Deciding whether or not it’s time to move—either across the country, province, or within the same city—is a difficult decision to make. Are you ready to uproot your life and leave your friends, family, and job behind? Are you ready to either sell your home, end your lease, or move out of your parents’ home for the first time? Regardless of your situation, deciding to move is a momentous life event and one that doesn’t often come easy.
If you’re unsure whether or not moving is the right call right now, read on to learn about some of the different reasons why people often choose to move to a new home.Photo by Dillon Kydd on Unsplash
Common reasons people choose to move
There are, of course, the obvious reasons why you might consider moving. Perhaps you’re starting a family and you need a bigger home with a fenced-in backyard where the kiddos can play. Or, maybe all of your children have moved out and you’re ready to downsize.
But other common reasons could be:
- you’re growing tired of your commute to and from work;
- you have safety concerns in your neighbourhood;
- you aren’t getting along with your neighbours; or
- you’ve received a job offer in a new city.
To get a better understanding of why some homeowners have recently decided to move, we spoke to James Strathy Warren, a REALTOR® and salesperson for Chestnut Park Real Estate Ltd. Brokerage, who revealed some of the frequent themes he’s seen from his clients.
Warren says a change in interest rates can be a factor. When people find out interest rates are going up, they’ll look at moving beforehand to lock in on a competitive mortgage to save money in the long run. Not everyone moves when the interest rates change, but it’s something that can trigger people to start assessing the market and whether they’re happy where they are.
Bang for your buck
Finding a renovated house in a “move-up” market can be a big deciding factor for many people. Warren suggests this can be less expensive than finding a home that requires a substantial renovation, which is appealing to those who don’t want to go through the process.
“There’s also the time factor of a lengthy renovation as well as the associated costs,” he explained. “So, essentially you’re buying your new home at a slight discount.”
For those looking to move up, Warren explained sometimes in a market that tends to pull back in price increases, the spread can be less between the sale price of their existing home and the one they’re purchasing. For people scaling down, such as empty nesters, when the market is moving up, it can be a great time to sell.
“It’s always good to try and time the market, this is very important for people moving up,” said Warren.
Time of year
When moving out of a home, Warren said historically, the best months to sell for the highest sale price are usually February and May.
“February, because January is usually hit with snow and there is so little [on the market], so appetite gets pent up,” he explained. “May, because everything is geared to the school year and people want to settle prior to summer vacation and the beginning of the school year. Sometimes we do see a good market in late September and early October when there is generally less supply.”
How can a REALTOR® help you make your decision?
Ultimately, when it comes to deciding if you should move, it’s up to you and your family to make the call. A REALTOR® can guide you through the decision process to ensure you’re making the move for all the right reasons, providing current market trends and conditions, and asking the right questions to help you feel informed in your choice.
A REALTOR® can also share properties available in your price range and desired location; answer any questions you have about different local neighbourhoods and property values; and they can help you decide whether or not it’s the right time to buy based on the market.
Warren says being aware of the market and how homes are performing in the areas you’re considering is very important when it comes time to decide whether or not you should sell your home.
“I think to be successful in a purchase, or when you’re selling your home, you should view houses first and get an idea of the houses available to you and watch their movement—their days on market and their sale prices. If you’re comfortable, then jump in and buy first, but make sure your home is looking its best and well-priced before putting it on the market,” said Warren.
Working with a REALTOR® also gives you a better understanding of what’s happening in the market and if it’s the right time to make moves.
“It’s all about ‘reading the market’ and hopefully connecting the pieces of the puzzle,” added Warren.
While the prospect of moving might be daunting, there are different factors and indicators to help make your decision. If you’re thinking about embarking on a home buying journey, be sure to speak with a REALTOR® today.
The article above is for information purposes and is not legal or financial advice or a substitute for legal counsel.