When discussing real estate people often spend most of the conversation on house prices and market conditions. But the reality is that selling your home is often more of a lifestyle decision than a purely economic decision. Given a healthy local market for homes like yours, what lifestyle changes will help you know when you should sell your home?
Your space needs have changed
When you purchased your home you probably had a good idea what size and type of space you wanted and what you would use it for. People entering the detached home market are usually looking for space for a growing family as well as things like large kitchens and multiple bathrooms. But if you purchased your current home 20+ years ago it’s likely that your space needs have changed. It may be time to downsize and use some of the equity in your home to pursue other interests.
Or perhaps you are one of the millions who suddenly find themselves needing more space at home for a home office or to start your own business. Many people are finding that their city condominiums are simply too small to live and work in, especially if both you and your partner are now working from home. In your case, you’re looking to upsize and you’ll be looking for a new space with rooms and areas that can be repurposed.
Your neighbourhood doesn’t reflect your lifestyle
If you’ve lived in a neighbourhood for a long time, you may find that as your lifestyle changes the neighbourhood doesn’t offer the amenities you need. Some neighbourhoods become more oriented to an aging population or a very youthful population and this may not suit you anymore. As a person finds themselves with more time to spare after their children leave home, they may want to try new hobbies and activities that require a different set of amenities or a new community of people who share similar interests.
You want to be close to your family
As affordability has become more of a challenge to younger buyers in Vancouver, many have chosen to move further out of town in order to afford a place with enough room for their growing family. If you’re a grandparent you might be feeling a bit cut off from your children and grandkids by the distance. This is a great indicator of when you should sell your home, downsize and make the move to be closer to the ones you love.
It’s simply time for a change
We’ve all experienced the sense of longing for a change. Whether it’s a desire to broaden our horizons or make new memories in a new chapter of life, sometimes we just know the time is right to do something new. Sometimes you just know when you should sell your home.
But what about price?
As a homeowner, you know that you won’t sell if the price isn’t right. So it’s encouraging to see that Vancouver West Side homes are holding their value and making up much of the loss that followed the foreign investment rule changes. This graph shows the increase in house values for Kerrisdale comparing February 2020 to February 2021. The numbers indicate a technical measurement called House Pricing Index, and not dollar value. Strong sale prices and lifestyle changes could mean that 2021 is your year to sell.
So what do you think? What are the driving forces that will determine when you should sell your home?
If this post has got you thinking, you can learn a bit more about me to see if I’m a good choice as your real estate agent by visiting my About page.