After, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have never witnessed, any housing market, which behaved, the way, we are currently experiencing! I have seen Sellers, Buyers, and Neutral Markets, but today’s activity, and dramatic increase in pricing, and activity, seems unique! Probably, a combination of recent events, including: pandemic – fatigue (some, wanting to make changes, because of the horrific year, and its impacts); record – low mortgage rates; a prolonged period of limited inventory; etc, are significant factors, creating this overall – effect! Although home prices are, at record – highs, is this the time, for you, to sell your house? With, that in mind, this article will attempt to, briefly, consider, review, examine, and discuss, 4 significant considerations, and why it matters.
1. Are you relocating?: Remember, it’s not only your house, but, most of them, which are experiencing escalating pricing, and demand! Therefore, if you sell yours, it’s very important, to fully consider, where you may move – to, and, why! Since, housing, in some regions, costs more, than, in others, if you are moving, to one of the lower – priced, areas, now, may be a great selling – opportunity! However, if, you are simply, trying to market – time, if it, simultaneously, costs a traditionally – high, amount, to buy your next house, it may not be, as much! Ask yourself, if you would be moving, if these conditions didn’t exist! Will you be able to earn a competitive wage/ salary, in your new location! It never makes sense, to act, rashly?
2. Your personal situation/ life, etc: Each of us, are individuals, with specific, personal needs, goals, priorities, and perceptions! How much do you enjoy, where you currently reside, and would, moving, give you similar enjoyment? No matter how much, you might profit, be careful, to avoid, selling, merely, to make a profit, with considering, all relevant factors!
3. If you sell high, won’t you, also, have to buy, at a higher price?: Depending, on your plans, and, where you move, and what you seek, if you relocate, to an area, where real estate pricing, is increasing, at a similar rate, and costs, a similar amount, what do you gain? However, if you are planning, to, either, rent, or move, to an area, where home prices, are, significantly lower, overall, it might make sense, if you consider, the bigger – picture!
4. Don’t try to market – time!: Although, you might, be successful, it is rarely, a good strategy, to attempt to market – time, unless/ until, you fully consider, all relevant factors, circumstances, and foreseeable possibilities! How long, will this specific, real estate market, continue, and how far, will it go? What are the potential, future, possibilities/ contingencies?
Wise home sellers, are fully prepared, for their next steps, after, selling! Are you willing to proceed, in the wisest – possible way?