Hi! Welcome back to #FabulousFriday! Many sellers are wondering...is this the right time to sell my home? Should I wait??? With the recent volatility in the housing market, sellers are curious-what is the best option for me? Home prices did spiral up in 2020 and 2021. If you are considering your options, it's important to know that there's no single right answer for every seller. The market can have a large impact on the sale, but it's more important to evaluate your personal situation and reasons for selling.
Here are some initial thoughts to consider--List your home for sale; Hold off on listing your home until the market balances out; Stay in your home for the foreseeable future. The course of action you decide upon will depend largely on your reasons for moving. First, do you need to relocate? If you need to move, you should definitely consider selling now. There are plenty of reasons you may need to relocate, including moving for a new job, downsizing to a smaller home, buying a larger home to accommodate a growing family, or a permanent work from home office space, etc. If there's a strong reason for you to sell your current home to purchase a new one elsewhere, you should definitely consider it, especially if that reason is time sensitive.
Has your home's value increased? A great bonus of a strong seller's market is that your home's value may have increased with market demand. If so, you might want to cash in on your home's equity by selling. Depending on how much your home has increased in value and how much equity you have in your home, you might receive a significant profit by selling while homes are still in demand.
Interest rates are expected to rise, but remain fairly low, which means selling in 2022, might be your best option. Also, you might want to take advantage of the large amount of buyer demand. Having a large pool of buyers that are interested in buying now can help you realize a high sales price.
On the other hand, you might want to wait if you just refinanced your home and pulled your equity out. Here are a few other reasons to wait--your finances are tight; you are worried about job security, or qualifying for a new mortgage. If that is the case, you might want to hold off until you experience a more balanced financial situation before putting your home on the market.
If you want to evaluate your options and learn about the current market value of your property, we can help. At Shaffer Realty and Real Estate, we offer complimentary seller market evaluations. To get more information, sign up on our site today. See you next Friday for more tips and tricks. Have a great weekend. Warmly, Susan