Home Prices Are At Record Highs – Highs, But Is Selling Right For You?: 4 Considerations

After more than 15 years as a licensed real estate seller in New York State, I have never witnessed any real estate market behave the way we are currently experiencing it! I have seen Sellers, Buyers and Markets Neutral, but today’s activity, and the dramatic increase in prices and activity, seems unique! Probably a combination of recent events, including: pandemic – fatigue (some wanting to make changes due to horrible year and its impacts); registration – low mortgage rates; a long period of limited inventory; etc., are significant factors that create this overall effect. Although home prices are at all-time highs, is this the time for you to sell your house? With that in mind, this article will attempt to briefly consider, review, examine, and discuss 4 important considerations and why they matter.

1. You move?: Remember, it’s not just your home, but most of them, that are experiencing escalating prices and demand! Therefore, if you sell yours, it is very important that you fully consider where you may be moving to, and why! With housing in some regions costing more than others, moving to one of the lower priced areas may now be a great sales opportunity! However, if you are simply trying to market – time, if, at the same time, it costs a traditionally – high amount, to buy your next home, it may not be that much! Ask yourself, if you would move, if these conditions did not exist! Will you be able to earn a competitive wage/salary at your new location? It never makes sense to act hastily?

2. Your personal/life situation, etc.: Each of us are individuals, with specific personal needs, goals, priorities, and perceptions! How much do you enjoy, where you currently reside, and if you were to move, would it give you similar enjoyment? No matter how much you can make a profit, be careful, avoid selling simply to make a profit, considering all relevant factors.

3. If you sell high, won’t you also have to buy, at a higher price? Depending on your plans and where you’re moving and what you’re looking for, if you move to an area where real estate prices are rising, at a similar rate, and costs, a similar amount, what do you gain? However, if you’re planning to rent or move to an area where home prices are significantly lower overall, it might make sense, if you consider the big picture.

4. Do not try to do market-time!: While you may be successful, it is rarely a good strategy to attempt to trade time, unless/until you fully consider all relevant foreseeable factors, circumstances, and possibilities. How long will this specific real estate market continue and how far will it go? What are the potential, future, possibilities/contingencies?

Wise home sellers are fully prepared for their next steps, after selling! Are you willing to proceed in the wisest way possible?