Want to know the 3 reasons sellers should sell property now as opposed to later?
Whether you sold a home in the past few years or not, you’re probably well aware that houses have been selling fast, with multiple offers, and over asking price (depending on price range, we have seen anywhere between $25,000 above asking to literally over a million!). But everyone also knows it can’t always be like this. The real estate market is cyclical, and we’ve seen a favorable market for sellers for quite a while now. So at some point it will likely shift in favor of buyers, at least to some degree.
When? Don’t we wish we had the proverbial crystal ball. For now, all indicators point to the fact that for at least this coming couple of years (writing this on 2021), we should continue to see rising prices for property and continued buyer demand due to the fact that many people are cashing out on their higher priced homes in states like California and New York. Then they come to Florida with cash in hand to buy a property at a price that for them looks like a flea market deal.
Based on what I see I predict that eventually the market will just cool off and stabilize. This would be great for sellers and buyers alike. Sellers would get to benefit from the gains of recent years, while buyers would get some breathing room and the ability to make less rushed decisions without competing against multiple offers every single time.
People have gotten used to hearing that houses are selling in mere days, with multiple offers, and over asking every single time. But even if the market change isn’t drastic for sellers, there’s a chance you won’t experience what other sellers have over the past few years. Thus, that is one of the reasons to sell now if that is what your plans are instead of later.
3 Reasons Sellers Should Sell Property Now as Opposed to Later
If you sell later when the market is more neutral (meaning a fairly even amount of buyers and sellers) your expectations could be higher than they should be and cause you to worry more than you should and make poor decisions. If your house is on the market when it is more neutral prepare yourself to experience a few things:
1. More days on the market. Your house may not sell in the first week or two.
2. Price reductions. You may have to adjust your price down a bit if buyers aren’t making offers after a certain period of time.
3. You may not get multiple offers. There might not be as many buyers fighting over your house as you might have seen in the recent past.
3 Reasons Sellers Should Sell Property Now as Opposed to Later Takeaway
The Takeaway: At some point the market may change so if you are really looking to sell, consider selling now as the market is optimal for it.
With a more neutral market, chances are, you’ll still sell your house for more than it would’ve sold for a year or two ago, but it may take a little more time, and you might see less demand than you anticipated.
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By Hugo Rivera, Realtor ®
International Best Selling Author
Broker: Robert Slack LLC
3220 SW 31st Rd, #201
Ocala, FL 34474