The first question you need to ask yourself when planning to sell your home or other real estate is, what is your motivation?
Motivation comes in many forms, often life tells you in a dramatic fashion when it’s time to sell your home. It could be an exciting reason like your family is growing and you need more room or maybe your kids moved out and you need less space. A promotion could mean an upgrade to your dream home or a loss of a job or the end of a relationship might mean downsizing would be a better fit.
If your motivation for selling is simply because the market is up and you want to make a profit, although tempting, it may not be the best plan. It feels amazing to capitalize on the market however you’ll just be trading in as you’ll also be buying high.
I’m often asked how long a buyer’s or seller’s market will last and when is the best time to buy. That’s a crystal ball question. I don’t really know. Nobody does for sure. But your real estate agent can tell you how the market is trending based on data such as inventory levels, absorption, interest-rate direction, migration and some other data points that will help you make a decision based on multiple factors, rather than a feeling or single news article. Data doesn’t lie.
Consider this one simple question: What is your life going to look like two years from now?
If you’re going to be at the same job, in the same city, with the same number of children and no change in your marital status, then it probably doesn’t make sense to sell now. In a healthy market, you won’t have to do any work and your home’s value will increase over those two years. But, if you do see changes coming down the line, selling could be in the cards.
Understanding your motivation for selling is critical. Motivation is everything. It fully dictates how much you will sell your house and how long it will take to sell it. When you know your motivation, and any pressures or deadlines you’ll need to address, your real estate agent can strategize accordingly. There’s no universal rule on how long it takes to sell a home, but there are some benchmarks you can look to for guidance while also considering your ability to be patient. In an urgent situation, such as bankruptcy, it might be possible to sell within two to three days of hiring your agent. More typically, expect the selling process to take two to three months and up to a year for a very unique property.
Communication in this area is the key to success when it comes to selling your home.