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Reasons You May Want to Wait to Sell

Josh Dawson

My goal is simple: to help you make better real estate decisions...

My goal is simple: to help you make better real estate decisions...

Apr 7 4 minutes read

It’s no secret that the real estate market is going a mile a minute. Homes are still selling fast and way over the asking price. Some are even receiving multiple offers before they are listed for sale. Of course, this sounds like an ideal time for someone to sell and take advantage of this market, right? But, where will you move?

If you want to sell and take advantage of the red hot seller’s market, you're not alone, but every decision has pros and cons. Keep reading to learn why you may (or may not) want to wait until the market cools to sell your home. 

Pros and Cons of Selling Right Now

Pro: You’ll Likely Get at Least a Full Price Offer

Today in Central Ohio, homes sell for 102.9% of list price. This means you can almost guarantee you’ll get at least a full-price offer, and the odds are likely that you’ll get above the asking price. Of course, this is every homeowner’s dream! You can ensure that all of the TLC you’ve put into your home in this market will pay off big time.

Con: Where Will You Go?

Competition is stiffer than ever out there right now. So, you’ve got an above-asking price officer, you’ve accepted it, and you’ve got to be out of your home in one month. Where will you go? Do you have the capital to make an all-cash offer to get your offer accepted? Are the buyers willing to do a lease-back while finding your next home? Do you want to rent until you can find a new home? These are all things you must weigh before deciding to sell.

 

Pro: Your House Will Likely Sell Fast

The average home is in contract in 4 days here in Central Ohio. This means you likely won’t have to sit around waiting and worrying about whether or not your home will sell. It may sell in a few hours, days, or weeks, which is a huge advantage compared to days past when homes could sit on the market, and sellers would eventually have to lower the price. 

Con: You’ll Likely Pay More

So, you’ve sold your home, got a nice chunk of change in your pocket, and you’re ready to find a new house. You will likely have to pay the above asking price to win bidding wars in this competitive market. Many buyers are winning bidding wars by making all-cash offers, waiving any inspection remedies, and closing when the sellers wish (and often giving sellers time in the home after closing at no cost to the buyer). The cost of that is an important consideration that could outweigh the extra money you could make right now listing your home.

Final Thoughts: Should I Sell my Home?

Selling and buying a home is a stressful experience in itself. This market is making the process happen more quickly. Overall, it's still a great time to sell and get the best price for your home. My advice is to consider your options and talk to an expert about the right decision for your unique situation. Although it’s very unlikely the market will crash, as interest rates rise, the market could settle (but many don't seen that happening until 2023 or 2024). Good things take time and careful consideration! I'm here to help.

Let's Talk About You

Your situation is unique, and I'd love to hear all about it. If you're thinking of selling and want to discuss your options, let's schedule a call!

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