I don't want to give my home away is an oft repeated phrase as I discuss with prospective home sellers the current estimated market potential of their home.
They sometimes follow that phrase up with-" well, we will just hold on to it then" or "we will rent it out".
Sometimes sellers can lose track of why they wanted to sell in the first place.
Waiting for a year isn't necessarily going to solve their problem and perhaps there is not really a problem, but a want.
I always like to ask them what will change in a year? Do we know what the market will look like in a year or two from now? Will it improve or decline?
Do you think that tenants will leave the property in the condition it is presently? What will the cost of repairs be after a year of renting?
Will you be subsidizing the rent, as it may not cover your current mortgage payment and other home expenses such as the taxes, insurance and maintenance.
Will you be hiring a management company and are you available at all times to handle repairs and renter issues?
What will prices and interest rates be in a year or two for the place they really want or need to live in?
Do you think interest rates may go up- since they are at historically low rates currently?
So many times, they just haven't thought of those things.
The current market seems to be stabilizing, but will it reach the over inflated prices that we saw before the housing crash? Especially for those selling and buying- interest rates are low low low, now. Things can change very quickly with elections, disasters, and world issues.
What we know for sure is- where the market is currently. Anything else is speculation.
If you are buying after the sale of your current property, you will be purchasing at a lower price as well. Combining all that with the current still low interest rates, selling your property at the current market value may well be the best business decision you could make.