Your home isn't simply one of your biggest investments. More than just a physical shelter, it's a space where precious memories are made. But as much as you love your home, there will always come a time when you feel like it's time to move.

According to the National Association of Realtors® 2024 Profile of Home Buyers and Sellers, the median number of years a seller owned their home was ten. Some of the most commonly cited reasons for selling are that the house is either too small or too large or that the neighborhood is becoming less desirable.

While there are a variety of reasons, selling a home is undoubtedly a huge decision - one that will make you reassess your current situation. Maybe it's something you've been considering for a long time as you scrutinize the most recent property listings and daydream about a new house. If you're still on the fence about selling, here's a look at seven telltale signs that it's time to sell your house.

Financial Reasons: 

Home equity, in simpler terms, is the difference between how much your home is worth and the amount you owe on your mortgage. Knowing how much equity you have in your home is usuallly the first step if you are considering selling, as sufficient equity may increase your chances of leaving the sale with a decent profit.

The best way to calculate home equity is to subtract the value of your home from the loan balance. So, how much equity should you have before you sell your house? You want to at least have enough equity to pay off your current mortgage. And if you can make enough profit to cover the 20 percent down payment on your next home so you can avoid paying private mortgage insurance, plus enough to cover closing costs and other moving expenses, then even better.

Aside from your monthly mortgage costs, if you find that rising property taxes, homeowners insurance, and maintenance costs are starting to become unmanageable and have been straining your budget, the next resource may be to sell and find a more affordable home. Selling your home to ease your mortgage burden is a better route than risking foreclosure, especially if you understimated your housing costs.

Lifestyle Changes:  

Changes in your needs and lifestyle can make you rethink your space. If you have a growing family, what might have been a good size when you first moved inot hte house might no longer be the case. Outgrowing your home is an indicator that you need to upsize, especially if you're already in a situation where your kids are crammed into a bedroom or your aging parents need to move in with you. The next logical step is to consider selling your home and buying a bigger one to accomodate this new chapter in your life.

On the other hand, you might need to downsize if your children have all grown up and moved out. It's a simple solution that will not only lessen your maintenance and upkeep costs but also help you save money that can be used for retirement or other investments.

Certain life events, such as death, illness, divorce, or relocation for a new job, can also be significant factors that may warrant a need for a change.

Maintenance is one of the most significant responsibilities associated with homeownership. However, scheduled services such as landscaping, house cleaning, pest prevention, trash removal and recycling, septic service, and even tree or snow removal often come with a hefty price tag, particularly when getting the help of a professional. According to Homeguide, in 2024, the average home maintenance costs range from $4,000 to $22,000 per year, although the cost depends on the home's age, size, location, features, and condition.

If the energy or expenses of keeping up with your home's maintenance is starting to feel more trouble than it's worth, you may want to consider selling and instead buying a lower-maintenance real estate, such as a condo or new construction.

Neighborhood and Market Factors:   

Seeing your beloved neighborhood change as time passes by can have its pros and cons. While changes are to be expected, it can be saddening if your neighborhood changes so much that it already affects your quality of life or displeases you, especially if you've lived in it for a long time. Issues like rising crime rates, unwanted construction, or increased traffic congestion can make you want to relocate. It can also be disheartening to see your closest neighbors move out one by one. These factors are good enough reasons to sell your home and find another neighborhood that will best suit your needs and lifestyle.

When deciding whether it's time to list your home for sale, the state of the property market can also be part of the equation. In a strong seller's market, home generally sell faster for a higher price since the housing demand exceeds supply. Competition among buyers might be higher when your home goes on the market, which means you can probably sell your house for more money and have plenty of offers to choose from.

While it goes without saying that you'd prefer to sell your home when the market is good, 'timing the market' shouldn't be your top priority and should only be one factor.

Personal Readiness:  

Last but not least on this list, you'd want to ensure that you are emotionally ready to sell. The process of selling can be an emotional roller coaster. Are you ready to let go of your personal attachment to the home? Aside from the need to declutter and prepare the home for sale, you also need to prepare yourself for any kind of adverse feedback you may receive from potential buyers. Even if the numbers are all saying that it's time to sell, your psychological preparedness matters as much, so give yourself time.

On the flip side, maybe you already have the next logical step and have the means to do so. Having a solid plan of what comes next makes you ready to move out and leave your beloved place to venture into something new.

Bottom Line:  

Don't get us wrong - the decision to sell your house is still up to you, so take your time deciding if you should sell. Then, reach out to our team so we can help you be completely ready when you decide to move.

Gary Nelson Group

https://www.GaryNelsonGroup.com/

Come see us in historic downtown Flagstaff, or give us a call! We have Realtors onsite and in person, daily Monday through Saturday. Our Executives are knowledgeable about all things Real Estate in northern Arizona!

Exploring Sunset Crater Volcano National Monument near Flagstaff, AZ, is an adventure into a landscape shaped by volcanic activity that occurred about 900 years ago. The eruption of Sunset Crater, which created the youngest volcano in the area, left a vivid landscape of jagged lava flows, cinder fields, and new ecosystems emerging from the barren terrain. 

What to Expect:  

• Visitor Center: Start at the visitor center to learn about the eruption and the geology of the region. Exhibits explain the volcanic activity and how the landscape has changed over time.
• Lava Flow Trail: This is a must-see! A short, easy trail that winds through an ancient lava flow, offering a close-up look at the rugged terrain created by the volcanic eruption. You’ll see dramatic formations of basalt rock and panoramic views of the crater itself.
• Bonito Lava Flow: This area showcases a vast expanse of black, jagged lava. The contrast between the dark lava and the bright green ponderosa pines makes for stunning scenery.
• Lenox Crater Trail: This 1.6-mile round-trip hike takes you to the rim of a smaller crater near Sunset Crater. It’s a moderate climb with rewarding views of the surrounding volcanic field and the San Francisco Peaks.
• No Climbing on the Crater: Climbing Sunset Crater is prohibited to protect the delicate environment. However, you can get excellent views of it from various points along the trails.

Landscape and Wildlife:

• Volcanic Cinders and Ash Fields: Sunset Crater’s eruption blanketed the area in volcanic ash and cinders, creating a stark yet beautiful landscape that contrasts sharply with the surrounding forests.
• Wildlife: Look for Abert’s squirrels, mule deer, and a variety of birds that now thrive in the area, which has recovered from the volcanic devastation.

Human History:

People had been living in and around the volcanic hills of northern Arizona for generations before Sunset Crater Volcano erupted. To the Hopi, those people are the Hisatsinom, the people who came before. In the archeological literature, they are the Sinagua or the Ancestral Puebloan people. They were farmers, living all around what is now the Flagstaff area in villages and towns across the lands they tended. Their homes were pithouses, dug partially into the ground. These people lived their lives in a landscape much like what we see today: ponserosa forests and open meadows, framed by the San Francisco Peaks and other ancient volcanoes. Then, about a thousand years ago, a new volcano emerged literally before their eyes.
Warnings that something was about to occur came days or weeks ahead of time, in the form of earthquakes. No evidence has been found that people died as a direct result of the eruption, so it seems there was enough warning for people to evacuate from their homes. After the eruption, pithouses for miles around were burned and filled with cinders, and others were buried beneath the lava.

People relocated to areas like Walnut Canyon and Wupatki. Their descendants, including the Hopi and A:shiwi, still live nearby; memories of the eruption live on in their stories and traditions. Indigenous names of the volcano often describe the eruption, like the Apache Ha Gudní Káá, which translates to "Where It Burned." Other names describe the resulting volcano, like the Hopi Palatsmo, "Red Hill" and the Diné Dzil Bilátah Litsoí, "Yellow-Tipped Mountain."

Combine with a Trip to Wupatki National Monument:

Just north of Sunset Crater, you can explore the ancient pueblos at Wupatki National Monument, where prehistoric Native American communities lived in a landscape transformed by the eruption. The contrast between these ruins and the volcanic terrain adds a historical depth to the experience.

Best Time to Visit:

• Spring and Fall: The weather is cooler, making it ideal for hiking and exploring the outdoor trails. Summer can be hot, though the higher elevation of around 7,000 feet keeps it cooler than the desert regions.
• Winter: Snow may cover the landscape, providing a beautiful contrast with the black lava, but trails may be more difficult to navigate.

Practical Tips:

• Bring Water: The dry, high-altitude environment can be dehydrating, so bring plenty of water, especially in the warmer months.
• Stay on Marked Trails: To protect the fragile volcanic landscape, always stay on designated paths.
• Check for Fees: There’s a small entrance fee, which also covers Wupatki National Monument.

It’s a fascinating mix of natural history, geology, and stunning views, making it an excellent day trip or part of a larger adventure through Northern Arizona.

When you're ready to buy or sell in Flagstaff, come see us! We are downtown at:

Do you want to find out what expenses you can deduct as a new homeowner? No one likes paying taxes, so making the most out of tax deductions when buying a home can be appealing. Though there used to be better deductions available in the past, it could still be worth your while. You will have to file your tax return with itemized tax deductions to claim.

There are many home buying tax deductions that could potentially reduce your tax bill by thousands. The IRS standard deductions are more substantial now than they used to be, meaning that it may not be worth the trouble of itemizing your expenses. Standard deductions for 2020 were $24,800 for married couples and $12,400 for single people. The head of household deduction was $18,650.

If your real estate deductions are more than the standard amount allowed, it is worth your while to itemize. If not, stick wit hthe standard tax deduction. Let's look at he deductions available to home buyers.

MOVING EXPENSES 

To qualify to get moving expenses deducted on your federal income tax return, you must meet three IRS requirements as follows:

    1. The moving expense must be closely tied to the start of new employment. Also, you are only able to deduct the costs you accumulated within a year of when you started your new job. If you don't move closer to work within the first twelve months of the new job, you'll lose the ability to deduct the moving expenses.

    2. In order to qualify, the new job would have to add at a minimum fifty miles to your commute if you stayed in your previous home. For example, if your last employment required you to commute ten miles from your former job, your commute to your new work would need to be at least sixty miles from your previous home.

    3. After the move, you have to work full-time at your new job for a minimum of thirty-nine weeks in the first year of employment. If you are considered self-employed, you will need to work full-time for at least seventy-eight weeks during the first two years of your new job.

So, what can you deduct? Some of the allowable moving expenses could possibly include the following:  

• Packing and shipping your belongings as well as associated expenses such as getting moving boxes or other items necessary to relocate.
• Temporary housing during your movie, such a hotel or motel.
• Transportation during moving or renting a moving truck.

Make sure that you can document any of the deductions you plan on taking. The Internal Revenue Service suggests that you keep bills, receipts, credit card statements, canceled checks, and any mileage logs. Make sure you stash these records away somewhere safe in case an audit happens, or the IRS has any questions.

 MORTGAGE PAYMENTS 

When paying back your mortgage, some of the monthly payment is for the interest on the loan. You can take this interest payment as a tax deduction. The amount you can claim depends on when you started the mortgage.

If you took out the mortgage before October 14, 1987, you might be able to deduct all the interest paid. If the loan began between October 14, 1987, and December 15, 2017, you can claim deductions up to the value of $1 million. For mortgages which started on December 16, 2017, or later, deductions of up to $750,000 can be made. Married couples that are filing separately will only be allowed to claim half the amount however.

HOME EQUITY LOANS  

It used to be the case that you could claim interest paid on equity loans regardless of what the money was used for. Now you can only make interest deductions on money used to improve your home. An equity loan will be added to the total mortgage when claiming interest deductions. If you have reached the maximum deductible amount with your first mortgage, you won't be able to claim more for an equity loan.

DISCOUNT POINTS 

If you purchased discount points to reduce your interest rate, you can add this to your deduction. This can only be done if you haven't already maxed out your deductions for the interest paid. For those who are not familiar with the term "Points," it is equal to one percent of your loan amount or a thousand dollars for every hundred thousand you borrow.

For example, you borrow $300,000; one point would equal three thousand dollars. If you plan on bieng in the home for an extended period of time, it makes sense to pay points as you'll be bringing down your interest rate.

If you move around a lot and know you won't stay in the house long, paying points would not be wise. Consult with your lender so they can show you the differences in payments between both choices.

If you paid points in the past year, they are the home tax deduction you will want to remember.

PROPERTY TAXES 

Property taxes offer a limited chance to increase deductions. You can claim up to $10,000 or $5,000 for married couples filing separately. This can be claimed as a combination of local and state, property, sales, and income taxes. Property taxes used to be a far more significant deduction, but that changed over the last few years when the tax code was modified.

WORKING FROM HOME  

The self-employed, who use part of their home as an office, can use these expenses as a deduction. The IRS gives more information about what qualifies and how to calculate the deductions on their website. US News also has an excellent resource on what you need to know about home office deductions.

MEDICAL DEDUCTIONS  

If you need to install equipment in your home, which is required in order to help the accessibililty necessary due to medical problems, this can be added to deductions. If the improvement is permanent and increases the value of the property, the deductible amount is reduced by the increased amount. Medical equipment that is needed for you or your spouse or a dependent can be included in this.

EXPENSES THAT CAN'T BE CLAIMED  

While there are some costs that you can claim for, there are many more home expenses that aren't covered. Home buying tax deductions don't include stamp taxes, appraisal fees, or forfeited deposits. You can't claim the costs of utilities or rent from living in a home before closing. Depreciation on the property also shouldn't be added to your itemized deductions.

When you're ready to buy, come see us!

Wayne McCormick