The million dollar question? When will the market shift? Experts say interest rates should stay consistent through the summer but will steadily increase going into 2022. In Orange County, the housing inventory has remained low which has caused homes to sell for record numbers and record days on the market. A listing will start on a Friday and buy Monday there will be 10 offers.
There are certain situations where if you have been thinking of selling you should do it now. If your home is functionally obsolescent, meaning it can not be altered or changed. You may have 5 bedrooms and 1 bath (everyone needs a shower once in a while), your home may be under a flight pattern and the noise is driving you crazy and your wiping jet fuel off of your patio furniture, your house is on a busy road that’s not safe for children or you have power lines sizzling in your back yard.
Next would be deferred maintenance, this includes leaky pipes, a roof that needs to be redone, termite damage or your home is just out of date. Because buyers are having so much difficulty getting an offer accepted they are willing to take a chance.
Does your home add value? If you own a “turn key” house, which means the house has been remodeled and completely up to date you obviously are in a great situation but how long will that last? Once the inventory increases buyers will have more options and values will plateau.
I have clients that are concerned about where they will go if they sell their house. I have developed strategies to give the seller a clear picture of exactly what they want and ways to write in provisions to the contract to allow for more time. I have also developed relationships with agents all around the country to that will begin the search for a dream house in a different state.
If you feel like it’s time to make the change let’s sit down and discuss your options.