Recently, I’ve received many calls and emails from people who want to sell their homes about a year from now. Maybe you’ve bought a new construction property, but it won’t be ready until next year. Maybe you plan on retiring soon but want to wait a year to downsize. Whatever your situation is, you have two options, and I want to go over both of them with you today.
The first option is the easiest one: Sell now! Homes in our market have appreciated like crazy over the last two years. Inventory remains low for now, so buyers will still have to compete against each other for your property. Interest rates are increasing, and the higher they get, the fewer buyers will be able to afford your home.
“Our market won’t crash, but it will soften.”
If you sell now, where will you live in the meantime? One option is to rent an affordable place. There are plenty of new rental communities in our area with reasonable rates. You can also choose how long you want to lease the place, although your rent will be lower the longer you stay.
What happens if you wait to sell your home? Our market won’t crash, but it will soften. You’ll still be able to get a decent deal, but your buyer will have more negotiating power. Right now, there is hardly any negotiation at all. You can still dictate terms in this market, but that might not be the case a year from now.
For example, interest rates have increased recently, and it looks like they may increase further soon. If you sell now, you can use the extra money from your sale to buy down the interest rate paid by the buyer in the future. Making your sale more attractive as compared to other home sellers.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!
