Since the Los Angeles housing market has rebounded nicely in many areas, homeowners that have been thinking about selling their house for a long time are wondering if it’s the right time to sell. If you are one of the many still on the fence about selling, then you might want to ask yourself these following 6 questions.
6 Questions to Ask to See If It’s Time to Sell Your Home in Los Angeles
1. Are You Running Out of Space?
Maybe your family is growing, or a few people are standing in line for one small bathroom or you just have accumulated more stuff and it’s getting a little cramped. If any of these describes your situation, then maybe it’s time to move. It’s very common for a family to outgrow their existing home and need more space.
You could be running a business from your home and your home office consist of a small desk in your bedroom. Maybe you’ve dreamed of having your own man-cave (or woman-cave) but don’t have the space. The list of reasons could go on and on but if you are cramped in your own home, then maybe it’s time to sell.
2. Do You Have Too Much Space?
On the other hand, if your children have moved away and your house feels too big and empty, then maybe it’s time to downsize into a smaller house. A smaller house means less maintenance and lower monthly expenses like utilities, property taxes and upkeep. Less square footage means less house to clean and yard to take care of which can be burdensome as you become older. Downsizing your house and clearing some of your accumulated stuff can feel very “freeing” and at the same time put money in your bank account.
3. Has Your Neighborhood Changed?
Has your neighborhood changed since you first moved in? Maybe what was once a quiet neighborhood is now noisy and crowded and the noise, traffic, busy roads and shops are getting worse every day. Do you have new unfriendly neighbors that drive you crazy with noise, pets and cars parked in front of your house. Maybe the crime rate has increased. They say the most important thing about real estate is Location, Location, Location. If you don’t love the location that you are in, then it’s time to move to a neighborhood that you do love.
4. Do You Love the Weather Year-Round?
Maybe where you live has extreme weather conditions. Are you tired of suffering through sweltering heat for 4 months during the summertime only to crawl out of your house when the scorching sun finally goes down, not to mention your electric bill? On the other hand, maybe you’re tired of brutal winters where you must shovel snow off your driveway just to get in and out of your house. You shouldn’t have to suffer through this year after year. Maybe now is the time to sell and move to a climate that you can enjoy the entire year.
5. Is It a Good Financial Decision
Home values have increased quite a bit over the last few years in Los Angeles. Although nobody can accurately predict the market, prices do seem to be at a peak. If you sell your home now, you can take advantage to get top dollar for your home. If you have lived in the home for the last two years or more, then $250,000 of your capital gain will be tax free and if you and your spouse own the house, then that increases to $500,000. If you want to get an idea of what your house is worth, you can go to websites like Zillow or Redfin.com. Also, you might want to get an opinion of value from a real estate professional.
6. Are You Spending a Lot of Time in Your Car Commuting?
Do you find that you are missing quality time with your family and friends because of a long commute to work and back? This can add a lot of stress to your life and take away from your happiness and enjoyment. Moving a little closer to work can mean more time spent doing the things you love with the people you love. Not only will it save you time, but will also save money, wear and tear on your car and lower your stress levels!