Is Now a good time to sell my home?

Are you thinking about selling your home but wondering if now is a good time? The market has shifted and it’s becoming very unique, and it can be a little intimidating when it feels like so many media outlets are constantly talking about the housing market.

In this blog, I’m going to give you the facts on the seller’s side of the housing market and whether or not this may be a good time for you to sell your home. I’ll give you 3 big questions that sellers are asking me or should be asking themselves, and some direction.

QUESTION 1: DO YOU WANT TO SELL & WHY?

Seems pretty basic, I know. But if you don’t like your home, you’ve had a job change, your family size has grown or you’re an empty-nester, etc., then those are all great reasons to consider selling. If you’re thinking about selling just to cash in on the equity, but you still love your current home…then no. I think you’re probably better off staying where you are. You need to get to the heart of why you’re considering cashing in.

QUESTION 2: IS THE MARKET GOIG TO CRASH?

Next, I get the question “Is the market going to crash?” And although, if the pandemic taught us anything, it’s that literally anything is possible…the answer most experts are giving is a resounding “no.” This market is nothing like the 2008 market, where we were doing things we should not have been doing from a loan standpoint. Plus, we have a BIG supply and demand issue. Supply & demand is the #1 thing that drives the housing market. Across the country, we have low supply for the amount of people looking to buy–which drives & keeps the prices up. In northwest Indiana specifically, it is exacerbated by the amount of Illinoisans making the move across the state line in search of cheaper housing, cheaper taxes, and pretty much everything else.

QUESTION 3 (& #4): IS IT STILL A SELLER'S MARKET? HAS THE MARKET COOLED OFF?

The answer to both of these is Yes and...Yes. Which is why it is such a unique market right now. It is still very much a seller’s market, because we do not have enough supply to satisfy the demand–again, keeping prices high. Has it slowed? Absolutely. But it’s not definitely not dead. Homes are taking longer to sell than this time last year, or even 4 or 5 months ago. Bidding wars are starting to end as well–generally above that $400,000 price point. We are starting to see more negotiations happen vs. just a “take it or leave it” mindset from the sellers. It’s definitely gotten much more interesting. All that being said, your home has appreciated SIGNIFICANTLY in the last few years, and you are still going to get top dollar from your home–if selling is what you desire.

I really hope this blog ages well.....Probably won’t. LOL.

If you ARE wanting to sell, you may be wondering what repairs or updates you should make to your home to ensure that it is ready to hit the market.

In my next blog, I’ll talk you through the repairs I recommend and the ones that buyers don’t really care about.

If you have any questions about your specific home, or the market in Northwest Indiana, don’t hesitate to reach out.