To sit or sell
When is it the right time to sell my home? This year hasn’t exactly been typical… but we’re not sure that’s a word you’d ever use to describe Bay Area residential real estate.
We’ve seen a lot of homes on the market for the month of January, followed by an intensely competitive February with few homes on the market. March is proving to be equally as puzzling, with lots of buyers and few sellers.
Truth is, timing is everything with real estate. That’s one thing that remains consistent. If you own a home in the Bay Area, it’s always good to contemplate if it’s the right time to sell your home. You never know, you could time your sale right and collect as much as $300,000 over asking – we saw it happen several times last week in San Carlos alone!
The decision to sell your home is a huge choice, and one that should be made by taking both financial and emotional factors into account. Here are a few things you should really think about before making your decision:
The Obvious Factors
Are you looking to lessen your commute or change jobs in a new city altogether? Are you hoping to get your children into the coveted Burlingame School District but live in Redwood City? Are you getting divorced or, better yet, married? Lifestyle factors or changes are obvious reasons to consider selling your home and begin your search for a new home in a location that satisfies your needs.
Your lifestyle and your home no longer match
Maybe there are no large changes going on in your life, but perhaps you’re wondering how well your home meets your everyday needs? Have your kids gone off to college and your thinking about downsizing? Are you in a cute little starter home that isn’t looking cute to you anymore? Are the stairs too hard on your knees? Is the busy street making you nervous when your toddler plays out in front? There are certain functions of a home that make your quality of life better.
If you have lived in your home for several years, chances are that you’ve amassed some serious equity in your home. This equity can go much further than you think. We can run a Comparative Market Analysis to determine the worth of your home. You might be surprised at what your home will go for on the open market, and this can help you determine if selling your home is the right thing for you and your family.
In or Out of Debt
Aside from your mortgage, how are your finances looking? Are you in good shape financially? Banks like to see at least four to six months of living expenses in your savings account before taking a chance on you.
What is the condition of your home?
We’ve seen a lot of “as-is” sales these days, so there’s not too much pressure on Bay Area homeowners to get their home in perfect condition. However, if you’d like it to show it’s best and gain the most attention, you might consider some simple improvements. Paint and new fixtures go a long way, for instance, as does clearing clutter. Consider how long it will take you to make these changes.
Where to go?
Have a plan. Are you willing to sell your house and wait for your dream home to come up? Or are you planning to rent while you wait for things to level out? You need to have a comfortable and realistic plan on where to go in between your sell and purchase. As for the market, sellers are more likely to go with a buyer with a strong offer free of contingencies. That’s something to consider.
While there’s no perfect formula to determine if it’s the right time to make a move, we might be able to help you. We can show you what homes have sold in your current neighborhood and what homes are available in your desired neighborhoods. We can also help you better understand the process and help you forecast your real estate future. Contact us to get the conversation started.