This is a collaborative post. All opinions are my own.

With the real estate market in Spokane rising much faster than what's typical for the area, recently I've heard a lot of people talking about how it's a "great time to sell" and gain all that equity. I'm tempted by that logic too...until I remember that we'd still have to buy a new house to live in, which will proportionately have risen in price just as much as our current house. In other words, rising house prices don't help us out unless we plan to move to a cheaper city or downsize to a smaller house (probably not what most of my generation is thinking when we talk about moving). Millennials have a reputation for changing jobs every few years. But while upgrading your job often tends to be good for career growth and salary, upgrading your house every few years is probably not as wise (unless you're doing "live-in flips" where you're gaining equity through improvements, not just from the overall market rising). Of course, there are instances when moving is the most logical choice: you're having another kid and outgrowing your current house, you got a new job and your commute will be terrible if you stay, etc. But those reasons are usually independent of the real estate market. If you're purely looking at financial gains, of if you're just tempted by the idea of something shiny and new, there are actually a lot of compelling reasons to stay put!

1. Avoid the Stress

Moving is easily one of the most stressful experiences in life. It's not just all the packing, cleaning, and organization it takes to get your house ready to sell. It's also all the time and mental energy it takes to look for a new house. Then, once you find the new house, there are inevitably projects that need to be completed over there. Plus, there are the logistics of switching all the practical matters: from small things like your mailing address, to big things like schools. It's exhausting! Especially if you have children with friends in your current neighborhood, really consider if it's worth it to move them away from their friends. It usually takes a few weeks or months for them to adjust to the new place, which can be avoided if you stay in your current home!

2. Don't Move, Improve!

If you still love your home's location, but the house itself no longer fits your family's needs, then it's worth pricing out what it would take to make you stay. It may end up actually making more sense than moving. Need more space? Consider a house extension, where you literally add extra rooms to your home. Whether it’s an addition behind your house, to the side, or even on top; you can get the room you need to live comfortably without going through the stress of moving.

Or you may not even need an extension! By adjusting the interior layout, you may be able to gain the extra bedroom or bathroom you need. Aesthetically speaking, a kitchen or bathroom renovation can also breathe new life into your property and make you fall in love with it all over again.

3. Save A Lot of Money

The financial impact of moving houses is not as simple as the purchase price of the new house minus the the selling price of the old house. With houses, the whole process of buying a new one and selling an old one is complicated and expensive. The biggest impact will likely be the transaction fees, which can be quite hefty: the real estate agent, stager, loan officer, and house inspector will all need to be paid. The government will also need its piece of the pie (yay, taxes!). Plus there are the many other smaller costs associated with moving, from buying paint to paying for the moving truck.

Of course, doing an addition or remodeling your house also costs quite a bit. But that money will directly improve the value of your home, versus all the transaction costs that are truly just money out of your pocket.

Don't get me wrong, I loooove the fresh possibilities of looking at new houses. I totally get sucked into Zillow and Realtor. I've looked up our house's estimated value and seen what's on the market for the same amount of money. I've watched a few of our neighbors' houses go up for sale and thought, "hmmm, what if?" It's tempting!!! But in reality, it doesn't make financial sense for us. I've heard that typically, with all the costs related to buying & selling real estate, you should live in your house for at least five years to make it worthwhile (vs. renting).

So for now, we are content to stay and continue improving our house, slowly but surely. Next up on our list? The kids' bathroom, which we will start on next month!!! I will share my plans and inspiration for that space soon.

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