There are many factors that come into play when deciding
to sell a property, and timing is right up there at the top of
the list. It’s important to work with a real estate
professional that cares enough to take the time to learn
about your particular real estate objectives. Just as a
doctor or a lawyer should present all the facts for you to
make an informed decision, look for a real estate
professional that will give you all the facts when it comes
to the sale of your property. If money is a consideration,
carefully consider each of the five ways sellers have lost
thousands of dollars by WAITING to sell their home.
Whether moving up, or moving down, most people
contemplating selling a property do so because they want
to enjoy a better lifestyle. When is the best time to enjoy
what you want?
1. INTEREST RATES: Over history interest rates have
fluctuated up and down. No one can guarantee that
interest rates will not go up again. Currently, we know what
rates are. If rates increase, buyers are knocked out of the
marketplace. With fewer buyers in the marketplace, the
chances of finding a buyer willing to pay your price
decreases. You can’t predict what’s going to happen with
interest rates. Nobody can. There is an advantage in
dealing with a known set of circumstances.
2. NEW PROPERTY COULD COST MORE: If you’re buying a
new property that’s more expensive, you could cost
yourself plenty. For example, let’s say you’re selling a
$100,000 property and looking to buy a $150,000 property.
If both properties appreciate at the same rate of 3% over
the next six months, you gain $3,000 on your existing
property. However, the $150,000 property will now cost you
$154,500 or a net loss of $1,500.
3. TIMING IS ON YOUR SIDE: The very fact that you have
time on your side could save you thousands. Many sellers
that have waited have put themselves in a “have to” sell
situation, and had to accept an o{er for less than what
they wanted. The fact is when you have time on your side,
you won’t feel pressured to accept an o{er that’s less than
what you want.
4. SUPPLY AND DEMAND: Right now in the marketplace
there are a certain number of buyers and a certain
number of sellers. We are currently dealing with a known
set of circumstances. There is no guarantee that in a few
weeks, or a few months, there might be fewer buyers, or
more sellers in the marketplace. Either way by waiting you
are taking a gamble with accomplishing your real estate
objectives.
5. TAX CHANGES: Currently we enjoy a number of bene~ts
for owning property. See your accountant for tax advice.
Should the federal government decide to change capital
gains or interest deductions, you could risk the current tax
advantages which we currently enjoy. The only thing that
never changes is change itself. It might be more
convenient to wait to put your property on the market for
various reasons. If you knew by waiting you could be
costing yourself $3,000 or more, would you still want to
wait? Part of the reason you hire a professional is to
provide you with all the facts so you can make an
informed decision.