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Home » The Home Seller’s Dilemma: Should you stay or should you go?

The Home Seller’s Dilemma: Should you stay or should you go?

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If you’ve lived in your Chicago home for five or more years, you may suddenly have the nagging feeling that it’s time to find another place. Don’t worry, you’re not alone. Americans tend to move to a new home every five to eight years.

Selling your house can be a tough decision, however, especially if you’ve grown fond of it. But how do you know if it’s time to sell? Is that “nagging feeling” enough to put your Chicago house up for sale?

It’s time to take stock of your life and your plans for the future. If you can see how your house fits with those plans, then that can help you arrive at a decision.

Here’s how to know if it’s time for you to add your property to the list of houses for sale in Chicago:

Your House No Longer Serves Your Current Needs

If you feel your current house no longer fits your needs and lifestyle, then it is wise to sell it. When you first bought the house years ago, you might have just started raising a young family. Now that the kids are older with their own set of friends who like to hang around your house, the place may start to feel cramped.

Or perhaps you’ve been offered a job that’s a bit farther away. If it means a longer commute or eats into your personal time, you might have to consider moving.

Either way, putting up your property for sale in Chicago real estate listings, can be a good option. Moving not only continues to meet your changing needs, it also keeps your budget in check insofar as day-to-day expenses are concerned.

You Face Becoming ‘House Poor’

Back when you first bought the house, you had a steady job and plenty of disposable income. You were convinced you could afford your house for the long term. You remember the excitement of your first real estate purchase and how you wanted to show it off to friends and family.

What worked for you then may no longer work for you now. Today you may worry about living beyond your means because your circumstances have changed. Don’t let your home become a money pit. Cut your losses and move to more modest digs.

You can always move to a bigger home once you regain your financial footing.

The Neighborhood has Deteriorated

If people are leaving the neighborhood in droves and once thriving businesses are shutting down, it’s time to rethink your current address.

Unless the exodus heralds the start of a major redevelopment project, consider the deteriorating state of your community as a red flag. Check the current listings of homes in your neighborhood. Are they worth less than you remembered? Search reviews or current market updates of the area to find how it’s doing.

Don’t wait until your home is close to worthless. Look elsewhere to grow new roots.

It’s a Seller’s Market

In real estate lingo, a seller’s market is defined as a market condition wherein there exists a scarcity of available homes for sale, resulting in high prices in favor of the seller. There are basically three signs you must take note of if you are already planning to sell your house:

  1. An increase in price per square foot in your area
  2. It takes less time to sell properties in your area
  3. An increase of brokerage activity in your neighborhood

Of course, all these require a bit of real estate know-how, so it pays to brush up on your knowledge of real estate. Keep your ear to the ground and consult with local real estate firms. This will be key if you want to take advantage of high prices in the market for houses for sale in your Chicago neighborhood.

A Lot of Buyers are still Entering the Market

With the economy getting stronger, the available housing inventory is gradually diminishing. Yet the demand remains high and a lot of prospective buyers still want to purchase houses even if the interest rates are high, mainly because they can afford it.

Nearly five million Americans are turning 30 in the next two years, and people generally make their first house purchase around that age. In addition, more than one-fifth of Americans aged 18 to 24 say they are planning on buying their first home within the next 12 months.

It’s safe to assume, therefore, that millennials will remain a major force in the real estate market in the years to come. The rising demand in the housing market means more interested buyers, so if you decide to sell your house today, you can make a tidy profit from its sale.

If you’re reading this home selling checklist because you are looking to sell your home or investment property in Chicago, 606 Brokers is always ready to provide you with the assistance you need. Call us today at 773.870.5101 to learn how we can help.