Sellers are tempted to wait until prices go up higher before selling.
If it were just about selling for top dollar, you would have sold in 2007.
If you didn’t sell in 2007, it was because there were other factors that played a role in the decision-making. Let’s examine the other pieces of the puzzle.
1. Age – Moving is a life-changing event. It is physically, mentally, and emotionally demanding, and suited for younger, healthier folks who can better handle the stress. Don’t wait too long.
2. Others – You are not alone. Family and friends will influence your decision, and usually make you hesitate. Kids want to finish school or will resist giving up the family homestead. Parents get old and need to move in with you. People at work will chide you for moving too soon or too late. And heaven forbid if your dog gets sick at the wrong time.
3. Neighbors – Oh, you are all powerful, and make all of your own decisions? What if your neighbors panic, and cheap-sell right before the peak?
4. Timing – This is the new abnormal, and there is no telling what will happen, or when. You can keep your ear to the ground, and still not hear the right sounds.
5. My Price – Sellers determine when, and buyers determine how much. You don’t decide the price, the buyers do. You will sell your house for what the market will bear, that is how it works. Oh, you’re not selling unless you get your price? OK, but your only choice is to wait – you can’t make a buyer pay your price.
6. Mistakes – Sellers usually have some emotional attachment to their home, which can cause some blurriness when making critical decisions. In other words, you are going to want to price your home too high, not do enough improvements, or select the wrong realtor, and possibly have problems with selling. You can rebound, but it costs you time and possibly money.
7. Wait One More Year – If you have other reasons to wait, fine. But are you going to say the same thing next year? Do me a favor – cut and paste this quote and put it on your refrigerator: Pigs Get Fat, Hogs Get Slaughtered.
8. Seasonal – Selling during the spring doesn’t guarantee top dollar.
9. Where Are You Going To Move? – Buying is harder than selling. Why? Because anything that goes wrong with selling can be fixed with price. If you intend to buy again after you sell, spend ample time investigating the buy-side first.
Bottom Line – Plan ahead, and watch for high sales nearby. If you have a flexible plan, and are just waiting for some high sales to help propel your price to the next level, you will be in a great position to get top dollar – but get the family to sign off first.
The house I just sold on Manzanita is the perfect example of a high sale for the neighborhood. It had everything going right for it – a completely remodeled one-story with three-car garage on a good-sized lot with no HOA or Mello-Roos, but in a neighborhood built in 1978. Do you think there could be some low sales too? Yes, there are still houses with their original wood-shake roof!
It sold for well over list price, and will be the comp that helps propel the neighborhood to the next level. Watch for those new listings in your neighborhood, and prepare to implement your plan in 30-60 days later once they close escrow. Then list your house for sale the next day!