For many of us in the United States, wealth creation is established through property acquisition and sale. We also use real estate to leverage investing and create legacies for our children and grandchildren. The question becomes, when is it time to sell real estate?
In uncertain times such as these, the temptation to sell to prop up our cash reserves can be very tempting, especially when you have a high amount of equity in your property. So the question then becomes when is the right time to sell, and what’s the best possible way to achieve the highest return on investment for your property?
We’re going to take a closer look at a few possibilities
“Selling a home is never really a market-driven issue. It’s a lifestyle decision,” So says Holly Mellstrom, associate broker with Julia B. Fee Sotheby’s International Realty in a recent interview with Business Insider.
This means that more often than not, we’re tempted to sell real estate not necessarily because it may well be time to sell, but rather that the potential proceeds of that sale might fund the desired increase in the standard of living. But this could potentially be quite hazardous if you don’t have a continuous cash flow to support your long-term expectations moving forward.
Carefully considering what your motivating factors are before you make a call to your realtor is the first place to start. For many of us, the recent dramatic spike in the cost of living and inflationary pressures has meant that short-term solutions have become more attractive than what they might have been this side of a year ago. But that’s a tricky lens through which to view current financial strength.
Trusted Financial Advisors are Beneficial
Consider making an appointment with a good financial advisor that can help you take an accurate snapshot of your circumstances. The balance sheet will never lie, and nothing will put the state of your financial health into sharper focus than knowing what’s written on yours.
What follows the minus sign may not be serviceable in the short-to-medium term. You may not be able to reach a restructuring deal with your creditors.
If that is the case, then the long-term effects on your ability to recover financially without totally obliterating your credit score could mean that selling your home or second home might be a solution.
This is a hard lesson that many Americans are having to learn. This is because so many of us have been living far beyond our means for too long. Here’s the cold hard truth. There is no such thing as free money.
Why Your Timing May Be Off
Naturally, there are other reasons why it could be the right time for youth sell real estate. Your family might have outgrown your home, or big changes in your lifestyle make living in your current home unnecessary or untenable. You may be empty nesters or need to downsize.
However you intend to navigate this territory, it’s incredibly important that you’re confident about what’s happening next in your life. If you’re using the equity in your home to fund a new business but have little to no savings you could be entering a precarious phase of your financial life. Again, finding the right financial advice is going to prove to be your best defense.
Now That You have Considered All The Factors
When you’ve considered all of the factors that are driving this thought process and you still arrive at a point where selling real estate seems to be the right option for you, you’ll need a good partner. Take some time to seek referrals and consult online reviews of realtors in your area.
The right realtor that has an in-depth and proper understanding of local market trends, realistic listing prices, and honest commission structures are the guys that you’re ultimately looking for. You might want to consider agents that have links to national or statewide networks. These agents could expose you to a larger catchment area of potential buyers.
Finding a Real Estate Broker in Cary is easier than you think and when you’re ready to start making your move we cannot stress enough how important it is that you find the perfect partner for you.
A Few Final Thoughts
A few things to give some thought to. Making sure that your home is “sale ready” before having your property evaluated can make a huge difference to a potential sale price.
Just like ensuring that all maintenance projects are up to date and completed according to local regulations.Historically, the month of May is the best time to sell real estate in the United States. If you don’t have a huge amount of pressure to sell right away you have a few months to ensure that your home is in tip-top condition and that you’re certain that this is the best decision for, you.