Should you sell your home in the current real estate market? We’re in an aggressive seller’s market in most price points under $2 million. So yes, you should sell your home right now if you’re looking to maximize your sale price. If you’re looking to move up in the present market, you may have to trade equity. If you’re downsizing, you might have to trade a higher amount of equity for a lower-priced home to end up in a positive position.
Prices are at historic highs because of the lack of inventory. Imagine if we had 100 homes for sale and 300 buyers entered the market, and next month 300 more buyers entered the market—that’s essentially what’s happening these days. It’s the age-old story of supply and demand—not enough supply and overwhelming demand. If you’re open to doing a rent-back, you can step back into the market when prices change. If you’re moving out of the area or state to a market with slightly less demand, that’s a great opportunity.
You shouldn’t buy a home in the present market if you’re committed to having your kids in the school district they’re in or if you’re uncomfortable with moving twice. The market is extremely competitive, so getting a contingent offer accepted will be difficult. More so today than before, sellers will rank the offers they receive based on the amount of risk involved.
Everything in real estate comes with pros and cons, so whether or not now is the time to move depends on your circumstances. I want to be a resource for you and break down your situation and run the numbers to see what makes sense for you.
If you have questions or if there’s anything I can do for you, please let me know via phone or email. I would love to help you.