How Do I Know When To Sell?
Well, when do you want to move?
Isn’t it great when someone answers your question, by asking another question?
For so many real estate-related questions, there are no definite answers. We know what we want the transactional outcome to be, we know how much we’d like to net from a sale or pay for a purchase, we’ve heard that summer is the best time for real estate… but those things are negotiable or, at least, debatable.
I spend quite a bit of time discussing variables with clients. Theorizing potential list dates based on historical data and ball-parking numbers right up to the last minute, just in case there is an unexpected market shift. When people count on you to be the expert in your field, it’s difficult to admit that your crystal ball is in the shop.
Long before that first time home-buyer is ready to be a first time home-seller, I get questions about maintenance, upgrades and remodeling projects. Unfortunately, I can’t give you a dollar for dollar ROI for your hypothetical bathroom or finished basement. We can look at what similar properties, with similar upgrades, have sold for and we can compare that to what your current market value might be, but there is no concrete answer.
As a Realtor, I appreciate that you come to me and value my input when it comes to these decisions. I want you to have all of the available information, so that you can make an informed decision, which is why I give you (what must seem like) 37 possible outcomes to the question you’ve posed. One of my least favorite phrases is, “it depends,” primarily because I say it so often. I can only imagine what it must feel like to be on the consumer side; you come to me with a simple question, looking for a black and white answer and I hand you a bag of Skittles.
I hope that all those possibilities are helpful and that you feel empowered to make good consumer decisions because you’ve considered all the options.
Back to the original question, there absolutely is no right answer. This article from CNBC, last year, highlights some of the factors to consider, but all real estate is local. The market in South Bend, Indiana is waaaaay different than the I95 corridor market that I serve in Virginia. Here’s my take on the best time to sell around here. Take the information and run it through a common sense filter. The best answer for you might be the worst decision ever for your buddy in the next county.
If you have market questions, let me know. I’m always happy to help, but I hope you like Skittles.