Buying a home is an important milestone in life. For most people it requires budgeting for savings, extensive research, time, and money. You’ve put sweat equity into this home. Maybe you remodeled the kitchen or paid for some unexpected repairs. Perhaps you’ve built memories in this home and that attachment means something to you.
But as the years pass, your living situation can evolve and there are many reasons it may be time to sell your home. You could be expecting children and are considering additional bedrooms or a neighborhood near better schools. Imagine you have made a significant career change and want a better commute. The decision to sell your home often doesn’t come lightly.
The new year is here and it’s never too late for a fresh start! But how do you know when it’s time? The real estate experts at 23 Legal are here to give you the telltale signs that it’s time to put your home on the market in 2022…
Market Forecast
First, let’s consider a few market trends and expert predictions for 2022 and discuss how it should affect your ability and willingness to sell your home.
According to CoreLogic, home sales prices increased by more than 18% between September 2020 and September 2021. This came on the heels of “the largest annual gain in home prices” in 45 years.
A prediction posted in our blog, Real Estate Market Predictions for 2021 read the following: Many people who spent the last year stuck in an apartment or small living space never want to shelter in place that way again! With the unknown future or ending of the coronavirus, people are seeking the comfort of a spacious home that will improve the quality of their life. With so many in search of a new home, the demand for fast sales is a strong prediction for 2021.
Experts like Rick Sharga, executive vice president for RealtyTrac, believe that demand will stay consistent even into 2022. “Demand will continue to be driven by low mortgage rates and demographics. Consider that the largest cohort of millennials is approaching prime age for first–time homeownership,” – Rick Sharga
Experts agree that in 2022 you should not expect a real estate market crash similar to what transpired in 2008. Rick Sharga says, “The economy has made a remarkable recovery from the pandemic-driven recession and will likely have regained virtually 100 percent of the jobs lost during the downturn by the end of 2022”.
The market forecast shows that home prices are high right now. Consider this when pricing your home. It may be time to capitalize on the housing market. Though market trends can give you a great indication to sell a home, the following signs are surefire ways to know it’s time to sell your home.
The first place to start? Choosing your real estate attorney! No matter what time of year you choose to buy your home, it’s essential to have an expert team of professionals in your corner that have your best interests in mind. Having a real estate attorney experienced with closing in the winter months and well versed in the location you’re looking to move to is critical to reducing the chances of an difficult or challenging home buying experience. Find out why having a real estate attorney is always a must when making real estate transactions!
5 Signs It’s Time to Sell Your Home in 2022
Sign #1: You’ve Outgrown Your Home
Let’s say you moved in with one child and now you have three. Or you decided to adopt a dog and want a backyard large enough for it to run around in. Maybe your in-laws are moving in. It’s very possible that you’ve outgrown your home. You may need more space, more bedrooms, or a bigger yard. It’s time to consider selling your home and finding one better suited to your needs.
Sign #2: Your Financial Situation Has Changed
Whether your financial situation has improved or regressed, your lifestyle may need an adjustment. A sizable promotion or inheritance may give you the resources to move into a nicer home or neighborhood. A layoff or significant hardship could signal it’s time to downsize.
Sign #3: Your Life Situation Has Changed
Significant life events can expedite your need to sell your home. A divorce, or kids growing up and moving out are perfect examples of reasons to downsize your home. There is no sense in living in a home that is too big for you. Give your finances a break and look at something a little smaller and more affordable for your budget.
Sign #4: Home Maintenance Has Become Overwhelming
It’s very easy to underestimate the amount of maintenance and repair costs that go into home ownership. Perhaps you purchased the home knowing it was a fixer-upper, but you bit off more than you could chew. Maybe inspections weren’t thorough enough and now the unexpected repair expenses are out of control. If maintaining your home is creating a sinkhole in your bank account, it might be time to consider selling. There might be someone out there who loves the challenge of fixing a home up. There’s no shame in realizing your home needs to be somewhere else.
Sign #5: Local Homes Are Selling For A Lot
Check online real estate listings in your neighborhood, and pay attention to the “recently sold” flyers in your mailbox to keep track of comparable home prices in your area. If homes in your area are selling at excellent prices, you may need to consider turning a profit on your home while the value is high.
Partner with 23 Legal
Selling your home is a big task not to be taken lightly or to do alone. Home selling is a complex legal transaction. One of the most common mistakes homeowners make is neglecting to hire a real estate lawyer to facilitate the process. Protect yourself and your family from being scammed, making bad decisions, and signing documents that you don’t understand. Go into 2022 fully equipped to make the home selling process smooth and profitable. Hire an experienced attorney like Ben Weaver at 23 Legal whose mission is to serve your best interests.
Life is too short to be unhappy with the home you’ve chosen. If you’ve made the decision to sell your home, make sure you approach it with the best resources at your disposal. Partner with 23 Legal to make sure the home selling process is done properly. Ben’s many years of expertise have earned him a reputation as trustworthy, hard-working, and someone who truly cares about his clients. Click here to read 5-star client reviews!
If it’s time for you to sell your home, don’t let 2022 pass you by! Now that the New Year’s ball has dropped, it’s time to get the ball rolling on selling your home. Demand for homes is sky high right now, so let’s capitalize on the current seller’s market.
Work with attorney Ben Weaver to develop a legal game plan for selling your property successfully.
Please feel free to contact us for assistance or with any questions you have.
Happy New Year!
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.
