To Sell or Not to Sell...The Realtor's Point of View

I have worked most of my life since the age of 18 in some form of real estate, whether in banking, real estate development or as a realtor, and time and time again (especially lately), I am asked the same question, "Is it a good time to sell?" Although nowadays that question is usually more like, "Can I sell?"

I think we are all aware of what has taken place in the real estate market over the past few years.  As a matter of fact, more frequently than not we are barraged by stories on tv, in the newspapers and the internet...experts giving their opinions about real estate prices dropping, stating they've dropped, telling us they're at bottom and now prices are recovering, etc.  I've heard every opinion out there, and I have a few of my own.  Truth be told, none of us has a crystal ball to peer into what will tell us where prices are going to go and exactly where we are now (are we at the bottom yet?). So back to the question, "Can I sell?" and "Is it a good time to sell?" I've put together a check list (see below). If you answer yes to any question/statement, check it off:

Are you relocating for work?

Do you need to relocate for family responsibilities/to be closer to family?

Do you have a growing family and your current home is really not big enough (and here we're talking you are squeezed and just can't take it)?

Can you not afford your current mortgage payment?

Do you need a new school system for children (operative word is need)?

If you answered yes to even one of these questions the answer is, "YES" it is a good time for you to sell because you need to. Anytime you need to sell, and all of the above fall into that category, it is a good time for you to sell. The next question very often is, "But will my house sell?" And the short answer to that is that just about any house "will" sell (see a couple of paragraphs down for more details on this!)

Now take a look at the following questions/statements, and once again, check off if it applies to you:

I think I’d like to live in a different town.

I'd like sidewalks/neighborhood.

I'd like center of town within walking distance.

I would prefer a larger home.

I want a bigger yard.

I want a pool.

I'm wondering how much I can get for my house.

I like to look at real estate, and if I see something that interests me, I'd move.

I'd like a bigger kitchen.

I'd like a family room/bigger family room.

I want a master bath.

I want bigger bedrooms.

I want a bath on the first floor.

I want a basement.

I want an attached garage.

I want a home with gas heat instead of the oil we currently have.

If you answered yes to 5 or more of these, then it is probably a good time for you to sell too, because you really want to. There are enough quality-of-life benefits that will make it worth your while. 

So now that we know it makes sense for you to sell, as I mentioned earlier,  just about any house "will" sell…for the right price. Ahhhhh, there's the rub.  This is where it can get sticky.  For those people out there who purchased when prices were much higher, your property now is almost certainly worth significantly less than what you paid for it.  This can be a reality you may not want to face, which is why I included those check lists...so that you can evaluate how badly you want this, and then weigh those quality-of-life benefits against what you may lose when we compare the current value of your home vs. what you paid for it. The truth is, if you did not check those qualifying items off and you purchased your current home when prices were much higher and stand to lose money on your investment, now get ready--here comes something a lot of realtors may not tell you, it may not be a good time for you to sell. 

I believe in always pricing a property to sell.  Why go through the hassle (and if you've sold a home in the past, you know it's a hassle sometimes) unless you are going to actually sell your home?  I know so many sellers who get caught up in the "I'm going to ask high and when we are negotiating come down to the price I really want" or who believe that the only way they will get their price is to price it high. Once again, I'm going to be honest here...no holds barred: why, why, why, waste your time and efforts?  Bottom line is that the price you will get for your home is what it is worth, and what it is worth is determined by what someone is willing to pay for it.  The way that we realtors determine that is by looking at what is happening in the market (doing a market analysis) and as I stated before, I think we are all well aware of what has happened in the market. 

So why not price high? What happens to homes that are overpriced? (especially in this market)?  They sit, and in my opinion, that is not okay. The first few weeks on the market are the most important. I liken this time to a product launch. Think about Apple computers.  When the iPad came out, if Steve Jobs thought to himself, "We have this new cool computer thing, but let's just let it sit around in the stores for the first month or two and see if we get any takers…if not, then let's have this big unveiling event and see if anyone wants to buy them then." How successful would that launch be? Pricing up front of a home is the same idea. We need to create and show the value. We need to have people come in the first time and say, "Wow, I can't believe it…I need this house!" As opposed to seeing it up front a little overpriced (or even worse, very overpriced) on the internet, at an open house or with their realtor and thinking, "Maybe I'll look at it" or "Maybe the price will come down" or "I've seen others at the same price that were nicer, maybe I'll look at those again."  The last thing we want to do is to make someone else's property look better in comparison because your property was overpriced up front.  Price it right up front, and it will sell.

So, "To sell or not to sell"… that is the question after all. And my answer is if you really want to or need to, yes, sell!

And that, my real estate friends, is my point of view…Diane G.