SHOULD WE WAIT TO SELL?
Please feel free to share this information as it could help someone you know.
This is the question that I hear often. People think about waiting until Spring every year as the holidays approach OR, they consider taking their house off the market for awhile especially when they have had their house on the market for awhile and it did not sell. I always have the same answer: it depends.
What does it depend on?
There is no right or wrong answer but I always ask a homeowner to carefully and thoroughly evaluate why they have been thinking about selling: what they will do once they sell, what happens if they wait to sell and what do they think will happen with the local market going forward that may make selling easier?
For those who have been unsuccessful in the past, there may be some frustration. For some it could be a matter of convenience. If you are frustrated with the process and need “time off”, please determine why you got frustrated and do whatever you can to eliminate that frustration. Waiting until spring (or another season or time frame) and allowing yourself to get frustrated all over again will not solve any problems and it may cost you an opportunity to sell and move forward with your plans and your life. Alternatively, if selling is inconvenient, perhaps you should evaluate what you hope to gain by selling and seek to minimize any concerns.
However, what is the potential co$t of waiting?
- if interest rates rise, fewer buyers will be able to afford your home;
- if more sellers put their houses on the market, as generally happens in the spring or late summer, competition will increase and prices may fall;
- other “unknown” factors may negatively affect the Real Estate market;
- what does waiting do to your plans? Will they be put “on hold”?
If you do not need to move, perhaps nothing will change and waiting to sell will not be a problem. If you are not buying another property, perhaps nothing needs to be done. However, if your circumstances necessitate a move, you may be putting your happiness “on hold” and risking the uncertainty that tomorrow may bring.
The facts are that houses sell every day of the year and that buyers buy when they are ready to buy. Buyers looking at this time of year tend to be very serious and many of them will not or can not wait. If you are in a slow moving segment of the market, being off the market for any length of time could cost you many additional months of being on the market.
I understand that selling a house is not fun and that “showing” your house, especially during the holidays or inclement weather, may be inconvenient. Proper pricing and effective marketing will always help you sell more quickly and minimize the inconvenience. In addition, houses generally tend to show better at this time of year and that may help you as well.
No matter what I say, a number of sellers will take “time off” and this will benefit those who remain committed to selling. While there is no guarantee that your house will sell if it is on the market, it will not sell if it is not.
Of course, it is your choice. All I suggest, respectfully, is that you make a decision that works for you. I can help you now or in the future, whichever works for YOU!
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