Should I sell or should I stay?

Unless you've been living under a rock for the last couple months, you know that we are in the throes of a pretty strong seller's market. The inventory is still a bit low and mortgage rates are still being filed under "nutso." I do have to say one thing about the interest rates. If you hear someone saying "Yeah, but the interest rates have climbed all the way back up to x.x%," I give you carte blanche permission to find the nearest snowbank (there's still a couple out there) and stick their head in it. As the majority of our readers know, our parents were paying interest rates in the high teens (and that's not a commentary on today's youth). Interest rates at or around 3 are still, yes I'll say it again, nutso. But I digress.

You shouldn't sell just because folks are clamoring for homes right now. You should sell because it is the right time for you and your life situation (which involves loads of factors). Today I'd like to peek at a few of these and perhaps give you a few things to ponder if you're suffering from a bout of FOMO (you'll have to google it). It also needs to be said that if your life situation is currently pointing to purchasing a home, then that's OK too. Don't let anyone tell you it's a terrible time to buy. If you're in it for the long haul and can ride the bumps along the way, it really never is a bad time to buy real estate. Let's get into it.

First off, I will address the golden elephant in the room. Prices are, in fact, very strong right now and many (most?) sellers are enjoying multiple, competing offers on their homes. You have heard stories about what your neighbors got for their house and you have been watching the home prices climb steadily in your neighborhood. That's all very exciting and if the following paragraphs resonate with you, then it might just be the right time to sell. But I'm babbling on today because "getting the best price" is not the only (by a long shot) reason to sell.

One reason for selling is you are simply tired of being financially strapped. When I built my home in Lincoln, I (almost immediately) quit my job and started my own business. I had also been strapped for cash for a number of years before this. Both of these factors lead to my walking a financial tightrope every month just to stay afloat. It was exhausting. If you have been struggling for a while and were already considering jumping ship, now is a great time. If that means you have to move to another part of town (or state), so be it. It also might just mean you rent for a bit until you can get your feet back under you. Mostly just take care of yourself. The ongoing stress of being financially strapped is not good for anyone.

What if you have simply outgrown your home? If you have decided to compete with the Duggars for having the most kids under one roof, you might need to upsize your living situation. This is another solid reason for selling right now. Honestly it can go in either direction, right? If the proverbial nest is empty, maybe it's time to stop spending a small fortune to heat your home every winter and "right size" yourself into something more suitable. Whichever direction you are heading, it's a fortuitous time for you to be ready to sell.

My honey has grown tired of throwing money into her car and has surpassed the $1,500 / year threshold that my old boss and awesome mechanic, Tim, always told me to stay under. If you're spending more than that to keep your car on the road every year, you are bordering on it being time for a new ride. The same goes for your home. If you have found that your annual services expenditures for your home are beyond what you want to be paying, it is likely time to find a lower maintenance home. It should be noted that this number is different for everyone. For some, $3,000/year is pretty standard for lawn, snow, septic, trash, etc. If your maintenance costs have become uncomfortable, it could be a great time to move.

What if you really have put in the time? If you've been living in this home for at least 5 years, you have made it beyond that magical time frame where "most" homeowners have started building equity (Results may vary!). I sold my house just over a year after having built it. I certainly lost out on some of the benefits of sticking with it longer, but I had run out of options. "We like to see homeowners stay put for at least 5 years," notes Badger Realty agent, Karla Badger. "There are many factors including capital gains, PMI, closing costs, and others that all have costs associated with them. Selling too quickly can have a negative impact on the bottom line," she continued.

It really is an amazing time to be selling real estate. If you have looked at all the factors involved and it seems like all signs are pointing to yes, give your favorite real estate agent a call. We all know that spring is the time for the market to pick up every year, so don't delay. I have a feeling you will be very pleased with the outcome.