Should you sell in today's market?
It truly is no secret that the real estate market is going a thousand miles per hour right now. Homes are STILL selling quickly and, sometimes, way over the asking price. Of course, this sounds like an ideal time for someone to sell and take advantage of this market, right? But, the bigger question in today's market might be , "then what?".
If you want to sell and take advantage of the red hot seller’s market, you're not alone, but there are always pros and cons to every decision. Keep reading to learn the reasons you may (or may not) want to wait until the market shifts to sell your home.
Pros and Cons of Selling Right Now
Pro: You’ll probably receive at LEAST a full price offer
Well, goodness! Things sure have changed since I started selling real estate in 2003! According to the local stats in the Pikes Peak Region, in February of 2022, 62% of the homes that sold, did so above asking price. Every single one of my personally marketed listings went for over asking price in 2021. This means you can ALMOST guarantee you’ll get at LEAST one full-price offer, and the odds are likely that you’ll get ABOVE the asking price. Of course, this is every homeowner’s dream, right? In this market, you can ensure that all of the TLC you’ve put into your home over the years (or just prior to listing with the help of our included staging consult) will pay off BIG TIME.
Con: Where Will You Go?
Competition is stiffer than ever out there right now. So, you’ve got an above-asking price officer, you’ve accepted it, and you’ve got to be out of your home in one month. Where will you go? Are you staying local or perhaps moving to an entirely different area? If you need to obtain a mortgage, are you able to qualify for BOTH homes at the same time? Do you have the capital to make an all-cash offer on the next home? Are the buyers of your home willing to do a lease-back, giving you time to find your next home? Do you want to possibly rent until you can find a new home? These are all things you must weigh before making the decision to sell.
Pro: Your home will likely sell quickly!
In February of 2022, the average home in the Pikes Peak Region sold in just 14 days — but most homes that were priced correctly sold much faster than that. The average home in our marketing portfolio sold in an average of 5 days! This means you likely won’t have to sit around waiting and worrying about whether or not your home will sell. Selling quickly can be a huge advantage compared to days past when homes could sit on the market, and sellers would eventually have to lower the price.
Con: You might have to invest more
Great news! You’ve sold your home, you’ve got a nice chunk of change in your pocket, and you’re ready to find a new home. To win bidding wars in competitive markets, you may have to offer above asking price. Also, homes have risen sharply in value and price over the last several years. Many buyers are winning bidding wars by making all-cash offers, but a properly crafted financed offer can beat a cash offer. Even with a highly skilled and competent REALTOR on your side (hopefully ME!), you still might need to offer over asking price. This is an important consideration that could outweigh the extra money you could make right now selling your current home.
Final Thoughts: Should I Sell my Home?
Selling and buying a home is a stressful experience in itself. This market is forcing an accelerated process. Overall, it's still a great time to sell and get the best price for your home. My advice is to consider all of your options and holler at me about what the right decision is for your unique situation. Although it’s very unlikely the market will crash, as interest rates rise (and they already have), the market will likely settle a bit. Good things take time and careful consideration! I'm here to help.