As much as you love your home, there will come a time when you start wondering whether or not you should sell and move on. Putting your home on the market can be a scary prospect—you'll probably have a lot of questions about what that process looks like. But before you dive in, answer one bigger question first: Is it the right time for me to sell? There are many reasons that one might sell their home, some beyond our control and some not. Here are a few telltale signs that it's time to close one chapter of your life and start a new one.

Your home no longer suits your life

Maybe the starter home that you purchased after getting married is busting at the seams now that you have a few kids. Or, maybe it's the opposite, and the big house with the big backyard feels excessive now that your nest is empty. But size doesn't have to be the issue—maybe you've started working from home and need office space, or perhaps health changes necessitate one-floor living or more accessible features. If your life is drastically different than it was when you purchased your home, then it may no longer be serving your needs.

Your local market is favorable

Ideally, you make a profit selling your home—or at least enough to make your next move comfortably. You probably also don't want that "for sale" sign hanging out in your yard for a long time. That's why it's important to check out your local market before you take the plunge. Do some investigating to make sure your area is in a thriving seller's market—look out for whether or not local properties are selling fast, if square footage has increased in price in your area, and if homes similar to yours have recently sold for good prices. You can also consult with a trusted local real estate agent to get a feel for the market.     

You've built up equity

Typically, the longer you stay in a home, the more equity that home accrues. If possible, wait until enough equity has built up to pay down your current mortgage and put something aside for your next step (for example, a down payment on a new home). Having strong value in your property can help cover expenses like concessions, moving, and more. Additionally, selling without building up enough equity may worry buyers that there's something wrong with your home. It's generally recommended that you live in a home for five years before selling, so if you've hit that milestone—that could be another sign that it's time to sell.       

You're financially stressed

Of course, sometimes it's just not realistic to wait for financial stability before selling your home. Sometimes homeowners underestimate ongoing housing expenses or experience a change in financial status—so they sell to get relief from a mortgage or other housing costs, like repairs and property taxes. If the amount of money you're shelling out has become unmanageable, your best option might be to sell and find housing that works better with your current financial situation. Selling (even if it's before you've built up equity) is better than struggling and risking foreclosure.    

Maintenance is making you miserable

Taking care of an entire house isn't for everyone, and that's OK! Any home (but especially larger or older homes) comes with maintenance costs. Repairs, both large and small, can add up quickly—even more so if you aren't able to do them yourself. In addition to repair costs, the average homeowner also spends around $2,000 per year on services like landscaping, septic service, cleaning, etc. Even if you aren't paying as much for repairs and services as others, constantly keeping up with these issues can get overwhelming and irritating. If maintenance costs and efforts are bumming you out, it may be time to sell and look for something less demanding, like a condo, a rental, or new construction.  

You're emotionally ready

Selling your home can be an emotional roller coaster, especially if you've lived in that home for a significant amount of time or passed major milestones there, like getting married or having kids. Before you decide that you want to sell, it's a good idea to do some soul-searching and make sure that you're emotionally prepared to leave that chapter of your life behind. If you do have kids, you might need to be prepared to handle their emotions as well (even if they're grown up and out of the house). Selling a home comes with a significant amount of stress, so ensuring that you aren't piling that stress on top of regret and uncertainty will help it go down that much easier.

Paying attention to these signs can help you avoid making an impulsive decision about selling your home. And once you've decided that it IS time to sell, the best person to help you answer the rest of your questions is an experienced local real estate agent.  

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The Masiello Group is a second-generation family company that has been a trailblazer in New England real estate since 1966. With now more than 35 offices throughout northern New England, we're the largest residential real estate firm north of Boston to offer a complete suite of home services, including buying, selling, mortgage, title, insurance, relocation, and more.

Our agents are eager and excited to meet your real estate needs!

You can find more information on today's market and other real estate trends by reading our blog weekly at https://www.masiello.com/news-and-updates/.