One of the biggest questions I am asked by seniors is “When should I sell my home?” In reality this is usually two questions rolled into one. First is the question of “what time of year is best to sell” and the second is “based on our situation, when is the time for me / us to sell”.
The first question has a very simple answer. Whenever you want to sell is the best time. Granted certain times of the year have unique advantages. The January to March period is a good time to sell because there are fewer homes listed for sale and you will have less competition. Selling in the Spring / Summer market (April to July) is the busiest market and when the most buyers are actively looking. However this is also when the most homes are for sale and you have the most competition. The Fall market (September to November) is the second busiest market of the year.
The second question is a harder one to answer because it will be different for everyone. To decide for yourself when is the right time to make a move, here are some questions you should ask yourself:
How much longer can I realistically stay? If you are mid 60’s, in good health, still able to mow lawns & shovel snow and enjoy gardening, staying for 5-10 years or longer probably makes sense. But if you are mid 80’s, experiencing health issues, unable to maintain the property and rarely able to leave your home, now is probably the time to make the move.
What is the advantage of staying? Emotionally it’s hard to leave your home, but look at it objectively and make a list of the advantages of staying. Usually one of the reasons people stay is to maintain their independence, which is important. However, selling your home and moving to accommodations more suitable to your current needs may increase your independence. You may end up closer to necessary amenities and family. Plus turning the equity in your home into cash may put you into a better financial situation.
What would happen if I / we had a sudden serious health issue and could no longer stay in the house? We all experience health changes as we age. But unexpectedly you had to immediately move out of your house how would that affect both you and your family? Would it fall upon your children to pack up and downsize your possessions and sell the property? It would be a good idea to discuss this situation with your family and determine the best course of action.
How would my life change if I sold my home? Would it allow you to travel? Would it improve your financial situation? Would you be able to move to a more convenient location?
Be honest with yourself when asking these questions and start the process of determining when is best for you to make a move.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES is a Senior’s Real Estate Specialist and a REALTOR® with Sutton Group-Professional Realty. Licensed since 1991, much of Roy’s practice is helping retirees with their later in life moves. Roy can be reached at 902-497-3031, by email: RoyThomas@RoyThomas.ca or read other articles online at www.HalifaxSeniorLiving.ca
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- Right-sizing: 3 Questions to Ask When You Are Trading Places
- Getting Ready For Your New Life By De-Cluttering
- Cleaning Out The Family Home
|Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991 Roy specializes in helping retirees with their later in life real estate transactions. If you are contemplating a move and would like a complimentary copy of Roy’s guide to downsizing entitled “Preparing to Downsize” please click here.|