The reasons to sell one's home are the same as it's always been. To make a big profit (probably the most of any market I've been in) or simply a major change in what one wants or needs in a different home (could be moving to a different town or a different size home). But, here's the deal. Most homeowners today are locked into the lowest mortgage rates in modern history. Almost everyone has refinanced to mortgage rates between 2% and 3%. They are literally trapped in that home unless they have an extremely compelling reason to move. Going from 2.5% to 6% creates a scenario where one will need to purchase a lower priced home to match their current mortgage payment. Doesn't wort for most people. But, for those who need to sell, they will make a handsome profit.
Two Reasons You Should Sell Your House
Wondering if you should sell your house here in Colorado this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below):
Let’s break those reasons down and explore how they might resonate with you.
1. I Want To Take Advantage of the Current Market here in Parker Colorado and Make a Profit
When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM explains:
“The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020.”
Even though home prices have declined slightly in some markets, they’re still much higher overall than they were just a few years ago. To understand what’s happening with home prices in your area and the current value of your house, work with a local real estate professional. They can give you the best advice on how much you could gain if you sell this year.
2. My Home No Longer Meets My Needs
The average person has been in their house for ten years. That’s a long time when you think about how much may have changed in your life since you moved in. And typically, those changes have a direct impact on what you need in a home. Whether it’s more (or less) space, different features, or a location closer to your work or loved ones, your current house may no longer check all the boxes of what feels like home to you. If that’s the case, it could be time to work with a real estate agent to find a better fit.
Bottom Line
If you’re thinking about selling your house, there’s probably a good reason for it. Let’s connect so you can make a move that’ll help you accomplish your goals this year. You can reach me at 720.220.5058 or Cheryl at 303.981.7339.