Is the time right for you to sell your home?
It seems as though real estate agents are always saying now is the time to sell, or now is the time to buy. There is always that chatter in the real estate market.
But how do you really know if the time is right for your situation? A few questions to think about may assist you in making the right decision.
Why am I selling?
If you can’t answer this question it may be a good time to stay put.
Are you testing the market?
If you put your home on the market for more than it is worth to just ‘see’ if you can get some extra money, you will be aggravated by either no showings or low ball offers, and you will be frustrated. You will also waste your time, and the time of the agent trying to help you.
If you are selling in the current market, you must do your due diligence and understand what you need to do prior to placing your home on the market.
Are you selling to move to a smaller or bigger home?
If you can buy with cash, you are in luck because you can move and then put your current home on the market. But if you need the cash from your current home, the game changes dramatically. There will need to be a careful dance between selling and buying at the same time.
If a new loan is involved, you need to understand this can be a complicated and tricky experience. Because the market inventory is so low, it is highly recommended that you have your new home picked out and at least an accepted offer in. Talking to a good lender is critical in making sure this can all work out as planned.
If you are ready for a move to assisted living or will be selling to go to a facility, you will also need to perform your due diligence. Many facilities are placing people on a waiting list and you will need to know you are in the list as well as where you fall with as clear a time frame as they can give you. Many times this is vague.
Is my home Market Ready?
Determining whether your home is ready to sell is a question that can be hard to answer from a home owners perspective. After all isn’t our home the perfect one? We live here and we love it so wouldn’t everyone? Well…
Market ready in today’s standards means that there are little repairs to be made, that it is clean and shows well. If you have deferred maintenance then buyers will move on. In todays market buyers are looking for move-in ready homes in the Hendersonville area. Homes that are in good condition with minimal signs of wear sell quickly, sometimes even with bidding wars. Homes that are dirty and/or show outward signs of deferred maintenance will sit on the market for long periods of time before selling. So the condition of the home is as important as the price you start with.
That being said if you can say your home is market ready, this well may be a good time to sell, provided you know where you will go from your current home. And provided it makes good financial sense for your personal circumstances.
But if you see that there are a lot of repairs, you have to make a decision about whether to repair some things to improve the ability of selling your home, or list at a lower price in order to move on. Or in reality, maybe this just isn’t the right time to sell. What’s best may be to stay in your home until it is market ready, or until the market is willing to close homes in need of repairs.
Are you financially Ready to sell?
Will you need a new loan? Have you been at a job for at least 6 months? It is critical to talk to a lender to see if your credit is still good, that there are no surprises and that you will be able to finance another home. If you have to sell your home to move to another one, it is important that a lender know that so that they can best understand your situation and advise you on your next move.
Maybe you want to sell and rent for a while to get caught on on bills and rebuild your credit? Understand that even if you want to rent, it may be difficult to locate a place to move. With such a low inventory in our local market, even rentals have become scarce as buyers move to apartments temporarily.
So is this a good time to sell?
As you can see the answer isn’t always so cut and dry. It really depends on multiple factors in your own life situation. If you are clear on all of the above you will know if this truly is the right time for you to sell, or not.
If you need assistance in making this determination, please give me a call. I will aid you in making an honest and fair appraisal of your situation. Then you can decide if this really is the right time for you.
You can call me anytime.