With a strong seller's market in full force, it might seem like the perfect time to sell your home. But the fact remains that the inventory of available homes is currently at one of the lowest points in history. This factor has the potential to cause potential home sellers, like you, to push pause on any decision to sell their home and opt to wait for a while, instead.
This is because even though a homeowner may be able to sell their own home very quickly and for a great price, they may not be able to then find and purchase their next home due to the low inventory situation. If you are a homeowner who is unsure of whether to sell now or wait until the inventory recovers a bit, the following tips can help you make the right decision.
Determine the price you could expect to get by selling now
The price you could expect to get from your home is one of the first pieces of information you will need to make a good decision. While this information could also be determined by paying for a market appraisal performed by a licensed appraiser, most real estate professionals routinely provide a customized comparative market analysis (CMA) for their clients that can help closely estimate the potential sales price range.
While different from an appraisal, a comparative market analysis is performed in a similar manner. Like formal appraisals, CMAs are performed by comparing recent sales and listing data from homes that are similar to your own. An experienced real estate professional who understands the local real estate market and its trends can closely estimate what your sales price is likely to be. In addition, they can average the number of days each comparable home has taken to sell and give you a good estimate of how long your home might stay on the market before a contract could be expected.
Scout the marketplace for possible homes before listing
The best way to get a good feel for your current real estate market is to spend an afternoon or two looking at available listings in the area where you would want to purchase your next home if you decided to sell. In addition to paying close attention to the amount of value each home might offer, as compared to its list price, you will begin to understand whether you should opt to sell now or wait.
For an honest assessment of the real estate market and how it could affect your plans, discuss your situation in detail with your trusted real estate services professional before making a final decision.Share