Is Selling Your Home Right Now a Mistake?
Ask any real estate agent how the market is and you're almost sure to get the same answer: "Great!"
Even if the market is great, it still may not be a great time for you to sell. Many real estate agents will tell you that NOW is the right time to sell your home when, in reality, they can't know that without knowing the specifics of your situation.
Before going down a long and stressful journey, let us first help you decide if selling your home right now is a mistake.
What's true about relationships is also true about selling your home: When it's time to make a big decision, go with your gut feeling.
But like anyone who has ever put off a breakup, it's amazing how easy it is to talk yourself out of what you really want to do. You'll say you'll get around to addressing the 80's curb appeal, that you can live with your shoebox-sized closets, and you don't mind that the location limits your career opportunities. Really, you're fine.
Yet, you still can't shake the feeling that it's time to go. Though there are many ways to justify staying put, some of the most common doubts can be particularly persistent - and some may even masquerade as logical reasons.
Here's how to identify these hang-ups so you can finally move on and own the home you truly want:
"What if my home ends up being worth more a year after I sell it?"
Markets are about timing - yours could be on an upswing and selling could mean you're missing out on receiving more for your home later.
However, markets can also just as dramatically swing the other way, just like they did in 2008.
The lesson? You can't really time the market. Instead, focus on easy (and inexpensive) tasks in your control that can help your home sell for more whenever the time is right.
Decluttering, painting your rooms neutral colors, and keeping your yard neat and clean can sometimes bring a home's value up regardless of what the market is doing.
"I don't qualify for a different home."
If your credit has taken a hit, you've spent all your savings fixing the home you're currently in, or your overall financial situation is just tight, it might be a mistake to sell your home right now.
This is one of the trickiest thoughts about selling because it seems reasonable.
You know your budget and you've probably even looked up what homes have been selling for in your neighborhood. But after researching, you honestly know you just don't qualify for a new mortgage right now and would have to rent if you did sell.
"My friend who's a real estate agent told me I should sell now."
Working with close friends and family may not be the best decision. At first thought, it seems like a great idea because they know you, your current situation, and you can (in most cases) trust them.
But imagine what it will feel like five months from now when your home is still on the market with zero offers...
Take time to think hard about who you're hiring to sell your home. If your friend or family member feels like the best decision for you, go for it.
Working with the right real estate agent can take the stress out of the selling process. That said, treat this decision like you would for anyone else who would provide a service for you and take the time to interview other agents.
This can help you screen the ones that may not be the best fit for your personality or even your home (especially if you have a unique property like an Old Spanish home).
Focus your questions on their past experiences selling in your area, how long they've worked in your market, how well they know your neighborhood, and if they have worked with sellers who have similarly valued homes to yours.
Interviewing different real estate agents will give you a sense of how they communicate and if you will "click" during what can be a stressful process no matter who helps you.
"I have to make a lot of costly repairs before I can sell my home for as much as I would like."
Depending on the age of your home, your agent may suggest making a few repairs in order to command the highest price.
The extent of repairs necessary often depends on the comparable homes for sale in your area.
For example, if there's a home exactly like yours on the market, but that home has impact-resistant windows and doors and yours doesn't, your agent may suggest replacing your windows and doors.
However, you don't have to make expensive repairs if you don't want to.
You could sell your home As-Is. Some buyers like the idea of updating and customizing a home to suit their exact needs. Others may not want to incur the expense (and time) of completing costly repairs and updates.
"I'm afraid to start over in a new location."
This is often an underlying fear when you have doubts about selling and moving to a new location.
Even if you're staying in the same town, your block will be different, your proximity to places like the grocery store or your favorite neighborhood restaurant will change, and you'll have to go through the process of getting to know new neighbors.
Is it a change? Yes, but it's not one you wouldn't get used to.
If you're moving to a new city, the transition is obviously a bigger one. Look at it as an adventure. It's a chance to start fresh, meet new people, explore new restaurants, and maybe even start a new career.
Truth is, we'd love a chance to earn your business whenever you're ready to sell your home and hope you find our honest approach to advising our clients refreshing.
ARE YOU WORRIED ABOUT "LEAVING MONEY ON THE TABLE" WHEN SELLING YOUR HOME?
What your home needs is exposure - When you work with us to sell, your home will be seen, discovered, and understood in the marketplace.
With the proven Maven Marketing Plan, your home will have high-definition photography, interactive 3D tours, professional short films, StoryBrand copywriting, targeted social media advertising, and more.
When you match the right images with the right words and showcase them to the right people in the right places, more qualified buyers discover your home and you sell for more faster.