Why Sellers could be hesitant to list their home
It seems that the real estate market in Bend is booming, and that it would be the perfect time to sell. But most sellers are quite hesitant to list a home, due a variety of worries.
It is completely a sellers’ market at the moment. It’s the best time to list your house for one of the highest prices it may ever be valued at. Selling your house during the current market means you could make a considerable profit.
Unfortunately, selling your home means that you do need a place to live. And if it’s a seller’s market it’s definitely not a buyers’ market. While homeowners may be able to sell their home for a pretty penny, they’re also going to have to shell out a considerable amount to relocate. Relocation may just mean across town, to a smaller property, or a different city or state. Potential buyers are facing a lack of affordable inventory.
Staying in the house they own might make the most sense for potential sellers. They may have refinanced their home, and know that they won’t make as much of a profit as they need to turn around and buy another property. Some buyers, particularly those who bought between 2004 and 2007, still may be deep into their mortgage. Their house may be worth less than the mortgage amount that they still owe.
Some sellers may not be able to afford to relocate to an area that is desirable to them, whether it’s the area that they’re already living in, or one they’d like to move to. Some common retirement hotspots are seeing a surge in real estate value, making it impossible for potential buyers, like retirees, to get in.
Some potential sellers may also be facing other lifestyle problems, such as aging parents that require care or after-college age kids who still may be dependent on their parent’s home as a place to live.
Selling a home
Selling a home is a big decision, especially when there are certain factors that you take into consideration, like finances, family members that are dependent. You may not be ready to sell a house, especially if you can’t afford to buy one in the market you live in or the market you’re considering. Moving alone can be expensive, so be sure to consider all of the avenues of selling your home, to make sure you’re ready when you do. Get in touch with a local real estate broker at Duke Warner Realty, to take a look at the market trends, and what potential properties are selling for. Make an informed decision to put your house on the market and have a plan.