We’re nearing the end of March and it’s amazing how fast this year is flying by. Summer is almost here and with that comes some big decisions for a lot of people. With the school year ending, families may be deciding whether or not to sell their home this summer and move to another part of town or maybe another part of the country.
While the decision is different for everyone, each homeowner will have to review the current housing market before making a final choice. You may have a great opportunity to cash out on your property and move it to a new property that’s bigger or in a better area. However, the current housing market may not make things that easy on you. Before you make a decision, speak to an experienced, local realtor who can discuss your options with you.
Advantage For Selling This Summer
The summer housing market is going to be interesting. Because of interest rates, it’s become too expensive for many to afford the monthly payments, especially combined with these record prices for properties. Values have remained high however, and that’s great for homeowners who may want to try their luck and see what they can get.
The one advantage you have this summer is that inventory is up. That may not sound like a good thing but in this case it is. Buyers have turned away not just because of the high prices and costs, but also because of the poor selection. However, because this summer will feature a larger selection in the housing market than in years past, buyers may be willing to pay those prices if they can get a property they want.
Should You Wait?
This is a question everyone homeowner has to ask themselves and there are several factors to consider. Your current finances, your current income, what you owe on the property, what you are paying each month and more. Another fair question is where will you live after you sell? If you have that figured out then that makes a major difference for the decision making than if you had no clue where you were going to live.
Sometimes the best way to make this decision is to focus on what happens after you sell. Where will you live? Will you be able to afford it? Is everyone in the family fine with this strategy? If the answer is no, and you have additional reasons to wait, there’s no rush to move forward this summer. Values are remaining strong and interest rains are going to remain high throughout the summer as well.
What To Ask Your Realtor?
One of the first things you need to ask your realtor is what they think the value of your home is currently and what your asking price should be. Without that opinion and information, you may be building unrealistic expectations. You could start creating plans on how you can cash out with $200,000 but what if the more realistic number is $50,000 less or more?
Realtors are there to give you guidance and manage the transaction and process for you. They know what the value of your property is based on years of experience and they can also tell you what a strong asking price would be. Once they have the chance to review your property, your realtor can give you guidance and insight on the current market, what to expect, what advantages you have and how to best move forward.
What Buyers Are Looking For
Often overlooked but very important is to take a buyer’s interest into consideration, as well as what challenges they are dealing with in this process. For example, one of the biggest challenges for buyers is to get a property and cover the cost of fixing it up within the first year. If the home needs new windows and a new roof, it’s going to be more difficult for the buyer to cover those costs themselves, than it would be for you to just include it in the asking price.
That may be an option to consider if the house goes on the market but does not sell immediately or get a fair offer. If you can create a better buying opportunity, you not only will get your asking price but possibly more. Good deals are still selling, even in this market and that’s what buyers are looking for.
How To Maximize Your Value
Improving your property is not just about raising the value but making the property more intriguing for the buyer. Why would you want to buy your house as it is right now? If you can put the money and time into improving your yard, windows, roof and other areas of the home that need to be addressed, it may give you a far greater return on the property.
That’s for you and your realtor to discuss. However, don’t forget that if your home needs time to have upgrades done, that the summer is a perfect time to work on those improvements. You have time to fix your property. You also have time to sell right now.
