Is This The Time To Sell Your Home? - Part 1
Updated: Apr 26, 2022
Richmond, Virginia's real estate market in 2021 saw strong growth and high demand! Home prices appreciated a lot and most homes were going under contract within days of hitting the market!
So many homeowners are thinking that perhaps it is time for them to take advantage of the real estate market and try to sell their homes now! Many homeowners may be thinking that now is NOT the time to put their homes on the market! But it is mid November and homes are still selling and buyers are still getting very attractive mortgage rates!
But whether or not this is the right time for you to put your house on the market for sale is a question that only you and your family can answer! So before you take that step, ask yourself some questions!
IS THE REAL ESTATE MARKET STILL STRONG?
I think that most everyone would agree that the real estate market here in Richmond continues to be very strong! When I look at the real estate activity in the area each day, I find that there are very few homes that are expiring, that many homes are going under contract in less than a week, that many homes are selling for over asking price and sellers are not really having to pay much, if any, of the buyer's closing costs! So, yes the real estate market continues to be very very strong! And many top Realtors throughout the country as well as many of the top economists also say that the real estate market may continue to remain strong into 2022!
HAVE YOU OUTGROWN YOUR HOME?
There are lots of signs that you may have outgrown your current home! For instance, with many people now working from the house, they may be repurposing rooms into home offices! Perhaps your family has grown and a 2 bedroom home will no longer work when you have 2 or more kids! You may find that you are tripping over furniture and/or toys! Or you may find that the neighborhood no longer works for your lifestyle!
OR ARE YOU READY TO DOWNSIZE?
If you have recently retired, you may not need a 4 bedroom, 2 story home! A single level home or even a condo or townhome may work better for you!
ARE YOU FINANCIALLY STABLE?
In this real estate market, you may find that you may have to get qualified to buy a house even before you have sold your current home! You may find that you may have to take money from savings to buy the next home! Or you may find that, even though interest rates are at all time lows, the price of the new home may end up making your mortgage payment higher than your mortgage payment on your current home!
WOULD YOU PREFER TO RENT RATHER THAN OWN?
For some people, moving into a rental - either for a short period of time or permanently - may be a much better option! This is a good option for people who no longer want to handle the maintenance on their home! Or it may be a good option for people who want to travel and not worry about the exterior! For some people, physical reasons may require that they go into a rental home!
FINALLY - IS IT THE RIGHT TIME TO SELL YOUR HOME?
After going through all these questions, there is no right or wrong answer to this question - it is one that you and your family will ultimately decide what is the right answer for you!
If you have any questions, or you are thinking of selling your home, feel free to contact me and I would be happy to help!