by Ken Richter
on Wednesday, September 23rd, 2020 at 3:25pm.
It's the age old question... is now a good time to sell?
This question is constantly on the mind of homeowners on the verge of listing their home for sale. Whether you are ready to upgrade, downsize, or anything in between, for most people selling their current home is a must before they can move onto something else. After all, a house is one of the biggest financial investments you have. Both the release of those funds and the maximization of those funds are essential in making any move a move up, not a step back.
So, is now a good time to list?
First, take a look at your home portfolio. Trying to sell a home too fast may mean that you'll experience significant loses in value. You may be able to sell your home for $200,000.00, but if you owe the bank $250,000 on it, you're taking a financial hit and don't have equity to put towards your next big investment, home or otherwise. Make sure you're in the clear and will actually benefit financially from this move. Sometimes the hit is worth it, but be strategic.
Second, take a look at the market. Sellers are always going to want to sell their home during a seller's market if possible. A Seller's Market is one in which there are more buyers than there is inventory. Therefore, your property becomes a hot commodity that buyers will want to outbid competition on. It isn't always possible to time your move with this; in some places, you could be waiting years before you see a Seller's Market. At the very least have a game plan on how to tackle whatever market you're entering, and make sure it's something that can work in your favor.
Third, make sure selling is something you actually want to do! Just because you could make tons of money off the sale or the market is 'hot' does not mean you HAVE to sell. You're allowed to have a forever home and you're allowed to take your time. Undecided? Contact Ken Richter directly at 403-630-6363 so we can begin discussing your options.