With home values on the rise in Cape Coral, many homeowners are asking themselves, “Should I sell my home now or wait for prices to rise further?” It is not a question that is simply answered and it is not a “one size fits all” answer to the question. In order to answer the question, Mr. Homeowner needs to ask himself a few other questions. (No, we aren’t answering a question with a question.)
First of all, Mr. Homeowner, what is your reason for selling right now? Do you need to relocate, downsize, is the family outgrowing your current home? If you have no immediate ‘need’ to sell, perhaps you may want to wait for the market to rise further… but before you do, answer a few more questions.
Mr. Homeowner, do you realize that if you wait for the market to rise, the price of the home that you purchase as a replacement will also rise? The mortgage rates that are now very good also stand a chance to rise. That will further add to your costs.
Have you ever heard that the Real Estate Market is cyclical in nature, Mr. Homeowner? If you look backthrough the history of Real Estate you will see a trend. The market rises and falls and rises again. Are you willing to take the chance that the market is going to continue to rise and not start to turn downward?
Mr. Homeowner, have you taken a drive around our great city of Cape Coral recently? If so, you have surely seen all of the new homes under construction. While that is a great sign for our city and for our economy, it is not such a great thing for you. You are going to be competing with new construction. If Mr. and Mrs. Buyer can purchase a brand spanking new home for, let’s say even $100k more than your home, and they qualify for that amount, which one do you think they are going to buy? Yep, they are going to go for the bells and whistles!
One more question for you Mr. Homeowner. Remember a few years ago when NO ONE could sell their home because they were so upside down with their mortgage? With home values on the rise, many of those homeowners are now turning right side up and able to sell their home. Just take a look at all of the homes for sale on our website www.lagaceandwhitt.com What does that mean for you, Mr. Homeowner? That means more inventory. Inventory = Your Competition. The greater the number of houses on the market, the market then turns into a buyer’s market. Even if you are competitive in nature, you probably aren’t willing to risk dollars out of your wallet.
Now, Mr. Homeowner, take a look at the answers you gave to our questions. You should have a pretty good idea of what you want/need to do. So the next step is, mow your grass, tidy up the house and have it all pretty for us to come over and take a virtual tour. Your house will be the star of the housing market by the weekend!