From changing circumstances to evolving personal preferences—when to know it’s time to sell your home.

Where we live greatly affects our lives and it’s not just about location. Our homes provide shelter and respite. They’re places to raise children and create memories with family and friends. When needs, preferences or circumstances change, it can mean selling one home and moving into a new one that better suits your needs and wants.

Your needs have changed

As the saying goes, the only constant in life is change. While many life changes are subtle, some are more significant and could lead to needing to sell a home.

A few examples:

• A growing family—does a new baby or taking in grandchildren mean your family needs more room?
• Your kids have grown and left the nest— maybe you want to downsize because you’re not using all of your home’s space.
• A divorce or the loss of a spouse—these events often result in lower household income that could make a home too expensive on a single income.

Your preferences have changed

Preferences change. From foods we like to eat to movies we enjoy watching and everything in between, that simple fact extends to the characteristics of a house that we may have once loved.

Many a homeowners get burned out taking care of a house and yard—and that’s okay! Use the experience from your current house to decide what kind of home you want next. If it’s lawn maintenance you want to give up, maybe owning a condo or renting an apartment is better for your new preferences.

Or perhaps you desire to be closer to extended family, live closer to downtown or live in a warmer climate altogether.

If your current home doesn’t align with your preferences, it may be time to sell.

Your physical abilities have changed

Physical abilities can change over time due to age, injury or illness. If keeping up with your home has become too physically demanding, it might be time to consider selling in order to find a place that better suits your abilities.

Relocation for a job or education

Accepting a job in another town or state is often a good time to sell a home. Some folks also sell their house and move to gain access to educational opportunities—for themselves or other family members. For example, a family might desire a specific school district for younger children or to live in a state with free college tuition for older children.

A change in finances

A change in income often precedes a home sale.

Higher earnings from a promotion or new position can make it possible for many people to sell one home and move to another.

However, a reduced income—whether from job loss, experiencing a permanent disability, retirement or any other reason—can mean it’s time sell and move to a less expensive place. If it becomes difficult to make mortgage payments, be sure to talk to your lender sooner rather than later. By working with the holder of your mortgage, it’s more likely that you will be able to sell, avoid foreclosure and limit damage to your credit score. Keeping your credit intact will help as you navigate the way into your new home.

Favorable market conditions

When home supplies are low and/or prices are up, many homeowners tap into the opportunity to sell and use the profit to fund their next home.

However, a tight home market and favorable prices are only part of the scenario. Each homeowner must look at:

• Their home equity: what the house is worth minus any mortgage and home equity loans
• How much money they’ll net from a sale: home price minus expenses like commissions and fees
• Mortgage interest rates if they need to finance their next home
• Where they’ll move to
• Whether the taxes might be higher or include additional expenses such as Homeowners Association (HOA) fees

We’re here to help finance your next home

Selling a home often means preparing to purchase a new one and Consumers is here to help you navigate the mortgage landscape. Turn to us for a competitive Consumers mortgage for personalized, local service when it’s time to purchase your next home.

Consumers helps thousands of members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800.991.2221.

*All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions.