My wife and I have been discussing whether or not we should put our home on the market. We know the average home sale price is high right now. We’d like to take advantage of the rising prices and cash in on the equity we currently have in our home, but do you think the prices will continue to rise? If we wait another year could we get $5,000 or even $10,000 more on the sale? How do we know when it’s the right time to sell so we can get the highest value for our home?
Thanks for the advice!
John and Arielle, Grand Junction
John and Arielle,
Knowing when the right/best time to sell anything is one of the hardest questions in the world to answer, but I will try! Ultimately, if I could predict the best time for selling anything I would be super wealthy and be writing this column from a white sandy beach on a tropical island with a drink in one hand and...Sorry, I was getting carried away there, back to reality...unfortunately I am writing this column from my office late on a Wednesday night to the not so relaxing hum of office lights and forced air heat! All kidding aside, the world is volatile and things can change quickly for the good and for the bad. Right now, things are quite good. We are currently in the best real estate market we have seen since 2008 and for that, I am very thankful!
With that being said, I anticipate the market to continue growing across the board and prices to continue rising. I do believe that we will see some price settling in the next 12 - 18 months, as the low inventory levels we are now seeing receive some relief from new construction. There are many new subdivisions in process and that may help loosen up the supply and slow rising prices. Keep in mind that it will not stop rising prices, only slow them a bit! Like I recently wrote in an earlier column, the secret about Grand Junction is out and people are going to continue to come! Why not? It’s an amazing place to live.
One last tidbit to consider. If you are selling at the top of the market, then it is highly likely that you are also buying at the top of the market. Buying and selling in the same market is somewhat relative. If one house goes up 10%, then it is likely the other one has gone up in a similar fashion! That is not always true, but something to consider, depending on the differences in what you are selling and what you are buying. I always recommend you try your best to maximize your price, but sometimes the “best” time is the “right” time for you and your family! Hope that helps!
The Kimbrough Team