Should You Sell Your House Now Or Is It Worth Waiting A Year?
Choosing when to sell your house is critical as it determines the amount of money that your house will fetch. Therefore, it’s perfectly understandable if your main concern is if you should sell your house at the current market price or wait for a year or so. Different factors will determine when to sell your house. These considerations will guide your choice, although the final decision lies ultimately with you.
One of the easiest ways to sell your house is through companies that accept it as-is without any repairs needed. For example, you may sell your house fast Elm Grove at its current valuation or you can wait for one year and try again to see if the value has increased. However, there’s no guarantee that the price will go up because many factors will dictate that.
Why Sell Your House Now
Selling your house now instead of waiting for a year could be a better decision. These are the things that would indicate that selling now is the ideal option:
A Strong Home Price
Prolonged bullish run-in house prices in your region are a good indicator that it’s the right time for you to sell your house. You can read the monthly house reports on the housing market in your state or the region to get a clear picture of how the prices are. You can also check house inventories (the number of houses available for sale). If the supply has been low for the past three months, it means the prices may be good and you can take advantage of the present situation.
Fortunately, you don’t have to be stat-savvy to read and understand the numbers and how they affect the prices. You can also visit a local realtor and ask them to explain these to you. If the current prices are strong, there’s no need to wait.
Peak Buying Season
Buyers always exhibit certain behaviors that determine the trends in your area. For example, in a particular region, the trend could be that more people shop for houses during the spring or summer season. With this habitual behavior, you can predict when there’ll be more buyers in the market and capitalize on this trend.
If there are more buyers during the springtime, you should list your house weeks or a month before the start of the spring. So, when buyers appear in large numbers, they can inspect the house and buy it.
Maintenance Is A Challenge
Another scenario where you should sell your home now instead of waiting is if the maintenance cost is getting out of hand. Preparing a home for sale will require money. If you’re treating your home as a business, then you should be able to recognize when it’s becoming a liability due to the huge maintenance costs you incur because of it.
So, once you realize that the maintenance of the house is becoming a problem, you don’t have to keep waiting before selling it. The costs will only continue eating into the overall value of the house.
Why Wait For A Year
In some cases, waiting for a year before selling your house will be the better option. Due to the COVID-19 pandemic, the economy was destabilized. Therefore, waiting to sell your house might have been a better option as there were only a few buyers. Here are some other reasons you should wait:
A Slow House Market
With a slow house market, finding a buyer can be complex, which increases the housing inventory in the market. This means you’ll have to compromise and settle for a low price instead. Therefore, you can do your research on the local house inventory before listing your house. If you realize that the market is slow, you should pause the sale and wait until it peaks again.
If your house has low equity, its value is less than what you owe. For example, if your property is valued at USD$100,000 and you owe more than that, then it has upside-down equity, and you’ll go at a loss selling the house at its current valuation.
Therefore, you need to wait until the valuation is higher than what you owe. During this period, you can rent out your house to help you generate more income and correct its upside-down equity.
Low Finances To Prepare The House
Before you sell your house, you need to get it in a marketable condition by having some parts renovated. However, you may be short on finances to do renovations and you’ll have to settle for a low price or sell it as-is to cash buyers. Instead of settling for low prices, you should consider waiting until you can afford to renovate it.
Deciding when to sell your house should be guided by the target price you want to fetch when selling. The correct time could either be now or after a year. Always be keen on the market trends around your area and the overall trend in the country. If the market favors you now, go for it. However, if it’s unfavorable, there’s no harm in waiting.