Unlike most of the real estate markets in our country, the Spokane real estate market is highly competitive and continuing to be a market that is strongly in favor of sellers. For the last few years and likely for much of this year, the Spokane market will be a phenomenal opportunity for homeowners to sell their homes. But have you ever wondered - is there any time when you shouldn't sell?
If you're retiring soon or are already retired, selling your home may not be the best option for you. Most retirees are looking to decrease the amount of monthly expenses. Sometimes, the way to do this is to sell your current home and pay cash or make a substantially large down payment from the net proceeds of the sale of your home. However, if selling your home will not produce enough profit to make either of these happen, or if your mortgage payment will not work for what your financial goals are, then it might not be the best option to downsize. It may be a better option to refinance, and possibly pull out some of the equity in your home to make upgrades that will accommodate you as you go later into your retirement years.
Your Next Move Isn't In The Cards
Before you decide to list your home for sale, you want to be crystal clear on your next move, literally and figuratively. Make sure you talk with your agent and discuss what you're looking for, what you intend to spend, and what options are available in the market. You also want to consider getting pre-approved, especially if you've had significant movement in your financial situation lately. You want to get clear on what you can and cannot do, and find out if what you're looking for is an option. If you are not clear on every aspect of your next move prior to putting your home on the market, it could be detrimental for you. Once you've listed your home for sale and accepted an offer, you, as the seller, will no longer have the upper hand in the purchase contract. You do not have the ability to terminate the contract without the risk of significant penalty from the buyer and both agents. So it is best that you know what direction you're moving in and avoid selling your home unnecessarily.
Your Current Home Investment
You just bought your home and what you owe on your home, combined with the cost to sell a home (9-10%), is more than what you could actually sell your home for. In other words, you would have to bring cash to the table to close your home if you sell your home currently. This is another time where you should consider waiting to sell. I know, in some cases, you feel forced to sell, like you're moving for a job or moving for the military. Have you considered the possibility of renting your home? This is definitely a great question for an agent, who can break down the options for your specific situation.
These are just a few reasons why you shouldn't sell your home right now, and there may be questions that you have about the specifics of your home. Please reach out to me and I'm happy to answer any questions you may have about whether you should sell your home or not. My direct contact is 509-844-5843.