The process of selling a property is long and complicated. There is so much work to do. First, you must ensure the house or apartment looks good and presentable. Then you have to find an excellent real estate agent, organize open houses, etc. In addition, you must follow the real estate market, find out what is a popular commodity today, and possibly make some adjustments and additions to your property so it sells better. But the part of the selling process we will focus on in today’s article is the timing. When is the right time to sell? We will explore the pros and cons of selling now vs. waiting. If you still haven’t listed your property for sale but are on the verge, this article can help you make an informed decision about that.
Sell your Home Now or Wait?
Unfortunately, there is no one correct answer to this question. It changes based on your particular circumstances. You are the only one that can answer this. For some, waiting to sell can be a disastrous decision, but it can be incredibly beneficial to some. We can only tell you some of the pros and cons of selling now vs. waiting and let you decide for yourself.
Pro of Selling Now- You can Focus on New Investments
One of the pros of selling your home now is that it allows you to make other investments. If you sell the house now, you will have an influx of money you can use for other things you need. For example, maybe you want to downsize and invest the rest of the money from the sale you made in some business idea. Especially if this is the most fruitful period for that business idea, and it will be too late if you don’t invest now. Or maybe you are planning on expanding your family, and you have to move to a bigger house to have enough room for a new family member. These are not situations where you can wait to make a sale. Get a good real estate agent, make a great sale and be smart with your future investments.
Pro of Selling Now- Less Competition
Another upside to selling now is that the real estate market will be less competitive. The busiest and most ruthless seasons for selling are spring and summer. That’s when most people put up their homes for sale so you will have to try really hard to make your listing stand out. That means doing all kinds of home improvement projects and upgrades that can be expensive. So, selling now, in the fall and winter months, will be a more relaxing experience. You will avoid a lot of stress that comes with attempting to sell a property in the peak season.
Con of Selling Now- Fewer Buyers
As we previously said, one of the pros of selling now is the less competitive market. And while that is true, there is a bad part of the deal that comes with it. Yes, there are fewer competitors to deal with on the market, but there are also fewer potential customers. People usually attempt to purchase houses/apartments in the spring and summer; by the time winter comes around, most of them are already settled in their new homes. And according to experts at golansmoving.com, winter is their least busy season of the year, and summer is their peak. So you will be unable to raise the price due to the demand. On the one hand, you won’t have to worry about competing with other listings, but on the other, you will have to be prepared to maybe lower the price.
Pro of Waiting to Sell- More Time to Think it Through
Sometimes taking a bit more time to think a decision through can be a lifesaver. Waiting can stop you from making a devastating financial decision. Often people are not ready to sell but feel pressured. Seller’s remorse is real, and it can devastate you. Selling is a huge decision and change; it’s not something to be rushed and forced. You need to have a solid and thought-out plan for what you will do after you sell. Waiting allows you to do just that. You will have enough time to prepare for life after a significant change, like selling your home. Also, in a few months, maybe your life circumstances will completely change, and you will have a completely different perspective on selling.
Pro of Waiting to Sell- Value Increases Over Time
Waiting and giving yourself some extra time can be extremely beneficial when it comes to raising the price of your property. If your house looks neglected and old, it will be very hard to attract buyers. But with just a little effort you can transform it, stage it and make it look like a dream on open house day. And the first impression is the most important when it comes to real estate. If you give yourself time to wait, you can declutter the property, clean it and add some nice touches like fresh paint or some potted plants. Waiting allows you to be strategic about selling and attracting buyers.
Con of Waiting- Missed Opportunities
The downside of waiting to sell is the potential missed opportunities. If you sell now, you might be able to cash in on some other investment. We explored this already when we mentioned the pros of selling now. It all depends on the circumstance and if you can use the money from selling and invest it into something profitable.
As you can see, there are good sides and bad sides to both options. And they are mutually connected. It all depends on your personal situation and circumstances. There is no one general rule for this problem. We hope we shed a little light on the topic of the pros and cons of selling now vs. waiting to sell your home. After reading this, you can now make a well-informed decision and do what’s best for you.