Trying to time your real estate sale with the top of the market is like trying to put on a parachute in the dark when you just fell out of an airplane. Occasionally you’ll get it right but most of the time it goes badly.
Early Birds Caught the Worm
For two years some sellers have waited on the sidelines saying to themselves “If I wait another month it will go up another $100K." Everyone knew the downturn was coming but a few people waited too long. Sellers trying to get the top price now are being rejected like they insulted a 350-pound bouncer that used to pass rush for the Cowboys. You messed up. Just own it.
It’s Not Too Late
The market has moved south considerably this year but it’s still a great time to sell if you bought more than 3 years ago. Prices are up considerably. Sellers see the value they would have received at the height of the market, deduct the current value, and call the difference a loss. If you won a $300M lottery but then find out you had to split it, would you say, “I lost $150M?” Even your third grader knows you are better off now than you were before.
The Reality – You’re Still on Top
Someone who bought a property for $300,000 20 years ago can’t say “I can’t afford to sell it for less than $3M.” You can’t just make up real estate values based on what you want or need out of it. If that were the case everyone would go to a car dealer and say, “I want your most expensive car, but I can only pay $20,000.” It doesn’t work that way.
The current market is not a bad market, it’s just not the same market we have had for the past two years. Sellers will now need to price their properties like the price really matters. Gone are the days of randomly picking your list price and betting on 50 offers. Homes now are taking much longer to sell, and sellers are giving more concessions to get the deal done.
Don’t compare your home’s current value to the past value. Your head will hurt like you ate a pint of Rocky Road in 30 seconds. List your home for what it is worth. Save yourself from months of aggravation and price drops before you get to the closing table.
Figuring out the right price is one of the many reasons you hire an experienced agent. Don’t try to take to that road alone. Hire an expert to help you navigate this changing and explosive market. Dripping Springs Elite is NOT a brokerage. It is a professional organization comprised of top real estate agents in the area from different brokerages who collaborate and work together to make buying and selling in their town the best it can be for their clients. DS Elite is also dedicated to building up our community and its nonprofits to strengthen the quality of life for all residents. Contact one of our agents today https://drippingspringselite.com/#agents.
Article created for DS Outlook Nov 2022: https://www.dsoutlook.com/category/current-issue/