To sell or not to sell, that is the question… I’m sure you have probably heard that the real estate inventory is very low in LoCo. We’re not alone: it’s so low in Nashville a friend of ours wrote they are desperately seeking sellers. This morning, I read a Wall Street Journal article about declining housing inventory and it got me thinking about our market. Just because the market is strong for sellers doesn’t necessarily mean it’s the right time for you, though. Let’s take a look at how to know if it’s the right time for you to sell in LoCo:
Are you planning to move out of the area? Now may be the time to pull the trigger, especially if you where you are headed is still suppressed. We have always been one of the most expensive markets, so riding off into the sunset when there is virtually no inventory could make you more money.
Trying to trade up? This might be a little tougher, as all price points in the county are at a three year high. You will make more money on the sale of your home, but the price tag is going to be higher on the buy side. A lot depends on how long you plan on staying in the new home, so factor that in when considering your options.
Looking to downsize? This is most likely going to be a wash as far as equity is concerned, but you will have the benefits of lower energy bills and taxes. Most people in this category are looking for less hassle, so finding a newer or totally renovated home is probably the way to go.
If you’re unsure what this means for you, we’d be happy to chat about your specific situation. Click here to schedule an appointment, or give us a call at (571) 233-5495. Just curious about what your home is worth? Fill out this market value report request and we’ll have one to your inbox in a jiffy.
Cheers,
Mike
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