I have not made any secret about how great the real estate sales market is behaving right now especially if you are selling. Inventory is low and the properties on the market are getting multiple offers and selling over-asking. It is very exciting to be a seller in this market but only if you are ready to sell. So how do you know if you are ready to sell?
1. You have another place to go.
If you are thinking about selling your property and want to put it on the market to see what you can get, what will you do if you actually get an offer? Do you have another neighborhood to which you want to move? Another state? Are you looking for something bigger? Smaller? You do not necessarily have to have another home in escrow, but if you have already moved on mentally, it will be much easier to move on physically.
2. Your current place is no longer suiting your needs.
Is your one bedroom too small for you and your growing family? Or have all the kids moved out and now your large home is too much work? When you look at your current home and only see how it no longer works for your lifestyle, you are ready to move on.
3. You are receptive to advice.
Whether this is the first home your are selling or your seventh, unless you work full time in real estate, you are not an expert. Three reasons define why properties do not sell today and when you are fighting with your Realtor about any of these, you are fighting the real estate sales market.
- Price – Realtors have to abide by certain ethical guidelines, so if we are telling you the price is too high, we are not secretly trying to get you to lower the price to fit our buyer’s budget. We have done the research, we have listened to the feedback from the buyers and agents. Pricing is the difference between a sold listing and old listing.
- Staging - This is your home that you have decorated to your taste that you love, we understand and respect this. But if your taste is preventing any buyer from being able to envision it to their taste, it will not sell. It is always a good idea to visit other listings you are competing against and “borrow” some ideas from the ones that show very well
- Marketing – This is only as good as the Realtor you use. If you don’t want to be bothered with what needs to be done to market your home to sell, you may not be ready to sell.
4. Timing makes sense.
Many people have held onto their property as an investment and rented it out instead of selling in a down market. In certain areas, rent is high enough to cover the mortgage and then some. However, being a landlord can be more trouble than it’s worth and with tenant laws continuously evolving (such as Boston’s New Inspection Ordinance), it may be worth it to sell now and move on.