According to the National Association of Realtors®, the average amount of time for a homeowner to stay in one house before selling is ten years. However, the time frame of how long you wait to sell your home and move onto another property may, not always include a foreseen reason.
You may be selling your home because of a shocking financial upset, a new professional opportunity, or a family change. Regardless of the reason, if you are thinking about moving out, and moving on it could be time to consider listing your home for sale.
What Is the Average Time to Live in a House Before Selling?
If you are wondering about the average time to live in a house before selling it – you aren’t alone! Many people do not know the long-term goals for a property before they purchase it however, homebuyers who work closely with a real estate team can develop a plan. Talk to a professional real estate agent about your short, and long-term plans for your next home. Remember that after purchasing a new home it is up to you how long you want to live there.
Three Things to Consider Before Selling Your Home
Is it a Seller’s Market?
Knowing your local housing marketplace is essential to making the most out of the value of your home. Researching MLS listings of homes for sale, as well as comparing the prices of houses that were recently sold in the area can help you understand your position in the local marketplace.
Am I Financially Prepared?
Financial stress can make it difficult to feel comfortable purchasing real estate. Asses your monthly housing costs before making the decision to sell your home. Before signing any contract, make sure your monthly housing costs do not exceed 28% of your monthly income.
The Size of the House
If your family has grown, your house can start to feel like it is shrinking. Planning for a growing family can be bittersweet if you need more space. Consider talking to a real estate professional about adding space to your current structure, or if that is not a possibility, it could be the right time to find a larger house.
How Soon Can You Sell Your House?
In some cases, a home buyer may desire to sell a house almost immediately after purchasing it. While there are no specific rules as to how long you must own a house before selling it, some people make money “flipping,” houses for a profit. Flipping is basically turning a low-cost house into a more desirable property, and then immediately selling it after upgrades are made.
The process of house flipping is not for an average homebuyer, but may be a lucrative side business for qualified real estate professionals. However, for a regular homebuyer “How soon can I sell my house after purchase?” is based on circumstances.
Some people may have to sell a home soon after they purchase it, while other homebuyers may enter into a mortgage with plans to pay the house off in full. Depending on the needs of your family, you can decide how to make the most of your investment by updating the home with energy-saving appliances, eco-friendly materials, landscaping, and other upgrades that maintain the value of the home.
How long should you own a house before selling requires a plan of ownership for the property that is outlined before you enter into a mortgage.
If you are considering making an offer on a home, call the offices of Jeff Barchi to talk to a qualified, and experienced real estate agent. You can avoid all types of common mistakes during the homebuying process by chatting about your long-term goals for the property before signing the contract. Call us today!