Buying or selling properties isn’t an everyday thing in one’s life– well, it isn’t in general. A practical, average-earning person knows the saying “If it ain’t broke, don’t fix it” to heart, and if there’s no need to change homes, then selling (or buying) isn’t a top priority.
Of course, if you’ve been mulling over the thought of selling your property for quite some time, you’re probably looking for some signs if you should push through with it NOW. So, to help you avoid jumping into the real estate market WITHOUT proper timing and knowledge, here are nine reasons why you shouldn’t sell it– YET.
If you haven’t gotten your finances in check
If you’re looking to downsize your home, the profit you make on your home sales may be enough to cover the additional expenses of moving, sale deeds, and other property-related charges.
However, if you’re hoping to upgrade to a new and more expensive property, you’ll have to have a budget to pay for the difference. If you haven’t saved enough to cover additional expenses, better to hold off and wait ’til you’re financially prepared.
If you’ve got home loan restrictions
If you’ve got your home on a bank loan, you’ll have to follow through with some legalities to get the original title deed transferred to the new owner. Avoid selling your house without fulfilling the stipulations along with the tax liabilities.
Furthermore, if you sell your house within one year of purchasing the home on a loan, you’ll be liable for paying (STCG) Tax which is the tax applicable on investments sold within one year (percentage may vary between 10-30%).
If the market conditions aren’t in your favor
Is it a buyer’s market this time of the year? Beware! It could mean that sellers will have a disadvantage in negotiating and getting the price they want on the sale, as buyers will have many options to choose from. If this is the case, it makes no sense to sell your house in market conditions where you may get a lesser price than your home deserves.
Check if it’s a seller’s market by taking a stick of the number of houses for sale in your neighborhood to see if the inventory is low, indicating that it’s a seller’s market. Another reliable way is to consult a certified real estate agent and understand if the market is favorable for a sale.
If you’re not emotionally ready
It’s not impossible to get emotionally invested in your home, especially if you’ve built a lot of great memories in it with family and friends. Having said this, you may feel reluctant to sell it if it’s not absolutely mandatory, and THAT’S OKAY.
If you’re not ready to sell and your intuition nudges you not to, listen to it. While there may come a point when moving becomes imperative, it’s still best not to jump the gun if you’re not emotionally ready.
If there are practical considerations
Most of the time, you’ll have to consider several situations and physical factors before you can come up with a decision to sell. If your occupation requires you to reside close by, your kids are attending a neighborhood school, or if it’s simply not feasible to move due to other more important reasons, you shouldn’t need to sell your home.
If you’re a first-time seller
No experience in selling a property? You might want to refrain from selling your home right away or accept any offers that come in. Before making a major decision, do more research online/offline and hire a credible realtor to strike a good deal on your behalf. While real estate agent fees aren’t cheap, it’ll be better to let a professional handle the sale instead of going through an unnecessary struggle that may not work out in your favor.
If there are multiple offers for your home
Putting your home for sale in a seller’s market will result in quite a few tempting offers, so it wouldn’t be wise to accept the very first offer you’ll receive. Be sure to weigh your options and use solid negotiation skills. Doing so will let you zero in on the best offer.
If there are no changes in the number of residents
Is your family size the same since you moved into your current home? Has it been reduced? Have your children already moved out? If you answered “Yes” to these questions, there’s a high chance you may not want to uproot yourself from your home and move to a new one.
Conversely, even if the number of residents has increased in your family (e.g. the birth of a child), but you find yourself not satisfied with the offers you’re receiving on the house, you might want to wait till a desirable bid presents itself.
If there are house issues you need to address
Is your house in disrepair or requires painting and structural restoration? Well, you’ll need to address these issues first before putting it out in the market because if you don’t make your house appealing and attractive enough to potential buyers, you won’t get the price you’re expecting. Put all fixes on your priority list and gear up your home before selling.
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Check out our 9⃣ reasons why you shouldn’t ✋sell your house–yet❌🏠.
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