Selling

How do I decide whether to sell, downsize, relocate, rent my home or stay where I am?

For many homeowners, the hardest real estate question is not how to sell. It is whether selling is actually the right next move.

The National Association of REALTORS® recommends considering changes in household needs, career and lifestyle, finances, maintenance responsibilities, market conditions and mortgage rates when evaluating whether to move. NAR also notes that there is no single “right time” that applies to every homeowner.

For someone considering downsizing, the decision may involve more than reducing square footage. A smaller property may reduce maintenance or improve accessibility, but the homeowner should compare taxes, HOA or condominium fees, moving costs, financing and the actual availability of suitable replacement homes.

Relocation introduces another market into the equation. A homeowner may be selling under one set of conditions and buying or renting under very different conditions somewhere else.

Keeping the property as a rental is another possibility. Redfin recommends evaluating expected rent against the mortgage, taxes, insurance, maintenance, vacancies and other ownership expenses, while also considering whether the homeowner actually wants the responsibilities of being a landlord.

Remaining in the current home can also be a reasonable strategy. A homeowner with a low mortgage rate, manageable expenses and a property that continues to meet current needs may decide that moving does not yet provide enough benefit.

Current local market conditions should inform—but not dictate—the decision. Pittsburgh and individual North Hills communities can display very different inventory, sales pace, values and rental conditions at the same time.

The useful analysis compares the options side by side: expected sale proceeds, future housing costs, maintenance, lifestyle needs, timing, taxes, investment implications and the homeowner’s longer-term plans.

Tax, investment and financial consequences should be reviewed with the appropriate qualified professionals.

Sometimes the best strategy is selling now. Sometimes it is preparing now and moving later. And sometimes the analysis confirms that remaining exactly where you are is still the right decision.

Are you thinking about your next move? Do you have more questions? Let’s talk about it and plan your strategy.

Sources

National Association of REALTORS®: Thinking of Selling? 7 Factors to Consider

Redfin: Should I Sell or Rent My House? · When Is the Right Time to Downsize?

Realtor.com Economic Research: Pittsburgh Housing Market · 15237 Housing Market · 15090 Housing Market

Tax, investment, lending and legal consequences should be evaluated by the appropriate qualified professionals based on the homeowner’s individual circumstances.