4 Reasons You Shouldn’t Sell Your Home This Year

Many homeowners are asking, “Should I sell my house now? Isn’t it a Seller’s Market? Is it too late to capitalize on this Buyer frenzy?” The truth is this is a loaded question. While it is true that interest rates are low and housing prices continue to climb, there is not a “one size fits all” answer. One would need to ask questions specific to your situation and motivation to provide you with an accurate answer. Questions like what are you looking to gain from selling? Or where will this help you financially? By asking these questions, your agent will have the details necessary to formulate the right answer for you, not the neighbor down the street or the public.

What you may not be prepared for is the dreaded “No”. The last thing we want to hear that it is not the time to sell. Depending on your specific situation, your agent may advise you not to sell your home if it is not going to benefit you to do so right now. There are several situations in which this may be the case. To help you understand these situations better, we go further into the details of 4 of those situations.

 

1. You are Upside-Down.


Though rare, homes that were once mortgaged for more than the asking price and equity built into them have gone upside down in value. This means that the loan was greater than the value of the home, and there is no hope of selling for what they are truly worth. The good news is many homeowners who have fallen into this scenario have been able to work out creative solutions for their set of circumstances that enhance their equity.

 

2. You don’t have a place to go after you sell.


Most people do not want to be homeless. Especially if you had a perfectly good one and decided to sell it before finding a new one. Do not kick yourself yet. While that concern is valid, there are ways to sell your home and purchase another simultaneously. This will take some planning and the expertise of a trusted real estate advisor. This is not for the faint of heart. It takes a stomach of steel, perhaps a few antacids, and a brown paper bag. We talked about this a few weeks ago. If you would like to go on this “adventure”, check out the full article by clicking here.

 

3. Your home has appreciated.


Real Estate is a very hyper-local phenomenon. Some communities grow in appreciation at a faster rate than their neighbors. Ask your licensed real estate professional to talk to you about what your home is worth. Their local market insights will help decide if waiting a bit longer will allow for additional appreciation. While most agents do not have a crystal ball to forecast the future, historical data supports many of their conclusions.

 

4. You can use it as an investment.


Why sell your home when it can be used as an investment? Individuals around the world are building wealth through real estate. If you have the ability, consider renting out the home or offering it as a vacation rental (think VRBO or Airbnb). When managed correctly and with a plan, a solid return on investment can be expected.

Often the motivation to sell your home is not a simple answer. Usually, it is very complex. The surface idea of selling may look good and glamorous. However, it is in your best interest to take the time to discuss the details with a professional so you can make the decision that will benefit you most.

 

 

“It is better to look ahead and prepare
than look back and regret.”
– Jackie Joyner-Kersee

 

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