If you have been following the real estate market at all, you have probably heard about how competitive the market has become for buyers. In fact, in 2020, home sales reached 14-year highs and prices were at record levels.
With so much of a year during the time of coronavirus, questions like “should I sell my house?” can be met with a lot of uncertainty about the future.
To help you make the decision that suits you best, let’s first take a look at some general questions to help determine whether or not it’s a good time for you to sell your house. Then, we’ll take a look at the New York and Long Island real estate market predictions for 2021.
Selling a house is a big decision, but it’s possible that the time is right this year for you to sell your house quickly and for a pretty profit.
Should I Sell My Home? Questions To Ask Yourself
Whether or not you should sell your house is going to depend on a number of factors that are particular to you and your property. Asking yourself these questions before you make any decisions can help ensure that you sell your house when it is most financially beneficial to you.
How Much Is My Home Worth?
The first thing you will want to discover is roughly how much your home is worth in the current market. While you can find estimates online, these are not necessarily reliable. Instead, you will want to talk to a real estate agent will be able to find comparable homes to help comp out the right price.
How Much Equity Do I Have? Is It Enough to Sell My House?
Another question that is important is how much equity you have in your home. Ideally, you want to have enough equity that you will be able to pay off your mortgage, cover closing costs, cover moving costs, and have some money left over.
In general, it is said that most homeowners need to live in their homes for around five years in order to offset the cost of buying, closing, and moving they incurred when they purchased them.
If you don’t have enough equity to sell but you need to move, you might be asking yourself “should I sell or rent my home?” Renting your home comes with its own pros and cons, but it could be a viable solution if you aren’t ready to sell but you need to relocate.
How Much Will It Cost to Sell My Home?
Another important consideration is how much you will pay in order to sell your house. You will have to pay real estate commissions as well as potential closing costs, repair costs, seller concessions, and housing overlap costs.
It’s important to take into account how much it will cost you to sell your house before you list it on the market.
How Long Will It Take to Sell My Home?
When you are trying to decide whether you should sell your home, another thing you will want to think about is how long it will take to sell your house. This is an important consideration when you are creating a moving timeline. Accurately timing your move can be financially beneficial so that you are not paying for two mortgages at once or paying for temporary housing.
Should I Make Repairs or Upgrades Before Listing?
Many sellers choose to make repairs and upgrades to their homes before selling to help their homes sell faster and for more money. Some repairs and upgrades are more worth doing than others, so it can make sense to talk with your real estate agent about what work you should have done to your home before listing.
Which Method Should I Use to Sell My Home?
There are a number of different ways you can sell your house. One of the most common ways is to sell it on the traditional market using a real estate agent.
While some people try to sell their homes “for sale by owner” to save themselves the costs of real estate commission, but this often backfires on people. There is more work that goes into selling a home than many people realize, and the experience and knowledge of real estate agents tend to help people gain more profit even when you factor in the commission fees.
The New York Real Estate Market In 2021
It’s hard to talk about the New York real estate market as a whole, as there is obviously a big difference between real estate in NYC and real estate in Buffalo or Utica.
As you probably heard, millions of people left New York City as the coronavirus pandemic unfolded. While these former big apple residents have been leaving for a variety of places including Vermont, Wyoming, Virginia, and Utah, many have chosen to find new homes in nearby locations like Long Island, Westchester, New Jersey, and Connecticut.
According to Redfin, sales prices on Long Island are up 17% since this time last year. Similarly, the cost of homes per square foot has increased 8.6% since this time last year.
Because of historically low-interest rates as well as very little inventory, places like Long Island have been experiencing a seller’s market and are expected to continue on this way in 2021.
How to Sell My Home: Hire an Experienced Real Estate Agent
When you begin asking yourself “should I sell my home?” there are a lot of things to take into consideration. If the time is right for you to sell your house, then there is no reason to jump into this market even if you could make a profit. Remember, you’ll also need to buy or rent a house on the other side, too!
That being said, if you’re ready to sell your house, 2021 is looking to be a great opportunity for sellers on Long Island. If you’re going to sell your home, it’s important to have an experienced real estate agent on your side.
Is it time for you to sell your home? If so, you can contact us today to get started!