In the current market, you may have already had someone express interest in buying your property, or may simply be wondering, “is it time to sell?” Prices of home and land are at all time highs in much of the U.S. It is an appealing time to capitalize on this increased equity–especially if you’re downsizing or plan to convert this growth into another asset.
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Beyond simply looking at the market, your unique situation has to be the primary determiner. Does it make sense for you and your family now? If you’ll be selling your primary residence, take your time to research and plan where you’ll go next. Spend some time surveying the real estate market in your destination area, and develop a realistic picture of your next steps.
Start a conversation with a local listing agent about the local market and your property’s value. In this market, property prices are changing month-to-month, so current local insight is essential. The right asking price and presentation can be critical to getting a sale. Weigh the factors of your urgency to sell and the strength of the local market, and find a number that is good for your needs, and a realistic ask for your buyer.
If finding a place to land is a concern, talk with your agent about including a rent-back or post-closing occupancy agreement in the sale terms. This can provide the time flexibility that may be necessary to complete your purchase and move. On the downside, the additional stipulations may keep you from getting the maximum sale price. As an alternative, you might consider securing a short- or long-term rental while hunting for your next home.
Get yourself and your property ready to sell. Start with lightening the load–now’s a great time to de-clutter and make some money selling excess items at a yard sale or online. Take a general survey of your home and property’s condition, and start to address any deferred maintenance or cosmetic touch-ups. Having your property in the best condition will help to ensure a good reception on the market.
