For many homeowners, the time eventually comes when the house they have lived in for years is either too small for them (such as when they have a young, growing family) or too big (when the kids move out). The need to “right-size” a home is fairly common, but like any other home sale and purchase, you have to carefully consider a number of factors to get the most out of the process.
Whether you’re looking for more floor space or less, you first need to do your homework. That means digging into all the available info to find a basic area or two where you will search for a home. How are the schools there? How much time do homes spend on the market? How many people try to buy it? What are the prices? How do these factors (and more) change over time?
The important thing to keep in mind here is that every market is different, just as every buyer’s or seller’s needs are different. For that reason, your homework regarding where you will look to buy is only part of this process: You will also need to look at your current location and see how the market is faring to determine the right time to sell.
Of course, if you are constrained by very real deadlines (i.e., if you would like to move before the new school year begins), that certainly changes the calculus, but you need to take a holistic look at the market to see what will be most advantageous.
The other thing you’ll need to think about is how your home sale might affect your buying power. If you’ve spent years paying down your home loan, or have paid it off entirely, it might become easier to lock in a number you can truly afford in your new home. Here, too, you’ll just have to crunch the numbers and look at market data to identify the best combination of meeting your needs and selling to maximise profit.
When you need expert guidance through the home sales process, the professionals at Ray White Next Step are here. We know the ins and outs of real estate in the region like no other, and can give you all the right advice to help you find the right house on the right timeline for you. Get in touch with us today to learn more.