When Is the Time To Sell?
I had a conversation yesterday with two home shoppers at an open house I hosted in Burien, WA. They were a couple looking to downsize from their current home to a smaller home. Their children were grown and they did not need all the space that they currently had. They were just starting their new home search.
They were interested in buying because the mortgage rates and home prices are so low. But, they were not interested in selling in the current market. “It is a good time to buy, but it is not a good time to sell,” I said to them. Home prices have declined so much that selling looked very unattractive to them. They did not want to buy just yet because they did not want to sell.
As I look back at this conversation it becomes clear that this is what a lot of potential buyers are experiencing at this time. When IS a good time to sell? When the market is up is the best time to sell. But that is not the best time to buy.
So there you have the crux of the problem. When it is a good time to buy, it is not a good time to sell. When it is a good time to sell, it is not a good time to buy. So what is a person to do? I would suggest one thing to someone who is looking to buy in this market, but does not want to sell in this market: Property Management.
Have a property management company either lease your current home while you live in your new home, or continue to live in your current home while they lease your new home. A reputable company will see that your home is well taken care of by doing all the maintenance during the leasing period. More importantly, they will screen all applicants to get the best tenant they can find. In Washington, Windermere Real Estate has a property management team that is at the top in their field. Email me and I will send you their contact information.
So there is one possible solution to the problem: Lease until it is a good time to sell. Now is definitely the right time to buy.