As real estate agents, we get this question a lot. Yet, it’s such a personal and circumstance dependent decision. Everyone’s circumstances are different. We can all see that the market’s come up substantially since the crash that began over years ago. It used to be, people liked to move about every 7 years. However, more current statistics suggest people are staying in their homes longer, 10 years or more these days. And that’s true, but not so much because they’ve wanted to stay longer. It was due to necessity, homes have just recently risen above what buyers paid for them 10 to 12 years ago. In some neighborhoods, if you bought in the 2006-2007 peak, you may just now be seeing prices edging back into the price range of what you paid for your home. If you’re one of those people, you’ve probably felt like you were held hostage by an “underwater home”. So, for you, absolutely “yes”, it’s a good and welcomed time to sell. Sell now! So much has changed in those ten years. Your kids may have moved out, or maybe your family’s grown, and you need another bedroom or two. Some families have gone full circle with “kids” having to move back home…hey, it happens. Whatever your reason, it’s a great time to “right size” your home.
What about the rest of you? While interest rates are incredibly low, yes, this is a great time to sell. Home values are up, and interest rates are still amazingly low. Right now, we have an ample supply of buyers ready and willing to buy. But you shouldn’t wait too long. There are a couple events that may happen, in the short term, that could affect home values. We have no control over a FED decision to tighten lending parameters, nor if, or when, a major correction takes place in the stock market. If you need to get money out of your home, don’t wait to get the next 5-10% before you move up. The last recession proved to all of us home values don’t always go up. You’re better to get your money out while the market is strong. If homes values rise more, you can ride that wave in your next home.
Buying or selling a home can be a powerful move for your finances and your net worth too. Your home represents one of the largest assets you may ever have. The average homeowner has 15 times the net worth of the average renter. That’s one of the huge rewards associated with home ownership. However, it’s important that you’re comfortable with that asset, it’s size, the neighborhood, its proximity to work, family and friends. It’s important too that you’re comfortable with the payment and upkeep required. So many things that need to be considered-the most important one’s are your comfort, convenience and desires.
Are you content where you are? Or are you ready to make the move to right-size, upgrade, or free yourself from a crazy commute and put some quality time and lifestyle back into your life?
The decision is yours, but whatever you do, call an agent to get some professional help. In fact, call us, we’d love to assist you with your decision and your move (at a great rate too).
Thanks for taking a couple minutes to read this letter.
Our team is here to serve you!
Jeff Stephan, Realtor
Realty ONE Group
(858) 776-5454 BRE#00677662