Is NOW the right time to sell my house?
I am often asked the question, “is this the best time to sell?” My answer is consistent, regardless of market conditions: “It’s never so simple as a ‘yes’ or a ‘no;’ when it comes to homes in Westport, I need to know LOTS more.”
But a hot seller’s market must be the perfect time to sell for me… no?
There may be times when the market is super-hot for sellers, but deciding on whether to sell your house or not shouldn’t be something based solely on maximizing the selling price. Here are some of the questions I ask of Westport homeowners considering selling, before I can give them a fully-informed answer:
- Where do you plan to live if you were to sell your house?
- What is your motive to sell? Simply to maximize your profit, or for which other reasons?
- How long have you owned the home, and what have you invested into the property?
- What are your monthly costs to own and operate this home?
- Do you have a mortgage? Is it a fixed rate mortgage?
- How does the cost of your home line up with your net worth and income? What percentage of your net worth does the home represent?
- What are the current market conditions in your specific classification and location? What are the projected longterm trends?
- How new/old is your renovation/condition of your home? When might it need renovation? If recently renovated, when might its added value to the consumer begin to deteriorate?
- To better understand what local properties are listed for in Fairfield County, have you followed other homes for sale to which your home compares? Which listings have recently closed, and which have been recently signed?
- Will your home need repairs, additional maintenance, renovation, assessments, higher real estate insurance/taxes in the coming months and years? Do you have a complete accounting on estimates for cost?
- How much time do you have? This is a brutal question, but possibly the most important one. Too many people delay decisions, forgetting how time erodes opportunity and enjoyment. I have seen older relatives suffer difficult circumstances in their huge homes with lots of stairs, waiting for a better time to sell their house…. then suffering a fall. What was the value of the potential upside of a higher sale price compared to the QUALITY of life, had they moved into a simpler single-floor home without stairs?
- How much longer will your kids be living with you before they’re out of the house?
- Are you willing/able to sacrifice your need for space for the PERFECT time to sell? If you are buying a larger home, selling in a down real estate market may reveal a win on the buy side.
If you’re a Westport homeowner who’s even considering putting your house on the market – I would be more than happy to guide you through this process so you can make an informed decision on selling your home. Contact me today to learn how we can work together to determine your best course of action.