According to the National Association of Realtors the average US homeowner moves every 10 years. It’s likely to be less than that in Washoe County but in the end, people sell homes for many different reasons. One very common motivation is that the house just doesn’t fit their needs anymore. If you’re thinking that you may fall into this category here are a few points that may narrow your decision a bit.
Lifestyle is a Big Factor: For example, would you like to lock up and travel more? Perhaps you would prefer to be closer to work, schools, friends, or family? Are there rarely-used rooms in your home, perhaps never-used? Lot size and yard maintenance are often big considerations when moving in either direction.
Think of the Foreseeable Future: For instance, elderly homeowners may eventually find steps and stairs to be a problem rendering portions of their home unusable. Meanwhile, growing families often find themselves in the exact opposite predicament. Additionally, Pew Research estimates that over 20% of the US population now lives in multi-generational homes and the trend is growing.
Financial Considerations: For some folks the rising cost of utilities and home services (landscaping, repairs and maintenance) are of great concern. Conversely, many young homeowners are anticipating a bright financial future in a brisk economy. Regardless, start with a trip to a local lender for an in-person interview. I know, a person can do this online, but this is a fact-finding mission and most online portals will leave you painfully under-informed. As many of us learned during the down-turn, financial stability is a critical element and it pays to be conservative.
Timing is Important: Over the years I’ve met many down-sizers that simply waited too long to make this decision, often placing themselves in a “need to sell” position. Owners of smaller affordable homes will likely find themselves in a year-round, brisk, “seller’s” markets. The sellers of larger, move-up style homes aren’t so lucky and often find seasonality to be a bigger factor. This can really work in the up-sizers favor.
Find a Real Estate Broker: Look for someone proficient in the art of representing buyers and sellers in this circumstance. There is a lot to consider and this is no time for a “sales pitch”. You will want to work with a trusted adviser.
I’m sure there’s more depending on your individual circumstances, but this is a good start. Taking the time to build a fundamental plan while gathering all the facts will make this decision and process much easier for you.