If you have a home, I don’t have to tell you how much equity you might currently have. You know what nearby properties have been listed and sold for and taken that information to apply a layman’s evaluation of your home’s worth. You may have even talked about selling your home as a result of those calculations. You may be asking yourself if the when to sell your home is now. You may also be asking where you will go when you do decide to sell your home.
So let’s discuss the pros and cons of selling your home in 2017.
Pro: This is a perfect time. Money is still cheap and prices are still high. Many economist do not expect the current atmosphere to stay as predictable as it has been. There is some evidence that there will be turmoil on the horizon as money is made available to people who may not have qualified for the best rates. That would mean prices will stay high or rise slightly in 2017.
Con: Selling your home is only a good idea if you are prepared to wait to buy again. Because many people will see the new influx of buyers as a reason to raise their selling price, you will face the same groupthink for the home you are looking to buy. That could mean renting.
Pro: You will be able to get a higher price with less effort. In a competitive market, staging and marketing of a property is important. Even though inventories are low, the list of qualified buyers in the low-interest rate environment has not overwhelmed those offerings. This is due to tight lending qualifications. Buyers will likely be more abundant.
Con: You are selling for the wrong reason. The value of commuting is most underappreciated piece of every home sale. Move too far away from your work and you will not be happy with your purchase. Move too close to work and you may find the property is more expensive. Baby Boomers and Millennials will have to grapple with these quality of life questions when thinking about selling. You need to have a well-thought out reason for selling, beyond the potential profit the sale might bring.
Pro: The profits can be used to start a business for instance. Or downsize. Or retire in style. Find a financial professional to discuss your plan.
Con: You will still need someplace to live. If you commanded a high price for your home, the rents in the area are probably inflated as well.
I suppose the biggest concern with selling your home in 2017 is how much upside in home prices remains. Whether new, more lender and builder friendly rules that may come into existence with the new administration will add to the value of your home also remains to be seen. Many believe that there is a mini-crash on the horizon as the market finds its footing. My best advice is to call me or stop by for a discussion about your options. In many cases, the same rules apply: Present the best possible property for sale and you will get the best price. If your back-of- the-napkin calculations don’t match what the market is prepared to offer, we can still determine how to proceed. But we should talk.
How can we assist you today?
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Principal Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
N Mobile: 541-420- 3725 | B Mobile: 541-420- 4018 | Fax: 541-593- 5123
Licensed in Oregon