Reason #1: Your House is Worth More Now
If you wait to sell your house, you might see it go down in value from where it is now once demand cools. Do you want to take advantage of this rare opportunity or wait it out?
Reason #2: A Few Minor Repairs Could Increase Value
Even though your home is already likely worth more than it ever has been, you can even get more value out of it if you make common home repairs like replacing pipes or a water heater.
Looking to sell quickly? Now’s the time. Houses have, on average, only been on the market for 17 days before selling. Just be prepared to have to move out quickly and make sure you have a plan for where you’ll live next.
While there are some great reasons to sell your home right now, it may not be the right time for everyone. Here’s why you might want to wait.
Reason #1: You Can’t Afford to Buy
Selling in a seller’s market is great…but not so great if you need to buy another house, especially if you’re staying in the same area. Buying a house may be cost-prohibitive for you, especially when you factor in closing costs on top of the inflated pricing.
Reason #2: You Owe More Than You Could Sell For
If you are upside down on your mortgage, selling won’t provide a solution. You may have taken out a second mortgage or not have paid enough on your first mortgage to recoup the expense by selling, even at an inflated price.
Before coming up with your own answer to the question of “should I sell my house,” figure out how much you can afford to pay to buy another. If you can only afford a house that’s smaller than your current one, or in a neighborhood, you don’t want to live in, there’s not much point in selling only to end up worse off.