Should I sell? Should I Wait?
According to the news floating around the country, real estate prices are rising and housing is on the upward swing. In some areas, it’s actually booming. So if you have been doing the “Should I sell? Should I wait?” thing for the past few years, it’s time to ask yourself these 5 Questions
Do I have Positive Equity?
We’ve heard so much about people being “upside down” in their houses, which means many American’s watched their hard earned equity in their homes simply vanish or diminish as home values did the same. Selling your house is supposed to earn you money or get you out of debt, it’s not supposed to make the sweat bead out on your forehead as you write a check to the bank for even more money. And if you had equity you didn’t want to see it cut in half so you probably just decided to sit on your house for a while.
If you have been waiting to sell for this reason, you might be a bit more in the positive now. This might be a good time to think about listing while housing is on an upswing. Get that pen and paper out (ok yes, a calculator will do), and see where you are.
Is Your House Too Ginormous?
So your dream was the McMansion of your neighborhood and you made it happen. Now, your kids are off to their own thing, your buddies are all happily swimming and sunning in retirement heaven on an exotic beach, or you are simply tired of paying astronomical utilities bills to live in a huge echoing house when you really just want to find your zen in a little cabin somewhere. Whatever the reason, if your house has outgrown you, take advantage of the upward current and call your agent. (Don’t forget to pack your yoga pants!)
Is Your House Shrinking Around You?
Have you been creating your own little football team and now find yourself bundling kids on top of each other and piling toys to the ceiling just to manage in your gorgeous little lovers nest that has now somehow become a sardine can that smells slightly of dirty socks? Or maybe your family decided to all try to save and live in that close knit way of years past, so mom, brother, cousin, aunt, and grandpa have now all descended on what used to be your “party” room.
Whatever the reason your house feels like it is now squeezing in on you, now is the perfect time to start searching for a new home. Spring time has the best listings, the prices are becoming more stable, your chances of selling without loss have risen, and the person living in your perfect, future home has realized the same thing and is right now putting the sign up in the driveway.
Interest Rates Going Up
The interest rates are now picking themselves up, brushing the dirt off their knees and starting to stretch in an upward motion. Rates are still at a historic low but they aren’t going to be going anywhere but up. So right NOW is the time to get your place sold and grab that new one before all the numbers start playing hopscotch and you lose your rock into the out zone.
But Should I Sell?
If you are still undecided, you can listen to all the advice in the world but the reality is you aren’t going to put a great effort into selling until YOU are ready, or feel you absolutely NEED to. No matter where the market is, if you are in a market where you are forced to sell low, you will also be in a market where you can buy low. If you are in a market where you can sell high, so can the person with the house you are eyeballing. It all comes down to when you want to sell or simply realize you have to sell for any multitude of reasons.
But for those of us who have been hanging on by our fingernails, this might be the one perfect moment in the market to list our homes. At least it is giving us a bit more hope that we ruined our manicures for a reason!