We are often asked, "Is now the best time to sell?" Our answer is consistent, regardless of markets. "The answer is not simple. We need to know LOTS more." Yes, there may be times when the market is a super-hot seller's market. But deciding on whether to sell or not should be something that is not based purely on whether you will maximize the selling price. Here are some of the questions we ask potential sellers.
1. Where do you plan to live if you were to sell?
2. What is your motivation for selling: is it simply to maximize your profit, or do you have other reasons?
3. How long have you owned the home and what have you invested into the property?
4. What are your monthly costs to own and operate this home?
5. Do you have a mortgage? Is it a fixed-rate mortgage?
6. How does the cost of your home match your net worth and income? What percentage of your net worth does the home represent?
7. What are the current market conditions in your specific classification and location. What are the projected long-term trends?
8. How new/old is your renovation/condition of your home? When might it need renovation? If recently renovated, when might its added value to the consumer start to fade?
9. Have you seen the properties yours compares closest to? This will help you better understand what they are listed for, what has recently closed, and what has recently gone under contract.
10. Will your home need repairs, additional maintenance, renovation, assessments, or higher real estate insurance/taxes in the coming months and years? Do you have a complete accounting on estimates for cost?
11. How much time do you have? This is a tough question, but possibly the most important one. Too many people delay decisions forgetting how time erodes opportunity and enjoyment. Are you willing to sacrifice your need for space for the PERFECT time to sell? If you are buying a larger home, selling in a down-market may have an upside on the BUY side.
These are just 11 questions we ask, there are many more. No real estate evaluation should be over-simplified with generic answers based on averages. Each person's home and circumstances are very different. No human or home is an average. A home is a substantial investment requiring serious analysis, evaluation and consideration.