Should You Sell Your Home in 2021?

It’s only mid-February, and we’ve already had no less than 5 calls from previous clients asking if they should sell their home this year. While this is a normal question that frequently pops up throughout the year, it’s interesting to see this question come up so frequently in recent weeks. We know you’re paying attention!

While the answer isn’t exactly simple or blanketed, it’s important to note one specific thing: Asking a real estate agent if you should sell your home is kind of like asking a car salesman if you should buy a car. While we would directly benefit from the sale of your home, we’re not interested in self-serving practices and have absolutely no qualms in suggesting that Sellers wait to sell when it’s not actually beneficial to them.

There are a few factors to consider:

• How long ago did you purchase your home?
• What is the current market like for Sellers? (as I type this, it’s a WILD Seller’s market, by the way)
• Are other homes in your neighborhood appreciating in value?
• Are other homes going up for sale in your neighborhood?
• What is the condition of your home?
• Are you prepared to enter this current market as a Buyer?
• Are you able to vacate your home for any amount of time while it’s on the market?
• What is your plan for moving?
  • Relocation?
  • Change of neighborhood?
  • Upsizing?
  • Downsizing?
  • Renting?
  • Sabbatical?
• Would the potential proceeds of your home be worth the cost of Selling?

That last question is one that we are happy to answer if you’re serious about pursuing the option of Selling your current home. It takes a bit of financial investment and patience to sell a home, but first, we’ll do a Comparable Market Analysis to survey other recently sold homes in your area. On that CMA, you’ll see similar homes and their list price vs. sold price, which will be a great indicator of the profit margin in your home’s net equity, especially if you’re current on your mortgage balance.

If the answers to these questions all point to YES! LET’S DO IT! then you’re in the right place. When listing a home to sell, the most important aspect in marketing to potential Buyers is your home’s current condition. You’ve spent the last…however many years making this home your own, but now it’s time to move on. We try to market homes that speak to a wider audience than just those whose personal style may mirror your own. Listing preparation can make or break the sale of your home. Depending on necessary repairs and paint touchups, this process can sometimes take a few months, but we’ve also managed to bring a home on the market in just a few weeks. Either way, we are happy to coordinate vendors, home staging and photography for a seamless experience that alleviates most of the potential stress of selling. We take care of the marketing costs like photography and video, but there are other costs to consider.

The most common updates in listing preparation look a bit like this:

• Fresh paint throughout! Unless you walk through life in white gloves and a bubbly-boy suit, chances are your walls need a little love. Neutrals and light tones are best.
• Whole- House pre-inspections! This is a great way to understand the current condition of your home, and serves as a tangible checklist for scheduling minor repairs and/ or updates to your home prior to listing on the market. The cost usually runs about $450-$500 and it’s absolutely worth it! A pre-inspection addresses some big concerns, like:
  • Is your electrical system up to date?
  • Is your plumbing system a potential red flag?
  • What is the current condition of your roof?
  • Are there minor fixes that could make a bigger impact on Buyer interest if they were repaired?
  • **Keep in mind, any flaws found in your home which are noted on the inspection report require you, by law, to disclose to Buyers. With that in mind, this “Should we sell?” conversation should happen before you schedule any home inspection.

• Don’t feel pressure to do a kitchen renovation. In some cases, its beneficial. In others, it’s an unnecessary stress. We’re happy to consult with you on renovation subjects and provide resources on cost vs. value.
• Landscaping + Curb Appeal: First impressions are everything. Often, the first photo on a listing is the exterior of the home. This photo will capture the attention of potential buyers, and they’re looking for homes that stand out! Fresh mulch, secure retaining walls, perennial flowers and manicured lawns will go a long way. For some, landscaping is a DIY project that Sellers are happy to dig into.
• Home Staging: There’s no other way to say this – A vacant and professionally staged home sells faster. The end.

Keep in mind, the Spring market is just around the corner. April – the first 2 weeks of June is historically B-A-N-A-N-A-S for Buyers and Sellers. In Spring, the increase of both inventory and Buyer demand happens simultaneously, making for the traditional peak season in real estate. (Except in certain situations, like a global pandemic… but I digress.) Seasonally, it drops off a bit mid-June to accommodate for end of the school year, vacations and the welcome of Summer. Listings pick back up again after July 4th and Buyers still show heavy interest through September. If you want to list your home in 2021, the ideal window is quickly approaching and we’d love to chat more about this with you.

If 2022 if your goal, let’s start this conversation now. Only good can come from preparation, and we’re here to help support you in any way you need 🙂

J & A

^ That’s us walking our dogs down Greenwood Ave. We had a glorious couple of snow days, and hope you did, too!