It’s no secret – the word out on the street is … “There has been no better time to sell your home than now!” I would just add … the best time to sell your home is when the time is right for you – but looking at it from a value/equity standpoint – now truly is the best time! You may be pleasantly surprised to find out just how much equity you have in your home right now, then the question becomes … for how long? If you haven’t had a Home Market Analysis done on your home recently, you may just want to add this to your to do list! Knowing your home’s value may shed some perspective that could help you to make those decisions that are best for you and your family.
We all become “stuck” in place when we don’t have all the answers or some type of plan in place on how to “move forward” in whatever life’s decisions we are faced with, right? Being a homeowner myself and having moved several times throughout the years, it can certainly be challenging for many different reasons. The BIG elephant in the room syndrome … the how, what, where, & what do I do first – that keeps you stuck in your tracks. But what I have learned in life, as so many of us have … having the knowledge, support, and a plan in place can only help us to make our decisions on how best to move forward with just a little more clarity. The real estate market is challenging for both buyers and sellers, no doubt. Below are just a few of the many questions I hear from my clients when talking about buying or selling a home …
- Should I put my house on the market before I find a home, or do I find a home first?
- If I put my home on the market first, what happens/where do I go if I don’t find a house once my current home is supposed to close?
- The home prices are so high – I don’t want to “pay” TOP dollar for a new home, after my current home sells.
All good questions. Having these types of conversations with an experienced Real Estate Advisor prior to putting your home on the market will give you the opportunity to have any, and all questions answered and concerns addressed. It will give you perspective of the market and an opportunity to discuss some creative options and plans that you may not have thought of or considered. In this market it is important to think outside the box!
Supply & demand certainly puts buyers in a position in many cases of having to choose whether to “pay more” or not to get the home due to multiple offers then in any other market – the only perspective to that I can give is this …
We only know what we know now. If it is your desire to purchase a home now for “your reasons” – and we all have them – then we need to put ourselves in the best buying position possible and get creative in our offerings, in the hopes of having the seller accept your offer. This can be done in many ways, and it is not always going to be about the $’s, although – I won’t lie, that will be one of the BIG keys to having a seller accept your offer.
Keep in mind, with interest rates on the rise, and home prices not looking to go down any time soon, you need to look at your “bottom line”. What I mean by that is – look at your monthly mortgage payment. It’s all about the monthly payment that you are comfortable with and are qualified/pre-approved for to purchase a home via your mortgage lender. I know it’s difficult, but try not to focus so much on the home price but rather your budget/monthly payment, as home prices will always go up and down over time. While interest rates are rising and expected to rise throughout the year, will only give you, the buyer less buying power … what you could afford 6 months ago, for example may be different today. Some buyers may say or think, “I’m going to wait for the home prices to go down” – while that sounds like a good plan … we only know what we know now. So, if it is your plan to purchase a home – you may want to seriously consider doing this now before the interest rates really price you out of the market. Having said that, it is important to get “re-qualified” on your mortgage if your pre-approval is more than a couple of months old. Stay in touch with your lender, during your home search process to ensure that your pre-approval is up-to-date. You don’t want to have any unwanted surprises after the seller has finally accepted your offer!
There are many moving parts to buying and selling a home. You need the guidance of an experienced, trusted, Real Estate Advisor … that would be me! One who will give you the information you need, along with the perspective, guidance, and support on how to “move forward” or not, based on your personal circumstances.
If you are interested in scheduling a Home Buyer or Sellers Consultation, or would like to learn your “Homes Value … I offer a complimentary Comparable Market Analysis which will illustrate to you – where your home stands in today’s market.
Feel free to reach out – I am here to help!
Helping buyers and sellers achieve their real estate goals!