The real estate market is always moving in one direction or another. In real time, the market heavily favors the seller. This is because the inventory of homes is at an all-time low, giving anyone selling your property a distinct advantage over the would-be purchaser. That is great news for you, the homeowner. However, a caveat; the real estate market is always changing, and when it moves in one direction or another it usually is quick and decisive.
My 35+ years in the real estate business as a Realtor has taught me many lessons. History does repeat itself and that feeling that prosperity and appreciation of value will continue for quite some time usually proves to be short-lived. Home values and the stock market are very similar in that both are driven by emotion and fear. World events and mismanagement have been the culprits in the past I am confident those factors will way heavily in future market changes.
My best advice for anyone thinking of selling in the next few years is to take advantage of the peaks and avoid the valleys.
The advantages for a homeowner are not just about the positive values, but also concerns buyers’ expectations and demands. During the recession, a buyer would have their home inspection and then demand repairs and improvements that were overwhelming and sometimes unreasonable. The sellers would either capitulate to those demands or lose the sale. You can guess which way it went!
When the market is favoring the seller as it is now, buyers will be more reasonable and realistic with what repairs are needed. They are more forgiving with presentation cosmetically, as well as more willing to negotiate on upgrades needed. However, the price you receive in any market will be reflected in the condition structurally and cosmetically. Therefore, now is the best time to prepare your home so that when the timing is right to move, you can simply call your Realtor and give the green light. Preparation is so key to a successful move. You can imagine how difficult it would be if you found your new apartment/community, then had to downsize and prepare your home for market all at the same time. The word that comes to mind is…overwhelming!
Spring is the best market of every year in real estate, but this year I believe the market will be strong until fall. At that time, many think the market will begin change in direction and begin to favor the buyer. That means more demands for repair as well as lower prices and longer time on the market. So many of you may be trying to “time” the market, meaning waiting for the peak and then making your move. But you know from experience that only luck is your partner when using that strategy.
In closing, if you are going to move in near future, don’t put it off. You are only setting yourself up for disappointment and stress. Too many wait too long, and a health change or loss of spouse can make a move difficult and hard to navigate. Move when you are at your best verses waiting for a sign from above, which always comes at an inopportune time. Then surprise and stress become your partner. Call a Senior Real Estate Specialist today to stop out and assess the value, condition and preparation needed so you can be ready to sell when your future home becomes available. Your Realtor will determine if any inspections are needed as well as provide contractors to take care of any repairs. An experienced agent will let you know the value in today’s market based on presentation of your home. They will let you know which upgrades are cost effective. A Senior Real Estate Specialist will be partnered with companies that would pack, sort and downsize your home efficiently in a relatively short period of time. Most importantly, your agent will design a game plan for that time when you have committed to a move date. The definition of luck is when preparedness meets opportunity. Prepare ahead of time and take advantage of professionals ready to help. Then, after the move is complete, your friends and family will not only let you know how happy they are for you, but that you are one very “lucky” person as to the timing and success of your move!