Making the choice to sell the family home can be difficult, particularly if you aren’t sure that “now” is the right time to sell. Even if properties located near your home are selling as quickly as they are listed, it might be best to wait. Consider these 3 factors to decide whether or not you should list your home for sale.

You Are Financially Stable

If you are plagued with credit card bills, car loans, tuition and/or an unpaid mortgage, now might not be the right time to sell your home. Typically, having most of your bills paid off with the exception of recurring ones, such as utilities and phone bills, leads to a smoother transition from one home to another. Waiting until you have lowered your debt level also frees up cash to help cover the cost of moving.

Your Family Life Is Stable

The birth of a child is a happy and exciting event, but can create a lot of chaos in the home. Likewise, enrolling children in a new school can be disruptive, particularly if they are in their final year. Many families wait until the end of a school year to sell their homes simply so their child’s academic year is not interrupted. Of course, if you’ve simply outgrown the size of your existing home, moving into a larger property is definitely in your best interest no matter what time of year it is.

You Have Equity in Your Home

Traditionally, home sellers put the proceeds from their existing home into the purchase of their next one. If you’ve built up 20 percent or more in home equity to use toward buying your next home, you are in a good position to sell. Home buyers who cannot put 20 percent down on a purchase end up having to get mortgage loan insurance, which adds to their monthly debt obligation.

Take the time to consider your current circumstances to help guide your decision. Selling your home is a personal decision influenced by a wide variety of factors. Most importantly, don’t do all of this on your own. We’ve been helping people buy and sell homes in Caledon and the surrounding area for over 25 years! Bill has been ranked in the Top 1% of Canada of all Royal LePage real estate agents and #6 in Ontario. Ready to get started? Download our Sellers Guide, a comprehensive resource for those who are thinking of selling their home.