For many homeowners in Southeastern Connecticut this year, the question may arise: Do I stay or do I sell? As the housing industry continues to recover and the spring season brings even more homebuyers to the local real estate market, home sellers may do well to weigh their options. Just as now is the time to buy a home in Southeastern CT, now may be the best time for you to sell and move on as well. Below are a few options to consider in your decision to stay or sell your homes in Mystic, Niantic, Old Saybrook, East Lyme this year.
Size of the Home
Have you outgrown your current home in Southeastern CT? Many of the homebuyers for the spring season will be move-up buyers, those looking for more space and more features in a new property. If your main concern with staying or selling lies with the size of your home, it may be time to move on and move up!
Too Much Maintenance
If your current home has an age of more than 15 years, big repairs may be on the horizon. According to Homes.com, a new roof can cost anywhere from $5,000 to $30,000, depending on the property. If you don’t have the means to invest in big repairs in your home or would prefer to put your money elsewhere, into a new CT luxury real estate investment, the time is right to sell as your home’s financial value will only worsen.
Get Ahead of the Market
Homes.com speculates the real estate market is about to take off— the longer you wait, the more competition you will face.”If anxious to sell a home, some homeowners, depending on location, may be able to take advantage of what is considered a seller’s market,” the popular housing resource reported.
One great reason to stay put in your current waterfront or oceanfront homes in Southeastern Connecticut has everything to do with equity. Homes.com advises to keep your home if you expect the equity in your home to rise substantially. ”Year-over-year growth reached 8 percent at the end of 2013,” the resource reported. “Homeowners already in love with their place should continue to enjoy the comforts of home and reap the benefits of increased equity when the time does come to sell.”
Location, location, location
If you love your current area in Mystic, Niantic, Old Saybrook, East Lyme or a nearby locale, you may wish to stay in your current home. It’s all about location in real estate and school systems, neighbors, community, and commute to work are all excellent reasons to push back a move. ”Many factors play into the decision of selling or staying in a home, oftentimes going beyond money and the economy,” Homes.com reported.
As your Southeastern CT real estate experts, The Sullivan Group would be happy to help you weigh your options to stay or sell this year. Have more questions about the real estate market in our area? Don’t hesitate to contact us!