Let me guess if you hear that it is a good time to buy or sell real estate one more time you will ‘SCREAM’!
I’m with you. There is something fake about that statement. It is like the story of the boy that cried wolf. Realtors and lenders have been saying there has never been a better time to buy or sell real estate for the last 7 years!
We are all numb to this statement because it has lost all meaning. I believe brokers are saying it because they don’t understand the market or what truly drives someone to buy and sell.
Here is what I know. Rates are at 2.5% on a 30-year mortgage and home values are up 18% from 2019. That means people have 10s if not 100s of thousands of dollars in equity (Money) if they choose to sell.
So, if everyone has more money than ever why are they not selling?
People sell their homes not because of the marketplace but, because of their personal life.
People sell because…
Their kids moved out or are planning on moving.
The house is too much work for them.
There are better jobs elsewhere.
They are retiring to better weather or wide-open spaces.
Their relationships are breaking apart.
They feel alone or they need some space.
They got a job promotion or lost their job or business.
After helping 4000 people sell their homes, I have found on average people wait too long to make a decision on selling. They avoid having a discussion with their family, partners, and friends about selling and moving.
Here is how to find out if you should sell and it has nothing to do with the marketplace.
Step 1 – Have an open discussion with the person(s) that own the home with you about selling. What are the advantages and disadvantages? Have they thought about it? Where would you go? What would you do? How much money do we have? What could we do with that money? What is best for our family and quality of life moving forward?
Step 2 – Make a clear decision. This could be to stay in the home for 2 more years. Or to reach out to a broker to get a home value.
Step 3 – Full support of the decision. One of the members might not agree but, they need to support the decision. For instance, if my wife wanted to sell and move I may not agree but, if we decided to move I would give my 100% effort moving forward.
If COVID did anything it gave us space and opportunity to take inventory of our life. Look around your living situation does it bring you happiness. Is it inspiring you to grow? Like fish, we will grow to the size of our fishbowl.
Nick McLean Real Estate Group
PS. Step 2 – This can result in wanting to know your home’s value. We offer our clients our opinion of the value that homes sell for in today’s market. Don’t use Zillow it is not accurate. CLICK HERE TO GET A VALUE.