

The market is hot, and hungry real estate agents are dialing every digit in their database in search of properties to list. You might be tempted to make a change.

However, uprooting your life is disruptive, to say the least. If you’re thinking of selling your home, consider the above five factors before you move.