Should I Sell Or Should I Hold Now
We are seeing active Buyers and Sellers in our market doing what they do, buying and selling. It is amazing to witness how many times one or the other goes out of their way to make something work, and the other side not only doesn't reciprocate, but gets belligerent and talks about waiting the market out. Waiting the market out was a good idea in 2008 to 2012, but if you are on the market today the concept of waiting out the market can cause you to put your life on hold.
Before going too much further, lets all be clear that none of us know in advance where markets are going to go. There are market circumstances, however, that allow for reasonable speculation as to where things are going to go. As we move in to 2014 it is important to be aware of the impact that elections have on real estate. Rarely have we seen that demonstrated so clearly as the elections of 2008 and 2012. With things as divisive and uncertain as they currently are on a National level, Buyers and Sellers should be aware that many of their counterparts are going to simply hole up until it passes over to see what live is like on the other side of November.
We can take it one more step this year as candidates for the 2016 presidential are already being floated. If the 2016 election begins right after the 2014 elections are over then we may see investors holding their money close for an extended time. This will impact investment and commercial properties more than residential, but there will be ripples felt in the residential sector. Some may be positive as political types jockey for public favor. We saw a lot of that in recent years, but it did little to cure the overall real estate malaise.
Sellers sell for many reasons. If your family has grown and you are looking to move to a bigger home now is a good time. The converse situation is similarly affected only you are moving down. You will be replacing your home in the same market so the values will be relative. Interest rates are still very good so your only challenge will be to find the right home in this market of little inventory. There are ways your Agent can help you achieve a sale and make the move with minimal hassle. Begin the dialogue.
This time of year some Sellers start looking to Spring and anticipate a price and demand increase. This year there is substantial demand. If you wait to sell you could encounter competition from Spring listers that you don't have now. Market dynamics can also change including employment factors, interest rates, and much more. Regardless of whether Heraclitus or Rochefoucauld said it first, "the only thing that is constant is change itself" applies to real estate every day in many ways. It can affect an entire market, or one side of a transaction which then can impact the other. Surprise change is why you should work to control your own destiny to the extent that you can in real estate.
Our Advice: Trends and patterns occur and reoccur, but their timing can be offset by many things. As you contemplate your move think of you and your family. Work with your Agent to determine what you can do, how long it will take, and what challenges you might face along the way. With that information matched up to your family wants and needs you will be able to make an informed quality decision. Once you make the decision, execute your plan. Don't look back. As you look forward keep your eyes open for changes that could impact you and your family, both positively and adversely. Adjust your game plan accordingly. Regardless of your decision, make your plan based on reality. If you put your property on the market 25% overpriced you are wasting everybody's time even in this hot market. If that is what you need to get sold, settle down and wait.
You can get a lot of help along the way to help you with perspective, but when it is all done and evaluated it is up to you. With a good plan you can move forward with confidence and your life won't be put on hold for a year or more while you wait for things beyond your control to occur.
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