If I Sell, Where Will I Go?
To kick off this conversation, as a Realtor I understand it may seem like I am trying to convince you to buy or sell. I absolutely do not want it to come off that way. That is not the intention here. I am simply trying to share perspectives for common questions and concerns I hear in the real estate world today.
If you are not ready to buy, sell or invest, DON’T! A home is often a person or family’s biggest financial decision and asset. NO ONE can predict the market, so the timing needs to be right for you. At the end of the day, the biggest question to ask yourself is – are YOU ready to buy or sell?
Now, here are some thoughts:
If I sell, where will I go?
Yup. This is a hard one. I want to be frank – if you sell right now you may not be able to line up buying a home simultaneously.
Option 1: List contingent on seller finding suitable housing. If you can’t find a home, you don’t have to sell.
Option 2: Sell and find a month-to-month rental or live with family.
Option 3: Close and lease back the property from the Buyer for a set period to give you a little more time to house hunt.
Or perhaps a hybrid of the above? If it’s important to you to sell, then there is a way to make it happen.
Why would I sell if I have to buy high?
Well…that is the conundrum. You could wait to see IF the market comes down. But if it does, your house will also be worth less. Buy low, sell low. All relative right? Plus, it may not come down…If you CAN and WANT to sell now, why wait?
Interest rates are too high.
Believe me, I understand this is tough to swallow given the 3% interest rates folks were seeing during the pandemic. But will they come down? Who knows. All I do know is, waiting is as much of a gamble as not waiting. I can tell you countless stories of buyers waiting for prices to come down over the years to be faced with higher prices and now higher interest rates. Plus, are rates really that astronomical? Check out this year-over-year chart:
The market is going to crash soon.
I have been hearing that a crash is around the corner for the last eight+ years…could it happen tomorrow? Certainly. Could it keep climbing? Mhmmm…could it stay like it is for the next year? Yup. If I had the crystal ball, I’d be telling y’all what to do! Real estate (like stocks or any investment for that matter) is a gamble. You invest the best way you can based on your circumstances and then hope for the best.
People are crazy to buy in this market.
Gosh, how many times I’ve heard this. A couple case studies:
I bought in 2017, offered $5,000 over List Price, negotiated home inspection items and thought I was buying in a high market…fast forward, we were very fortunate to buy when we did.
My Client bought a new construction townhouse in Westford MA in September of 2020 for $555,000. I heard – “For a condo?! This market is insane!” They sold a year later for $125,000 more closing at $680,000.
A good friend of mine bought in Derry in December of 2019 for $350,000. Again, thought he was buying in a high market. Sold in June of 2023 for $550,000. A $200,000 return in ~ three years.
Everyone has their real estate opinions and experiences. Try not to get too caught up in what others have to say. Again, buy, sell, or invest when you are ready. That is truly all you can do.
Take a breath, push all the chatter aside and think about what you want. If it’s to make a move, chat with a Realtor and make a plan. If it’s to stay put, create a plan to reach your goals at a later date.
Here are a few articles with market predictions:
