In our lives, each house has a distinct function. Some homes are purchased to serve as our permanent residences. In contrast, others are only meant to keep us comfortable for a short time.

Sometimes our plans are altered by opportunities, or we grow tired of our current surroundings and yearn for a change of scenery. 

If you feel pressured to sell your house but are still determining if it's the right decision, read the following indications that tell you it might be the best time to relocate.

1. There is a healthy seller's market

It's okay to list your home for sale if your objective is to make money by selling your current home and you're in the middle of a seller's market. How can you tell if the market is booming for sellers?

Start by researching or consulting a reputable estate agent in the area. Here are a few indicators of a seller's market. 

Suppose you notice a rise in the price per square meter of property in your area. In that case, you witness the quick sale of properties and an increase in the number of for-sale signs in your community, and the best sign is that your neighbour has sold their home at a high price. 

These are all indications that the seller's market is doing well. Check out our director, Kelly Summerell's interview with Olive Press from February 2023 on Kelly's expert opinion on the Spanish Property Market in 2023.

What is the average price of an inland country property on the Costa del Sol?

According to the ThinkSpain property portal, the average price of a property in Tolox is €105,000, with an average cost of €835 per m2 (Average taken over 75 properties) In other areas, they published the following data (February 2023).

Coin: Of the 440 properties currently for sale in Coin, the average price is €299,937 with an average price of €1,692 per m2. 

Monda: The average price of 32 properties currently listed for sale is €242,000 with an average price of €1,730 per m2.

Guaro: There are 84 properties currently listed for sale in Guaro with an average price of €159,950.  with an average price of €1,166 per m2.

Alora: Alora currently has 67 fincas/country houses for sale with an average price of €285,000. The average price per m2 for a finca/country house in Alora is €1,545.

Alozaina: The average price of the 28 properties for sale in Alozaina is €204,500, with an average price of €1,105 per m2.

Mijas: Mijas currently has 1,157 properties for sale with an average price of €550,658. with an average price of €2,752 per m2.

2. You need to grow your space

If you can't see yourself residing in your current space for much longer, that is one of the most significant indicators that it is time to sell your home. Especially if you have had children or your lifestyle has significantly changed since you bought the house. 

For instance, if you're now working from home and need a home office), moving into a larger home would undoubtedly improve your quality of life. 

3. You're prepared to downsize 

On the other hand, perhaps you have outgrown your home and would prefer a smaller, more manageable home that is also more affordable and accessible. You would have less financial stress and more money to save or invest in other things. If you downsize because it would result in lower mortgage payments and running costs. 

4. Your finances are secure

Make sure your finances are in order before deciding to sell your current home and purchase a new one. This is crucial if you want to move to a more extensive, expensive property.

Moving is not necessary just because you have outgrown the current location. Additionally, you must be able to comfortably afford the upgraded house.

Take care of those issues first so you'll feel secure when you sell your home, for instance, if you still have some debt to pay off or need to add more money to your emergency fund.

5. You want to avoid dealing with the upkeep

You should give up homeownership and return to renting rather than selling your house to buy a new one, which is also cool.

It takes a lot of work to be a homeowner. You and your family no longer want to deal with home maintenance obligations, which require time, effort, and money. You could also sell your current house and purchase a less maintenance-intensive one.

6. Improvements will not increase the value 

Have you thought about remodelling your home to increase the value of a future sale? Will a renovation increase the value of your home, or will it cost you money? 

Overspending can lead to budget overruns and overcapitalization. Make sure to carefully plan out your objectives, the associated costs, and the value it will add to your resale value. 

"If you overspend on your renovation and your budget blows out, you run the risk of overcapitalizing and losing money." Your home's value will increase with adding a new bathroom or kitchen, but ensure you'll get back more than you invested. 

Always consult your estate agent to determine whether they think your improvements will be worthwhile or not.

7. You have accrued equity in your home 

When deciding whether to sell your home, equity is an essential factor to consider.  To ensure you have enough property equity, it is advised that you stay in your home for at least five years before selling it. Due to all the selling expenses, you might lose money if you sell too soon.

Selling a home too soon might make potential buyers suspect there is a problem with it. Therefore, reaching that five-year milestone indicates that it's time to sell.

8. You've mentally prepared yourself for the selling process. 

At Mediterranean Homes, our primary goal when partnering with our clients to sell their home is to alleviate any concerns you may have. 

It is more than just a financial transaction. It's also an emotional journey; you must be emotionally prepared to embark on it. You'll need to devote time, energy, and effort to preparing the house for house hunters.

Negotiation can also be emotionally draining. You must also be prepared to declutter your home and leave behind all the memories you and your family have created there. When deciding to sell, make sure you are up for the challenge.

9. You have agents in mind

Okay, you've crossed off a long list of concerns and are ready to meet with estate agents. If you are serious about selling, you have most likely begun your research.

A good estate agent will listen to you and advise you on the best possible outcome. Your agent will be able to assist you in developing a selling strategy and outlining all the steps required to list your home.

10. Ready... Set... List… Sell

If you have your finances in order, are up to date with market conditions, and answer yes to many of the points above, selling could be a beneficial experience for you and your family.

Summary

Although we hoped these indicators that you are ready to sell your home were helpful, ultimately, the choice is yours. No guarantee making a big decision, like selling your home, will turn out well in the long run. 

If you aren't ready to let go of your current home but are willing to buy a new one, renting out your current home is an option. Remember that you will take on the additional responsibility of being a landlord. 

So, take your time deciding, research by studying the local market, and speak with a local estate agent. Trust your intuition to tell you when it's time to sell.

What is your property worth in today's market? 

With over 35 years of collective experience in the Costa del Sol property market, we can help you to sell your Spanish property. 

If you are based in the Costa del Sol area and would like to have an initial, complimentary face-to-face video call or arrange a time to contact Kelly, please get in touch.

Find your dream Villa on the Costa del Sol with Mediterranean Homes.

We are specialist estate agents who deal specifically with Inland Rural Real Estate on the Costa del Sol, Spain.