You’re familiar with lagging markets and excessive inventory. You’re aware that many lenders aren’t lending, and buyers aren’t buying – either because they can’t get a loan, or because they’re sitting on the fence, waiting for the market to completely bottom out. And you also know that home prices have fallen substantially. Still, you wonder, is now a good time to sell your house?
On the surface, one would have to say no. And that would be true if you can afford your home and you do not need to move for any reason.
But there are reasons to sell a home, no matter the market conditions:
* You can no longer afford it.
* You are relocating for business or personal reasons
* You’re getting a divorce, and selling your primary residence is part of the settlement agreement.
* Death
* You’ve completely outgrown your home, and you’re bursting at the seams
* You’re combining households, and you need to find a new home that meets everyone’s needs
And you can’t underestimate the power of “want to.” It’s not always need that drives us. Want is also a good motivator. It can signify a decisive change of course, and we’re often willing to make the necessary sacrifices for it.
So, if you can stay put, then do so for the time being. Just ride out this wave, and the market will eventually turn around. It may not return to what it was in its heyday, but that may be best. We cannot forget the reckless complacency that led us to this moment. A balanced market, as opposed to one that heavily favors buyers or favors sellers, is a healthy market.
But, if you need or want to move, be realistic about your home’s location, condition, and features, which all play a factor in the listing price. Consider your competition, because you likely have plenty of it. Anticipate that your home’s actual market value will be less than what you think it should be. And be prepared to both wait and move quickly, when the time comes. But above all else, remain focused on your goal. Do not lose sight of the reason why you’re seeking to sell at this challenging time. Allow that reason to guide your efforts toward a successful sale.
On the surface, one would have to say no. And that would be true if you can afford your home and you do not need to move for any reason.
But there are reasons to sell a home, no matter the market conditions:
* You can no longer afford it.
* You are relocating for business or personal reasons
* You’re getting a divorce, and selling your primary residence is part of the settlement agreement.
* Death
* You’ve completely outgrown your home, and you’re bursting at the seams
* You’re combining households, and you need to find a new home that meets everyone’s needs
And you can’t underestimate the power of “want to.” It’s not always need that drives us. Want is also a good motivator. It can signify a decisive change of course, and we’re often willing to make the necessary sacrifices for it.
So, if you can stay put, then do so for the time being. Just ride out this wave, and the market will eventually turn around. It may not return to what it was in its heyday, but that may be best. We cannot forget the reckless complacency that led us to this moment. A balanced market, as opposed to one that heavily favors buyers or favors sellers, is a healthy market.
But, if you need or want to move, be realistic about your home’s location, condition, and features, which all play a factor in the listing price. Consider your competition, because you likely have plenty of it. Anticipate that your home’s actual market value will be less than what you think it should be. And be prepared to both wait and move quickly, when the time comes. But above all else, remain focused on your goal. Do not lose sight of the reason why you’re seeking to sell at this challenging time. Allow that reason to guide your efforts toward a successful sale.
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