Most homeowners will occasionally think of what it would be like to sell their home and how much they could get for it. With the shortage of inventory in the Orlando real estate market, these days some homeowners are seriously considering selling even though they weren’t before. Terms like” bidding wars” and “above asking price” are being heard more frequently and for some people it’s enough to list their house for sale to see what they can get for it.
With the road to the strong housing recovery still ongoing we are once again experiencing a shortage of Orlando homes for sale. With a huge backlog of potential buyers, new listings typically get multiple offers within the first week of being listed on the MLS. These market conditions translate to rising home prices or in other words a “seller’s market”.
But selling can be a life changing decision and should be treated as such. Even if you stand to make a nice profit there are still many other things to consider like lifestyle, employment, schools, etc. Through my many years of experience as an Orlando Realtor, I’ve come up with some questions that I like to ask homeowners if they’re on the fence about selling.
1-Is the home the right size for you? This is one of the more popular reasons why people want to sell and move to a bigger home. I’m not talking about accommodating the occasional over night guest or the closet with way to much clutter in it.
The closet can be de-cluttered by throwing things out that you don’t need and as far as accommodating an overnight guest, an air mattress in the Living room sends the perfect message…[ I’m nice enough to let you sleep here tonight but as you can see my house isn’t big enough to accommodate any more people comfortably].
Truly needing more space is about your immediate family’s comfort. Are your kids getting to old to share a room? Do you have an In-law [or out-law] moving in? Do you need to have a home office? Maybe you want to live in a smaller home with less maintenance. These are all legitimate reasons for wanting to move to a bigger or smaller home.
2-Has home maintenance become a bad word for you? I remember when I first moved into my home and used to happily spend countless hours of my free time working on home improvement projects like painting, landscaping, installing shelves, etc. and the truth is that I still enjoy doing these things.
However, if you’ve lost that loving feeling…when it comes to doing home improvement on your home, then you may be ready for a home that requires no maintenance at all or very minimal at best. You should also be aware that the more you neglect to maintain your home, the more expensive it will be to get it back into tip top condition. If you choose to sell it as-is, then expect the buyer to want a discount on the price.
3- Are you in a hot market? Overall, the Orlando real estate market is experiencing healthy home sales and increasing values. However, there are homes in certain neighborhoods in Orlando that are selling like hotcakes with multiple offers on the table. If you believe that you live in a neighborhood where the homes are selling for over asking price, then contact your Orlando real estate agent to ask about how much your house is worth. If you’ve been on the fence about selling and have waiting for the market to bounce back, your time to sell may be now!
4- Where you waiting to have equity again? A lot of Orlando homeowners didn’t think that selling was even an option since the market crash of 2007. Back then, they were told the only way to sell was by doing a short sale on their home because it owed more than it was actually worth.
The truth is that tens of thousands of homeowners are back to having positive equity….and some don’t even know it. Contact your Orlando listing agent and have them prepare a CMA [Comparative Market Analysis] for you. You might be pleasantly surprised at how much you home has increased in value since then.
5- Has your life changed? No one knows what changes tomorrow can bring. Whether it’s a change in your employment, loss of employment, divorce, illness, etc. These type of life altering changes can take your plan and run it right through the shredder. Don’t try to conform to a house that really isn’t the right fit for you. It’s important to move to a home that will meet your needs according to your life as you know it, you’ll be much happier if you do.