When is it a Mistake to Sell Your Home?

Most realtors will tell you that it’s the perfect time to sell your home when in fact, there are times that it just doesn’t make sense to make a move. Here is a couple of situations where we would recommend that you don’t sell your home.

So, when is it a mistake to sell your home?

1. If the reason that you are selling your home is temporary or short-lived.

Sometimes you’re better to live with the short-term aggravation and keep your home. Let’s say for example that you love your home but want to be closer to the daycare.  Well, the reality is your kids aren’t going to be in daycare forever. If the only reason that you’re moving is to be close to something that is short-lived, it likely wouldn’t be wise to make a move.

2. The things that you don’t like about your home, you’re not going to be able to get in with a new home.

Often sellers are moving because they want more space. If your financial situation doesn’t allow you to buy a larger home in the area you want to live in, it’s likely a mistake to sell. You’d be better off to wait until you could afford the right home.

3. You’re uncertain about your future.

If your job isn’t stable or your financial situation may significantly change, it may not be the time to make a move. Also, if there’s a high probability that you may get transferred to another city, this would also be a time where you would be best to stay put until you are more certain of your future.

4. Your home is going to go up a lot in value and you don’t have to sell.

Here’s a true story. My wife and I built a beautiful home north of the city. Unfortunately, we had overbuilt for the area and had spent more building the home than it was worth.  Shortly after we built the home, our lives changed, and we wanted to be closer to the city. We SOLD our home for much less than we have paid to have it built. If we had held on to the property and rented it for five years, we wouldn’t have SOLD the house for a loss. Selling our home at that time was a mistake.

There you have it. Four times when it would be a mistake for you to move. There are lots of times when it makes perfect sense to make a move.  Everyone’s set of circumstances is different. We’re always here to provide you with our advice and guidance. Sign-up for a sellers consultation and we will walk you through your options.