Selling Your House at an Economic Peak
There are uncertain economic times ahead, to be sure. We've seen unprecendented events in the recent global pandemic - and if you've been a homeowner for awhile, you may wonder what to do with the nest egg your accrued equity: hang onto it for the duration and ride out the possible looming recession, or sell now, at the possible peak pricing?
As with any real estate decision, many factors play into your final choice. Are you likely to need to transfer to a new area soon? What will you do for housing afterwards, if the home in question is your primary residence? What is the rental market like in your area - might you do better financially simply renting your home out, instead of selling it? Every seller ponders these questions when deciding when to sell, but it can really come to a fine point when facing potentially dropping home prices.
This recent Forbes article examines these factors, and further breaks down home value trends seen in the last recession. The folks at Realtor.com have some advice on the subject matter, too. An interesting point in the latter article suggests that as buyers become a little more thin on the ground during recession - whether because there are fewer qualified buyers around, or because they are waiting for prices to fall - they tend to become a bit pickier about home condition. One thing you may want to look at immediately, if considering selling soon, is all those little fixit jobs that may count against you at sale. That's never poor advice when preparing to sell, but perhaps doubly so in the coming time frame.
Dupuis Team put together a special edition video yesterday, especially for Sellers consider whether they should sell soon, and it's worth the watch - they dive much deeper into the subject then just about any article in print lately:
We always welcome calls, emails, and instant messaging from our readership, and are 100% open during the Stay at Home order - we are happy to talk over your own circumstances and help you develop the right strategy for moving forward with your real estate investments. Give us a ring, and we can describe how the process continues to work during quarrantine.