I am asked nearly everyday by homeowners that are on the fence about listing their home, even though they know its a sellers market in our area...Should we list now? We don't want our home to sell too soon...what will we do if you sell it in a weekend like you have in our neighborhood before?
My answer is LIST IT...PERIOD! The fear of selling your home so fast is warranted but when you are working with an experienced agent then your best interest are always being looked out for. When it comes to the contract that will come in quickly if you are priced correctly, we will NEGOTIATE. The closing time is always negotiable. The inventory level is so low that buyers just want to secure that they have the home and no one else will buy it out from under them. Your agent will make sure your time frame is being considered. You should be looking for homes the weeks leading up to your listing, at least know your qualified to purchase a home and find out from your lender if you have been approved with or without the sale of your current home...you may be surprised by your answer. If you have to sell your home, and most sellers will have to in order to qualify then your agent will inform you that you will have to offer a contingency contract. It is better to have a contract on your property BEFORE you place an offer on the home you would like to purchase if you have to write a contingency contract. The Sellers of the home you want to purchase will feel more confident in approving your offer if you have a closing date set and see that you have a contract on your current home which can also show when the contingency can be released on the home you wish to purchase. Secondly, the buyers for your home are very likely to work with you and I have successfully negotiated lease backs (where you stay in your home after closing for a short period of time and lease the property from the new owners until you can move to your new home). All of these scenarios can be negotiated and more options are available however these are the most common ones that solve the issue.
Of course not everyone wants to BUY in a Sellers Market, and would rather lease their next home or build a new one but need the equity from their first home in order to purchase the new construction and plan on leasing a home until that time. NO PROBLEM, there are many lease homes available on the market as well as alternative options for you like town-homes, apartments, etc.
Other questions you should ask BEFORE listing your home are:
- Does this home work for our lifestyle anymore? (commuting, square footage too small or too large, maintenance issues, remodeling needs)
- Do we have an idea of WHERE we want to relocate to? (down the street or in another town or state...all require a well thought out plan)
- How much equity do we have in our home and what will our bottom line be when we sell? (Your agent can prepare a Sellers Net Distribution Sheet for you or a Prelim HUD so you can see a good estimate of what your bottom line will be)
- How much home can we afford? (Many people years ago bought too large of a home for them, or too pricey and ended up being underwater in their mortgages...DON'T let this happen to you if you can qualify for $250,000 then look at $200,000 because you will have fees associated with the purchase of your home and its better to purchase a bit under than to be over your head in debt)
- Life changes, new baby coming or potentially coming, aging parents, children moving away or back in, health issues that make a home hard or easier to live in like 1 story versus 2 or handicap access in the home?...all of these are things you need to consider.
The decision to sell or not is ultimately up to you, but the answer to the question "Should we list in a Sellers Market?" is a resounding YES!
You want to get the most money possible from the sale of your home and now is that time.
Ready to discuss listing and want to know what your home is worth in this current market?
Call or email me today to schedule a no pressure consultation and see what difference an experienced and proven Top agent can do for you.