Should I stay or should I sell?” This is on the mind of so many homeowners right now that are wondering if they should take advantage of this unprecedented seller’s market. They’re also wondering if they wait, will they miss out?
There is no denying that sellers have the upper hand to get top dollar on their homes but the question remains on whether it is worth selling now and where would you go. There is really no clear-cut answer I can give you as each seller has their own set of circumstances to consider. But let me break this down for you with what I see as the pros & cons to consider if you are thinking about selling your home this spring.
Reasons to consider selling:
Top Dollar – many offers are coming in over asking price and you could get top dollar for your home.
Quick Sale – often times homes are active on the market for less than a day before getting offers.
Negotiating Power – many homes are getting multiple offers to consider, giving the seller the upper hand when negotiating the deal. This doesn’t just mean money but can also be your ideal closing scenario (i.e. renting back while you find a place to live or until your new home is ready if you plan to build!)
Reasons to consider staying put:
No Next Home – if you don’t have plan for where you are going to move next putting your home on the market might be more hassle than it is worth. A lot of people are choosing to stay because the “next price level” really seems to be more of a lateral move for them.
Tough Buyers Market – limited inventory for homes plus lots of hungry buyers makes for more competition and less chance your offer will get accepted on the home of your choice.
Rising interest rates – you’ve got to consider what your new mortgage would be. If you recently refinanced at a super low rate you have to be prepared for a higher rate. (However, if you sell your home for substantially more it could negate any rising rates because you now have more money to put down. So maybe this needs to go back up to reasons consider selling?) 🙂
If you decide not to sell this year don’t panic, your current home is NOT expected to LOSE value! Homes are simply expected to appreciate in value at a slower rate after this year. We will see our market stabilize but it’s unlikely we will see a decrease in housing prices any time soon. What we will likely see is an increase in inventory but so far the rising rates haven’t changed the market we’re in.
While there are strong points on both sides of this equation…you will need to evaluate your situation to decide if selling now is the best choice for you. And important to note that if you are concerned about finding your next home, we as Realtors have plenty of experience navigating this market and have successfully got a lot of buyers under contract and into homes! That is what we are here for!
If you want to discover what your options are and what you can sell your home for, let’s start with a visit! It doesn’t hurt to explore your options.