Should I Sell My Home in Today's Market? [2021]

Mortgage rates are still low despite the pandemic, and people are still buying houses. This is great news for someone considering selling their home. It's still a tough decision, right? If you're on the fence, we've listed a few options to think about to decide if the timing is right for you. When in doubt, speak to a trusted real estate agent or contact a broker about whether now is a good time to sell your home. 

1. Market condition

Selling your home could be an excellent financial decision. Especially if you plan on downsizing, you can make a significant profit from a successful sale. Keep in mind, you can make more money, depending on the market's condition. 

For example, you might have heard a realtor talk about a "buyer's" or "seller's" market. All of this jargon has to do with how quickly houses are selling, housing inventory, and the price at which they're being bought/sold. 

Right now the market is a seller's market. Homes are selling quickly, many at more than the asking price, because of the low inventory. This can allow you to have a high resale value on your home and a high amount of home equity. 

2. Timing

The first question you should ask yourself is if you're personally ready to go through the process of selling your home. Selling your home is a ton of work. Even if you can afford to have someone pack and move your belongings, the home sale process is still mentally and emotionally draining. You can do anything you can put your mind to, but make sure you're prepared for the roller coaster. 

An excellent way to eliminate some of the stress involved in selling a home is to find a great selling agent. A selling agent will help you prepare your home for showings and guide you through every step of the way. They can offer recommendations and even participate in the negotiation process to make sure you're getting the best deal. Involving an agent from a well-known broker can also increase attention to your home because they probably have tons of clients looking for a home exactly like yours! 

3. Location

Location is one of the biggest topics buyers consider when looking for a home. Location includes subcategories like schools, crime rate, cost of living, and area housing reports. Most buyers already have an idea in their minds of what they want their new neighborhood to look like. How people perceive your community will likely have a considerable impact on the amount of interest your home gets. 

If you live in a high-interest area, you can use that to your advantage. Popular neighborhoods include areas with good school districts, safety ratings, and healthy real estate markets. You can find the information about your school and safety ratings on HomeScout. Just type in your zip code and select a house in your neighborhood listed for sale. Scroll down, and you'll see a "lifestyle information" category with ratings for your area. 

While the location is still very important, many jobs have continued with remote work even as COVID restrictions have been reduced. It's important to think of the inside of your home as well and if it can accommodate remote work. 

4. Access

It might be hard to find time to let people in to tour your home if you're still living in it. You might not have a choice, but you should probably consider if your schedule will allow for a lot of home tours. You could always plan an open house to invite many people to see your house at a time that works with your schedule, but you might be missing out on an entire group of buyers if you can only let people in on the weekend. The best time to list your home for sale is when the agent can have access to the home at a time that works for the prospective buyer. 

If you can move out of the home before you allow tours, there are ways that you can make an agent's life super easy! To make a home more readily available to prospective buyers, many sellers put the house in a secure SUPRA lockbox. Once your agent has electronic access, they can schedule a showing at any time. This eliminates any potential scheduling hassle, and they don't have to request access every time they have a tour. Additionally, many home-sellers have all but eliminated “by appointment only” requests as it creates an additional scheduling barrier. 

5. Move-in ready/Updated

Millennials are now the largest generation, and they are starting to buy homes at higher rates. Real estate studies have shown that in a time of "instant gratification," Millennials are less interested in fixer-upper houses than previous generations. Younger generations prefer move-in-ready homes, and they're willing to pay for them. If you think your home needs some attention, it might be worth your time to update your home before you put it on the market. Your pocketbook will thank you! Check out our previous post about cheap and easy ways to DIY update your home. 

This is also a chance to take advantage of recent structural improvements such as a roof or plumbing. They can help you receive a nice profit on your home if they're new. 

If you can't afford to update your home, you can always negotiate closing credit. Closing credit is a discount on the sale in exchange for the costs the buyer will incur to update the house before they move in. This isn't ideal, but it is an option if you'd rather not deal with it yourself. 

6. Should I talk to an agent?

Absolutely! Talk to an agent that you trust about what steps you should take to sell your home. They can offer recommendations and set you down the path for success. Preferably, find an agent who has experience representing sellers. Ask for references, if necessary. They will have previous clients who can vouch for their work. Avoid agents who also have clients looking to buy a home. This could be a conflict of interest, as it's hard to have both parties' interests in mind. 

7/20/2021

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