Is Selling Your Home Right Now A Mistake?
Ask any real estate agent how the market is and you’re almost sure to get the same answer: “Great!”
Even if the market is great, it still may not be a great time for you to sell. Many real estate agents will tell you that NOW is the right time to sell your home when in reality, they can’t know that without knowing the specifics of your situation. Before going down a long and stressful journey, let’s first decide if selling your home right now is a mistake.
What’s true about relationships is also true about selling your home: When it’s time to make a big decision, go with your gut feeling. But like anyone who has ever put off a breakup, it’s amazing how easy it is to talk yourself out of what you really want to do. You’ll say you’ll get around to addressing the tiny kitchen, that you can live with your shoebox-sized closets, and you don’t mind that the location limits your job opportunities. Really, you’re fine.
Yet, you still can’t shake the feeling that it’s time to go. Though there are many ways to justify staying put, some of the most common doubts can be particularly persistent — and some may even masquerade as logical reasons.
Here’s how to identify these hang-ups so you can finally move on and own the home you truly want:
“What if my home ends up being worth more a year after I sell it?”
Markets are about timing — yours could be on an upswing and selling could mean you’re missing out on receiving more for your home later. However, markets can also just as dramatically swing the other way, just like they did in 2008. The lesson? You can’t really time the market. Instead, focus on easy (and inexpensive) tasks in your control that can help your home sell for more whenever the time is right. Decluttering, painting your rooms neutral colors and some furniture upgrades can sometimes bring a home’s value up regardless of what the market is doing.
“I don’t qualify for a different home.”
If your credit has gotten worse, you’ve spent all your savings on the home you’re currently in, or your financial situation is just tight overall, it might be a mistake to sell your home right now. This is one of the trickiest thoughts about selling because it seems reasonable. You know your budget and you’ve probably even looked up what homes have been selling for in your neighborhood.
However, we offer a bridge loan service that can help!
If you need to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you’ll use the proceeds to pay the bridge loan back.
Here's how it works:
- Work with us to search for your next dream home.
- Get pre-approved for a bridge loan with a lender of your choice, such as Better.com or Freedom Mortgage.
- Learn more about getting the first six months of your bridge loan payments fronted via the Bridge Loan Advance by Notable.
- Sign an exclusive listing agreement with us to sell your current home.
- If needed, use your bridge loan to purchase and move into your new home while we work to sell your current home.
- When your old home sells, simply use the proceeds to pay back the bridge loan and Bridge Loan Advance.
“My friend who’s a real estate agent told me I should sell now.”
Working with close friends and family may not be the best decision. At first thought, it seems like a great idea because they know you, your current situation, and you can (in most cases) trust them. But imagine what it will feel like five months from now when your home is still on the market with zero offers...
Take time to think hard about who you’re hiring to sell your home. If your friend or family member feels like the best decision for you, go for it. Working with the right real estate agent can take the stress out of the selling process. That said, treat this decision like you would for anyone else who would provide a service for you and take the time to interview other prospective agents.
This can help you screen the ones that may not be the best fit for your personality or even your home (especially if you have a unique property). Focus your questions on their past experiences selling in your area, how long they’ve worked in your market, how well they know your neighborhood, and if they have worked with sellers who have similarly valued homes to yours. From speaking with several real estate agents (some you already knew and some you didn’t), you’ll also get a sense of how they communicate and if you’ll “click” during what can be a stressful process no matter who helps you.
"Working with the right real estate agent can take the stress out of the selling process. That said, treat this decision like you would for anyone else who would provide a service for you and take the time to interview other prospective agents."
“I have to make a lot of costly repairs before I can sell my home for as much as I would like.”
Depending on the age of your property, we may suggest making a few repairs in order to command the highest price. The extent of repairs needed often has to do with the comparable homes in your area for sale. For example, if there’s an apartment exactly like yours on the market, but that one has a brand new bathroom, we may suggest upgrading yours.
Luckily, we offer a service that can assist with this! Compass Concierge helps homeowners make improvements to their home with the goal of fetching a higher asking price when selling. The service fronts the cost of home improvement services with no interest — ever, and your Maison International agent will help you determine which improvements can deliver the greatest return on your investment.
Here's how it works:
- You and your agent work together to decide which services can increase your home’s value the most and set an estimated budget for the work.
- When you're ready to start, we'll be by your side as you engage vendors and commission work.
- Once the transformation is complete, your home will go on the market with us.
- You'll pay for the services when one of the following happens — your home sells, you terminate your listing agreement, or 12 months pass from your Concierge start date.
“I’m afraid to start over in a new location.”
This is often the underlying fear when you have doubts about selling and moving to a new location. Even if you’re staying in the same neighborhood, your block will be different, your proximity to places like the local deli or gym will change, and you’ll have to go through the process of getting to know new neighbors.
Is it a change? Yes. But, it’s not one you wouldn’t get used to. Look at it as an adventure. It’s a chance to start fresh, meet new people, find new favorite restaurants, and maybe even start a new career.
Whenever you are ready to sell your home, we would love a chance to earn your business and hope you found our honest approach to advising our clients refreshing.