Sell now or wait? That is the question.

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Real Estate


When you're ready to buy a home, you have a mortgage lender that makes sure you're ready and have the right amount of income, credit history and cash reserves and a realtor that shows you properties that you'll be able to afford within your criteria of wants and needs. However, when you are considering selling, that first question of, "Do I sell now, or wait?", is something you need to determine first. 

Here are some indicators that it is time to move on even when emotions conflict with selling and how to know if you should tough it out a bit longer:

Due to financial hardships, increased cost of living, illness, or other reasons, if you are having trouble keeping up with your mortgage and your house has skyrocketed in value, these are the sure signs that now’s the time to sell. If you're spending more than a third of your income on housing, you are spending too much. 

Another reason to consider selling is to fit the currently household number and need. For example, you bought a 2 bedroom, 1 bath house when you were single, but now you are married with a toddler and baby on the way. Or you have a 4 bedroom, 2 bath house with a pool, but your two kids have grown and moved out. If you've been in your home for a while, you have gained equity it is time to sell and move to another house that better suits your current needs.

Don't waste any more time. Start the process now by contacting me. I can help guide you through steps to take to get your home show ready. Currently, in this low inventory market, the main points to focus on are to remove any personal item, declutter, and make sure the house is presentable inside and out. Major repairs or updates are not necessary. 

There are times when it is best to stay put and delay selling. 

If you haven't been in your home long enough to build up enough equity, then it might be best to hold off selling. You need to have enough equity in the home to cover your mortgage payoff as well as closing and moving costs. If you haven't been in your home at least 2 years, capital gains taxes would need to be paid if you sold, so best to wait until you have been there at least 2 years regardless of how much equity you have built. 

If you aren't emotionally ready to move, you need to take that into consideration too. Sometimes you need to wait until you are ready to deal with a move. 

Deciding whether to sell or wait is almost a mind vs heart game. Whether you have strong sentimental feelings associated with a home or not, it should never be put before what logically makes sense for your financial well-being.  A home is not worth risking your financial livelihood.

So the other big issue that comes up is "if I sell my house now, while prices are high, I still have to buy another place at a high price". Yes, this is true, but the flip-side is also true, if you wait until the market drops or even crashes, you will be selling at a low and buying at a low too. It's not always easy to sell high and buy low in the real estate market. If you are willing to deal with an uncomfortable situation for a short time, you might be able to beat the market. What do I mean, uncomfortable situation? Well, if you sell now to cash in on the equity you have made on the house, then move in with a friend or family member, rent a cheap apartment, or buy an RV to live in (which you can sell later). If you work from home, maybe move to an area a little further out where prices are not as high. This will allow you to conservatively invest the proceeds of the house, pay off debt, get in a good financial situation and boost your credit score. Then, when the market drops, you'll be more than ready to pounce. I know this is asking a lot as most people are not willing to endure any hardships. But the question remains, isn't it still better to sell now while you can get a good amount out of your real estate investment than to lose it if the market cools off? If you plan to buy another home, as long as you intend to live in it for several years, you will likely weather any dips. 

Connect with me if you have any questions or are ready to sell. I'm here to help.




Rupa Nunamaker

Coldwell Banker

St. Petersburg, FL

ph: call or text 727-430-2350


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