In a seller's market, inventory is low and prices are on the higher side. When neighboring homes are being sold at amounts that would pay off your mortgage and give you a nice cushion, the temptation to put your home on the market can be substantial. But what if you sell now and the market just keeps getting better? What if you accept an offer and then find out six months later than prices have gone up even more? Welcome to seller's remorse.
It's hard to know the exact best time to try to sell your home. In fact, there's no way to know for sure. The real estate market is always fluctuating. Selling your home is a bit like dabbling in the stock market. No one can accurately predict the future, so why try? Here are a few reasons why you shouldn't second-guess yourself when selling your home.
Hindsight Is Always 20/20
As we said before, you're never going to be one hundred percent sure it's the exact, perfect time to sell your home. As with most things in life, you won't know the outcome until the decision’s been made and action has been taken. All you can really do is listen to your Realtor's expert advice and do what's best for you and your situation. The worst that can happen is that you'll miss out on making an extra few thousand dollars, and while that might sound like a pretty big miss, it brings us to our next point…
Your Competitors' Prices Are Going Up Too
Waiting to see if the market picks up even more means your competitors might be doing the same. If prices are going up for you, they're going up for sellers you might potentially buy from as well. So even if you end up making more money from the sale of your house, you'll probably just be using that profit to make up for the higher cost of your next home. Unless you're planning to move to a completely different city or downsize by a lot, waiting might not pan out as far as making a higher profit.
You Have a Good Reason to Sell
Most homeowners don't just sell their houses on a whim. If someone's putting their house on the market, there's usually a reason for it. Maybe you got a new job and need to relocate. Maybe you're having a baby and want to live closer to family members. Maybe you just need the cash. Whatever your reason is for selling, try to remain confident in your decision. Thinking about what could happen if you could only hold out a little longer will only stress you out.
We can’t emphasize enough the fact that there’s no one perfect time sell your home. Of course there will be intervals when the market is busier, periods of lower inventory, and times when selling is just more convenient. But these times won’t always align when you need to sell. Thinking and worrying about the money you might have made if you’d just waited another year won’t do anything for you in the end. Just do what’s best for you and your family, and it will all work out in the end.
