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 Neutral Markets, but today’s activity, and the dramatic increase in prices and activity, looks 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 creating this overall effect. Although home prices are at record highs, is this the time for you to sell your home? With that in mind, this article will attempt, briefly, to consider, review, examine, and discuss 4 important considerations and why they matter.

1. You move?: Remember, it’s not just your house, 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 can move to, and why! Since housing, in some regions, costs more than in others, if you move to one of the lower priced areas, now can be a great selling opportunity! However, if you are simply trying to sell time, if it simultaneously 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?

two. Your personal/life situation, etc.: We are each individuals, with personal and specific needs, goals, priorities and perceptions! How much do you enjoy, where do 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 simply selling for a profit, considering all relevant factors.

3. If he sells high, won’t he have to buy too, at a higher price?: Depending on your plans, 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.

Four. 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 they sell! Are you willing to proceed in the wisest way possible?