Why Waiting to List Your Home Could Be a Big Mistake
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If you’re a home seller in our market, should you list your home now or wait?
This is a tough question because real estate values are at an all-time high and demand is also high, so that could make for an awesome sales experience as far as the money that goes into your pocket. However, it can be a challenge to find your next home.
The answer depends on your situation. Think of buying and selling in terms of one big transaction. A lot of sellers like to dissect those two things, focus on selling for X amount of money, and neglect to look at it as an opportunity to move into their next home. They don’t factor in the costs on the buying side.
Many people in our market are waiting, but waiting for the wrong reason.
Whenever you’re selling a home in this (or any) market and buying a home in the same market, you’ll pick up both the benefits and downsides of the other end of your purchase or sale. Many people in our market are waiting, but waiting for the wrong reason.
For example, they might be waiting for their home value to go up, but this is probably a mistake because home values are already at a peak here in western Michigan. If you’re waiting for your home value to go up, the value of the home you intend to buy next will also be higher once you decide to pull the trigger.
For example, they might be waiting for their home value to go up, but this is probably a mistake because home values are already at a peak here in western Michigan. If you’re waiting for your home value to go up, the value of the home you intend to buy next will also be higher once you decide to pull the trigger.
Furthermore, interest rates continue to rise and will likely not be where they are today in the next one, two, or three years. If your needs are more along the lines of downsizing or upsizing, that may be a valid reason for moving now and taking advantage of the price you’ll get on your home sale and current interest rates, which are very favorable.
One of the strategies we use to help buyers and sellers is to find homes that are not currently listed. We have a database of available listings whose owners want to sell but can’t be on the market for one reason or another.
If you have any questions or you’d like to know more about our off-market database and how to navigate selling and buying a home in this market, don’t hesitate to reach out to us. We’d be glad to assist you.
