Should I sell my home now?
With an improving South Florida Real Estate market where homeowners are seeing an increase in home selling prices, you are likely wondering; “should I sell my home now?”. Should you take the plunge now?!
Image Courtesy of Trevor McGoldrick
After their peak in 2006, housing prices began to decline in 2006-2007 with new lows showing up in 2012, so it’s been many years since homeowners have thought about any equity in their homes. National home sales and prices both fell dramatically in March 2007 — the steepest plunge since the 1989 Savings and Loan crisis. {1}
Fast forward to 2013, with home sale prices showing signs of recovery with low inventory levels and high Buyer demand for homes, many homeowners are now wondering, if now is a good time to sell their home with the hopes of equity. As we’re just starting to scratch the surface of home appreciation, homeowners are wise to contact a trusted Real Estate professional who knows how to set a home’s selling price. It is very easy for homeowners to get excited about rising home prices and will inflate their selling price based upon emotion, which ultimately hurts their final sales price. When the price is not set accurately when your home first hits the market, you will end up selling you home for less, as it lingers on the market without any Buyer’s offer. Your home will linger on the market due to Buyers being able to find larger homes with more upgrades for the same price that you’re trying to sell your home for and the Buyers that are truly qualified to buy your home are looking at other homes priced accurately. By the time you realize this and later reduce your home’s selling price, your home will likely now have the stigma set upon it, where Buyers will wonder what is wrong with your home and why hasn’t it sold already. So make sure you’re basing your home sales price on a fair market value which sets what qualified Buyers are willing to pay for your home based upon recent home sales of neighboring area, pending home sales and those homes actively for sale that are comparable to your home.
The current Real Estate market reflects increasing financing costs for Buyers along with rising interest rates for home purchases, coupled with an increase in home selling prices, can have a direct effect on Buyers having the means to afford to buy a new home. With this being said, now is indeed a great time to sell your home with rising home selling prices and Buyers still being able to afford to purchase your home before they are priced out of the Real Estate market in a fragile economy. If you’ve been on the fence about selling your home, perhaps I’ve helped you to go ahead and get your home listed for sale.
Still have questions? Do you need to know more on whether now is a good time to sell a home here in South Florida? Contact Lynn Pineda, your trusted South Florida Real Estate professional to make sure you get on the right track to sell a home. Call at 954-464-1100 or email at: LynnP@ImagineYourHouse.com
