Why You Should Not Sell Yet
August 11, 2021 | Posted by: Sherry Corbitt
Currently, in 2021, the housing market has been extremely hot. Being able to sell a house at a higher rate is a great benefit that sellers are taking advantage of. Although this is a perfect time to sell, it is crucial to evaluate if you are ready to sell. Many sellers in the past have overlooked factors when selling and later came to regret it. That is why it is vital to examine if you are truly ready to sell before starting the process.
You Do Not Know Which Area you Want to Live
This is entirely normal as many may question where they want to move once they sell. Yet if someone is already selling and does not know this question, it often becomes a problem. Some may think that they can figure this out after their house sells, yet it rarely is the case. When your house is sold, you now have the obstacle of paying for somewhere else to stay while you search for a new home. This itself costs you money, which will continue to add up the longer you take to look for a new place. As well, if you have not put enough research into a potential area, you may settle somewhere and end up disliking the location altogether.
Not Enough Housing
Although the housing market is hot right now and a great time to sell, there, unfortunately, are not enough houses. Selling your home is the simple part, yet finding a house at a decent amount is very difficult. When you do manage to find a home, there most likely will be a bidding war between other buyers for the property. The house most usually will sell to the highest bidder. If you are in this position to make a higher offer to have a house, you need to consider the required amount.
You are Not Sure if You Can Afford Your New House
If you are looking at a home and realize that you cannot afford it, even after selling your current home, then that is a clear sign you should wait. Although you may get a mortgage to help pay the rest could be a possibility, getting accepted by a lender may be difficult. As well, a mortgage may not be possible if you are already making other regular payments.
Your Family is Not All in Agreeance
Making sure that your family is ready for a move is very important. Depending on your family, especially if you have children, moving houses can be a complex process. A home is a very personal thing, and if a move is made too quickly, it could cause problems. Family members may not be in acceptance and become very upset with a new atmosphere. As well, it may affect children and their behavior if they are not in agreement. Some families have reported that they thought their families would adjust to the move once it was completed, yet unfortunately found that family problems increased instead.
Is the House Ready to Sell?
Examining your house first before you decide to sell is key. You may discover things that may need to be renovated or repaired. If you sell without having such repairs completed, you may have a more difficult time getting a reasonable amount for the property or even selling. Buyers will not be very inclined to buy a house that has problems with it or if it looks run down. Taking the time to fix such issues and even renovating the house could save you money in the long run.
Not Good Timing With Work
This can play a significant part in many sellers’ lives. Even if you feel ready to sell in every other aspect, work could be a factor that holds you back. There are many different scenarios as to how a career can make it more difficult to sell. It could be that work has picked up and that you are working on a new busy project. Potentially it could even be that you cannot get enough time off to complete the move. A move with busy work life is not impossible, yet it is very strenuous. Taking time off to make a move will affect your income, which can affect any necessary payments you need to make.
While the market certainly is a great time to sell, making sure you are ready to sell is the most important thing. If you sell too quickly, there will be more problems than taking the necessary time to prepare and get ready. Examining what you need to focus on first will ultimately lead to the best selling experience.
If you have any questions or concerns about selling your home, please reach out to me!
Sherry Corbitt, Mortgage Broker
-Thorsby, Devon (2021). Why You Should (and Shouldn't) Sell Your Home in 2021. U.S. News. Retrieved from https://realestate.usnews.com/real-estate/articles/why-you-should-sell-your-home
-Gomez, Joe (2019). Should I Sell My House? 6 Questions to Ask Before you Sell. Opendoor. Retrieved from https://www.opendoor.com/w/blog/should-i-sell-my-house