Your home is likely to be the biggest asset you own, and it might even be an investment. Whenever real estate values go up, people wonder if they should sell. The profit makes it worthwhile to move. Other times, people find themselves in a home they can’t afford. Something unexpected might have come up, or the value could be lower than the mortgage. The question is the same for everyone: when is the right time to sell the home? Look for signs that the time is here.

Pay Attention to the Real Estate Market

You should always pay attention to what real estate in your neighborhood is doing. If you see growth over a few years and notice that homes sell quickly, you could be in a seller’s market. This is a good time to sell if you want to realize your investment. There is a statistic put out by the NAR that is called “months of supply.” This number lets you know how long it would take before all of the homes are sold. When your neighborhood has less than three months of supply, it is a seller’s market.

If you live in an area with seasonal sales, you will want to sell during this time. Many real estate professionals recommend that you sell in the spring, but this could be different in some locations. You can find information on when the best time to sell is in your location.

Reasons to Consider Selling

There are several reasons to consider selling, including the following:

  • You are struggling to pay your bills
  • You are ready to move up 
  • You aren’t able to handle the maintenance on the home
  • You want to be in a home you can age in

Reasons to Wait to Sell

If any of the following apply to you, you should consider waiting to sell:

  • The market is slow
  • You don’t have any equity
  • You have been there for less than two years, so you haven’t met the capital gains exclusion requirement
  • You don’t have the money to stage your house for marketing