06/15/2022
Hey guys, so obviously I'm a full-time Realtor, and I want to share my honest opinion. Even if it's the literal opposite advice you're hearing from most other agents right now. The truth is that even though home prices in SE Michigan are at record highs (and inventory is at all-time lows), this doesn't automatically mean you should sell your home. In fact, here are 4 reasons NOT to sell your house this year:
1) Let's face it: you're selling high and buying high. Yes, you'll get an incredible price when you sell your home. It's true. But you'll be the one paying those high prices when you buy your next home.
2) Interest rates are up over the last few months. Obviously, everyone's situation is different, but if you bought a home at any point in the last 10 years, there's a very good chance your new interest rate will be noticeably higher if you sell this year… and thus have to get a new mortgage on a new house. It's not a deal-killer (and rates are still REALLY low relative to historical norms), but it is something to be aware of.
3) Just because something becomes super valuable doesn't mean you should sell it. It is, after all, your HOME. Not everything in life is about money. If you love your house, love the neighborhood, have friends nearby, or local shops/restaurants you love supporting, it makes no sense to sell just because of the opportunity to make a quick buck. You'd end up using that money trying to buy back the life you sold! Sometimes happiness is more important than net worth.
4) It's a stressful time right now to be buying (or selling) a house. Yes, homes will sell for an incredible amount of money. Some of the sold prices I've seen are almost "too good to be true." It truly is a seller's market like never before. But when you have to then re-enter that market as a buyer, it is intimidating. Be prepared for multiple offers (many houses get 10+ offers). And more than likely you'll be paying well above asking price. Homes sell in just a few days on market. You won't have time to "think about it," pray about it, or otherwise make a calm and collected decision. You have to act fast in today's market. There's no way around that.
Now, all that being said, here's the final punch line: if you were planning to move this year anyway, and it has nothing to do with the market conditions (maybe you're downsizing as an empty nester or you're moving up to a bigger home to accommodate your growing family) there has probably never been--in the history of the United States of America--a better time to sell your home.
Depending on the specific house and the neighborhood, home prices are up anywhere from 10-25% here in SE Michigan.
So, if you were going to be selling anyways, you have an incredible opportunity right now to list your home during the strongest seller's market of our entire lives.
If this describes you, I'd be happy to help you sell your home!
As I hope you can tell by this essay, I pride myself on being professional, knowledgeable, and most importantly HONEST with my clients.
If you'd like to give me a call to discuss next steps, I'd be happy to chat. My personal cell is (734) 634-1194
Let's talk.
- Dan
