Ah, 2016 – a year so chaotic that even the Pantone Color Institute is trying to bring some zen back into our lives.
If you experienced a life change this year—say, in family size, financial situation or career—there might be more transition in the cards for you in 2017. These life events are among the top reasons why people decide to sell their homes.
Putting your house on the market can be daunting, and tons of homeowners feel like the stars have to align before they finally do it. A recent Redfin survey outlined some of the reasons why prospective sellers are delaying listing their homes. We checked it out, and compiled some responses to help these sellers ease their worried minds. Take a look.
Concern No. 1- You’re waiting for home prices to go up.
If you’re putting off the home selling process because you think you’ll get significantly more money down the road, you might want to start making moves.
The U.S. housing market continued to rebound in 2016, with home prices experiencing a 4.9% increase. But that growth is forecasted to slow down to 3.9% in 2017, according to Realtor.com. In fact, 46 of the top 100 markets are expected to see slower price appreciation next year.
Concern No. 2 – Renovating your current home will be too expensive.
Let us assure you: You don’t need to completely transform your place into a smart house before you list it.
Instead, focus on making key renovations that will ensure you’ll get a decent price for your home. The most common repairs include painting the interior or exterior of the house, renovating the bathroom, bolstering curb appeal, landscaping, and adding new carpeting or flooring.
Remember – these improvements will only benefit you when it comes to pricing.
Concern No. 3 – You’re afraid you won’t find a new home.
This is a valid concern most sellers face, especially with low inventory in many markets.
What’s the solution? Buy your new place first, then sell your old one. Yes, it requires really getting your finances in order, but this is one of the most feasible options in sellers’ markets. Our friends at Zillow explain how to go about it.
Concern No. 4 – You can’t afford to move up.
So, your family got bigger and you need more space.
If you can’t afford to buy a larger home the traditional way, try looking into other options – like trading in your home, for example. This is one way for folks to sell their home and buy another in one simple transaction. There’s no greater peace of mind than buying a new home knowing exactly how much you’ll have for a down payment.