Is It The Right Time To Sell?
Sunday Mar 07th, 2021Share
A common question I get asked all the time is “How do I know if it’s the right time to sell?”
A simple question with a very personal answer. I can sit here all day and tell you it’s the right time, but ask yourself these 3 questions:
1) Should I Downsize or Upsize? -Well, if your home feels too crowded or too empty, it’s usually a good sign that change is in the air. If, for example, retirement is around the corner and the nest is now empty, a smaller more intimate and maintenance-free property might sound more appealing.
On the other hand, if little Jimmy is about have a baby sister, the whole family may be due for an upgrade. Whatever the reason for change, just make sure it's well thought out because selling your home is a personal decision!
2) Is a potential move in the budget? -Anyone who is considering liquidating an asset, especially one as important as property must consider their finances beforehand. This can be done personally, with family, or with a certified professional such as an accountant or mortgage broker. Getting a firmer grasp on your finances will give you an idea of a realistic budget, which in turn will answer the question at hand. With some additional guidance from a Real Estate professional on what closing costs to expect, you will be able to make an informed and honest decision for yourself.
3) What is the Status of the market? -I will be the first to tell you that as of February of this year the supply of homes is low, the sold prices are high and the time between listing a home to selling a home is on the low end of the spectrum! This is most definitely a Seller's Market by definition, however, there is a small caveat people don’t consider, especially when they see “sold over asking” signs everywhere…You may be able to get top dollar for your home, but this also means you will have to pay top dollar for the purchase after your sale. There are ways around this double-edged sword but you will have to call me to find out
Bottom-line is to be current with your Realtor, with the market, and with all options at your disposal.
In conclusion there are many other factors to take into consideration when deciding to sell your home but these three questions are a great place to start getting you in the right selling headspace.