Key Takeaways:
- Today’s homeowners are putting off selling for longer than ever before, but now might be the right time to move on to a new place.
- As the Triangle’s market begins to shift, you won’t want to wait much longer to capitalize on your hard-earned equity.
- Want to explore your buying and selling options? Contact Linda Craft & Team, your Raleigh real estate pros, at 919-235-0007!
Why 2021 Could Be the Right Time for You to Sell and Find a New Home
How long have you lived in your current home? If it’s longer than five years, you aren’t alone. According to recent data from First American, homeowners are staying put much longer than historical averages. Prior to 2008, the average homeowner only stayed in the same house for an average of five years—but today, that number has doubled to 10.6 years.
So, what does this mean for potential Triangle sellers? If you’ve been in your home for longer than the norm, chances are you’re putting off addressing one, if not several, of the typical reasons why people choose to move. And if you’re still on the fence about selling, now might be the best time to cash out on your equity—here’s why.
If your needs have changed, there’s never been a better time to sell
As we’ve learned over the past two years, life can change in an instant. That means the longer you’ve been in your home, the more likely it is that your needs have evolved. Several factors could lead to your home not meeting your needs, including job changes, relationship changes, and the surprising curveballs that life can sometimes throw at you.
Let’s look at a few practical examples. If you started working remotely during the pandemic, you might need a dedicated home office—but unless you have an extra bedroom or flex space, you’ll have to settle for the kitchen table. The birth of a child or the addition of an aging relative could make your existing home feel more cramped than you remember. And if you recently adopted a pet, you could be dreaming of an even bigger yard for them to enjoy. Whatever the case may be, you should consider if your home really delivers on what you need moving forward.
It’s often financially beneficial to sell your house and move
One of the biggest benefits of homeownership is the equity your home builds over time. If you’ve been in your house for several years, you may not realize how much equity you have. According to the latest Homeowner Equity Report from CoreLogic, homeowners gained an average of $33,400 in equity over the past year.
When you couple that equity with today’s record-low mortgage rates, selling and upgrading to a new home could be a pretty sweet deal. Or, if you’re looking to downsize, your equity can help provide a larger down payment and lower your monthly payments as you pay off your next loan. Regardless of your circumstances, there are significant financial benefits to selling in today’s market.
Sell with the Triangle’s Trusted Real Estate Team
Simply put, if you’ve lived in your home for around five to 10 years, there’s never been a better time to sell and make the most of your equity. And when it comes to Triangle real estate, only trust Linda Craft & Team. Our agents boast centuries of combined experience, and we’d be happy to tell you just how much your home is worth in today’s market. We can even help you find a new home, too—just give us a call at 919-235-0007 to begin.