Reasons You May Want to Wait to Sell
It’s no secret that the real estate market is going a mile a minute right now. Homes are still selling fast and way over the asking price. Of course, this sounds like an ideal time for someone to sell and take advantage of this market, right? But, where will you move?
If you want to sell and take advantage of the red hot seller’s market, you're not alone, but there are always pros and cons to every decision. Keep reading to learn the reasons you may (or may not) want to wait until the market cools to sell your home.
Pros and Cons of Selling Right Now
Pro: You’ll Likely Get at Least a Full Price Offer
Over half of the homes on the market today are selling for above asking price. This means you can almost guarantee you’ll get at least a full-price offer, and the odds are likely that you’ll get above the asking price. Of course, this is every homeowner’s dream! In this market, you can ensure that all of the TLC you’ve put into your home over the years will pay off big time.
Con: Where Will You Go?
Competition is stiffer than ever out there right now. So, you’ve got an above-asking price officer, you’ve accepted it, and you’ve got to be out of your home in one month. Where will you go? Do you have the capital to make an all-cash offer to get your offer accepted? Are the buyers willing to do a lease-back while finding your next home? Will they sign a suitable housing addendum saying the sale is contingent upon you finding your new home? Do you want to rent until you can find a new home? These are all things you must weigh before making the decision to sell.
Pro: Your House Will Likely Sell Fast
The average home sells in just 61 days — but much faster than that in some markets. This means you likely won’t have to sit around waiting and worrying about whether or not your home will sell. It may sell in a few hours, days, or weeks, which is a huge advantage compared to days past when homes could sit on the market, and sellers would eventually have to lower the price.
Con: You’ll Likely Pay More
So, you’ve sold your home, you’ve got a nice chunk of change in your pocket, and you’re ready to find a new house. To win bidding wars in competitive markets, you may have to pay above asking price. Many buyers are winning bidding wars by making all-cash offers. The cost of that is an important consideration that could outweigh the extra money you could make right now listing your home. Everything is relative though and it's next to impossible to time the real estate market. If you're downsizing or intend to stay in the home for a long time, it probably makes sense.
Final Thoughts: Should I Sell my Home?
Selling and buying a home is a stressful experience in itself. This market is making the process happen more quickly. Overall, it's still a great time to sell and get the best price for your home. Our advice is, to consider your options and talk to an expert about what the right decision is for your unique situation. Although it’s very unlikely the market will crash, as interest rates rise, the market will likely settle. Good things take time and careful consideration! We're here to help.