Is Now a Good Time to Sell My House
People are asking: Is now a good time to sell my house? The answer is yes, now is a good time to sell your house.
There are many moving parts to what is going on in the world today, and what is going on in your world today. Let's take a look.
WHY IT'S A GOOD TIME TO SELL
The market is different than it was three months or four months ago. The real estate market is even different than it was one month ago.
We are still in a seller’s market, but there has been a shift. It's a subtle shift, but it's there. For the most part, houses are not selling in a day, nor are they getting 15 or 20 offers in a weekend. The insanity, that was all too common this past winter, seems to have subsided some.
I’m starting to see some price drops, and some homes that have been laying on the market for too long. Why? Because they are overpriced!
SMART AGENTS EDUCATE SELLERS
Overpricing a listing is a bad idea. There is no point to letting a home lay on the market for months and then lowering the price. By that time, it's become a stale listing. People have seen it and assume there is something wrong with the house.
If you list your house for sale, within the first 10 days to two weeks you should pretty much know what's going on. If you're working with a good REALTOR, they will educate you on current market conditions - not what went on two, three or four months ago - but what is going on in today's market.
You can expect it will probably be a normal sale with inspections and contingencies, although there are always exceptions here and there.
IS THE REAL ESTATE MARKET GOING TO CRASH
I don’t think the real estate market is going to crash in Boca Raton and south Florida, although I do think It depends on the area even within Boca or Delray Beach. Boca has 8 zip codes. Some homes were never worth close to what people paid.
I think the insanity of waiving home inspections is over (something I never allowed any of the buyers I worked with to do.) Shorten it if you like, but to waive a home inspection is crazy. At least find out what is wrong with the house, if anything. Then if you're okay with it, go ahead. But, at least you know. Not knowing is a recipe for disaster, in my opinion.
I think there are several reasons the market is not going to crash. People have been leaving big cities and continue to do so in droves – the northeast, the mid-west, etc. They don’t want to deal with the crime and what’s going on.
Inventory is still low and prices remain high. Another reason is that Florida is a homestead state.
Many of the homes in the past two years were bought with cash, so I don’t see the same problems of 2006/2008.
Some buyers will be priced out, especially after interest rates were raised again yesterday. But there are still buyers out there. Buyers who grew weary of losing homes last year and walked away to take a rest. Buyers who just didn't want to deal with it any longer. They are still out there.
Is it a good time to sell your home? Yes.
You have to consider your personal situation.
Have you received a job offer in a new city? Do you want to move to a different school district? Are you looking to downsize into a 55+ gated community? Have you always longed to live in an oceanfront condo?
Life happens. You need to consider your own needs and wants, and decide.
If there is a reason, it's a good time to sell your house.
The opinions expressed in this post are simply my opinions.