By Melissa Dorman, July 7, 2020
How do you know when you should consider selling? Here are 6 signs that will guide you down the pathway to decide if selling is right for you.
1) It’s the right time to sell when you have a plan
Having a plan is crucial. You’ll want to anticipate all of the possible outcomes and plan so you are prepared for anything. It is important in the process of selling real estate that you should always expect the unexpected. For Instance… what if… Your house doesn’t sell? If you’re prepared for the worst of outcomes you’ll be prepared to handle anything! If your home doesn’t sell initially, all is not lost. Have a plan so that if you can’t find your buyer maybe you’ll keep the home as a rental or change your listing strategy with your agent.
The inspection report turns up issues? Prepare yourself for the inspection. Maybe you’ll want to consider having the home inspected before you put it on the market? Having additional information before negotiations give you a great advantage as a seller. It also shows the buyer that you care enough about your home to have it inspected prior to selling. You have a decent offer the first day on the market? Having a plan will help you understand if it’s the right offer for you. If it’s the first day, perhaps you’ll want to hold off a bit. When you sign on with an experienced REALTOR® to list your house, they will be able to assist you in determining the fair market value for your property as well as how to handle this situation. Having a predetermined value established that you are aiming for will help you make a decision when the time comes.
2)You’ve Timed the Market
When selling your home, it’s important to study the local market. If your neighbour’s home sells in the first few days on market then you know there is a strong desire for a property like yours in that area. Markets are cyclic and they fluctuate. You’ll make significantly
more profits selling when there are hefty competition and many active buyers. If you have a great grasp on the local market, you’ll know if it’s
the right time to sell your home. 5 important factors to consider:
Homes that have sold recently
The price they’ve sold at
How quickly they’re selling
Local Trends
Interest Rates
This data will help you determine if it’s a good time to sell. Once you’ve looked at the factors outside of your control, you’ll want to go over the factors that are within your control.
3)You’re Financially Ready to Sell
If you’ve owned your home for a long time and paid down your mortgage you should have some great equity built-in. Maybe you were a first-time home buyer and you’re looking to upgrade or an empty nester who’s looking to downsize. Having a strong understanding of your financial position will help you understand if it’s a good time for you to sell. It will also help you develop a plan after the sale, and where you’ll be able to go next. Knowing what you will net on the sale of your home will help you understand what you can afford to do financially. You’ll want to find a home seller net sheet so you understand what you will owe the bank and any other charges that will go into the sale of your house. When you understand your finances, it’ll allow you to determine if it’s the right time to sell, or if you should save up for another year or so.
4)You Need a Change
Desiring change can be a good indicator. There are many reasons you may want or need a change – whether it’s because you’ve outgrown your current place or are ready for a new location, there’s an abundance of reasons why it may be time to move on. Let’s talk about a few common
reasons that things change for people. One of the on reasons people sell their home is because they’re looking for a change of scenery, or they’re moving for an outside factor. It may be a job transfer that causes you to sell your home or are simply looking for somewhere a new location to move. On average, people in the United States move every five to seven years and it’s for a variety of different reasons.
If you’re looking for a change of scenery then you’ll want to be sure you’re committed to the change before deciding if it’s time to sell your home. If you’re on the fence about it, then it’s probably the wrong time for you to list your home for sale. Sometimes people don’t have a choice in the matter because it’s a job transfer or they’re moving for other reasons that are outside of their control. This means that whether or not it’s the right time to sell you probably have no other choice. If this is the case, you’ll want to be sure you have a plan, are financially ready, and you’re not emotionally attached to your home and area.
5) Being emotionally detached from your home
It’s tough working with a seller who is still emotionally invested in their home and that makes it even harder for your home to sell. You don’t have to remove the sentimental value from your home in order to sell it, just don’t allow it to influence your decision-making process. If it does then you may not be ready, which is ok! Being one hundred per cent committed to the sale of your home is important before you undergo the process. Once you close, there’s no going back. That home no longer belongs to you; it belongs to someone else. Make sure you can handle that before moving on to the next phase of the sale.
6) You’ve Outgrown Your House
Outgrowing your house is typical for first-time buyers, and young families. It’s time to find a home that can fit everyone. If your family is owing, there is a good chance you want to sell your house and find a new one with more space. Outgrowing a home is a natural progression in life. It doesn’t necessarily mean it’s the right time to sell your home. You’ll need to have a plan, understand the local market trends, as well as be sure you’re financially ready to make the transition. Study these 6 tips if you are considering selling. Do your homework on the process first and you’ll be set up for success with the sale of your home.
Melissa Dorman
Broker | OR & WA
She/They
Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape sex trafficking by providing alternative work at a social business.
It was there she discovered her passion for financial education as a means of empowering people to move out of poverty. After graduating from UCLA with a Masters, Melissa spent 5 years working as a Social Worker; assisting clients facing homelessness, in jail, or at a psychiatric facility.
As much as she loved the work, imagining saving for retirement on the meager salary of a social worker was becoming grim. That's when Melissa discovered "passive income." In no time, she fell in LOVE with real estate as a vehicle for wealth. Soon after, Melissa began locating off-market multi-family properties to purchase through creative financing strategies and win-win opportunities. Two years into investing, Melissa quit her day job as a Social Worker to become a full-time broker and investor. Initially, she was drawn to people in difficult circumstances, so she developed extensive experience assisting families facing foreclosure, short sales, and probate. Melissa is well versed in helping her clients overcome complex real estate challenges.
Currently, Melissa is teamed up with Super Broker, Yascha Noonberg at Living Room Realty. Together they assist clients to achieve their real estate dreams, including how to strategically buy and sell a personal residence to maximize profits. Far from the slums of Kolkata, her greatest passion now is empowering other working professionals to develop passive forms of income through buying multi-family properties in Portland.
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- T: 503-567-4697
- melissa@livingroomre.com
