Is it okay to sell my house now?
The answer to that question is that it all depends.
The general sentiment is that it is not a bad time, but is it the right time for you?
There is a nice article on Realtor.com that describes current conditions as favorable for selling a home.
But what does that mean for you?
This is a question that really only you can answer. There is a wide variety of social-economical reasons that may influence your decision. The common things to consider are really the same today as they have always been.
Is your source of income stable?
Can you afford to stay where you are if your income changes?
Are you living where you want to be?
Are the amenities you are looking for available where you are today?
Depending on how you answer these questions will determine if you stay or move.
If you decide to move, you will need to decide what to do with your current home. Do you just list it on the market and sell it in the traditional manner? If you do, there are many options available; you can sell it and take what the market will bear, minus commissions and fix up cost, if needed (a fresh coat of paint does wonders). In today’s environment you may close in 60 – 90 days, considering a traditional buyer using a traditional mortgage (more or less, it is really an art). That is not a bad plan if you only have trivial fix up costs, can do the work yourself, and can wait.
What if this is not your situation. There are several conditions that may mean the traditional method does not suit you. If you are in need to move quickly, traditional methods with traditional financing may simply be too slow. A Residential Redevelopment company can make a fair offer for the property as it sits; no repair or clean up needed. This means sell the home literally as it sits and close quickly, possibly 10 days or less. As you can expect, these two offers are not for equal amounts. They say time is money, and so is work. The difference is who’s money and who’s time.
Any home today really has two monetary values. What is is worth today, and what it may be worth if in like-new condition. For some homes there is a small difference in these values. These are the “fresh coat of paint” type homes. Generally this type of home is well suited for the Traditional path. A Residential Redevelopment company can be very beneficial for homes where these values differ greatly. If the home is in need of attention beyond paint, then the time and money needed to get the home to that like-new condition can be great. Remodel of a kitchen, or bath is not inconsequential in expense or time to repair. When you add roofing, flooring, heating and/or air conditioning, we're talking about major investments. This could be a 4 – 6 week time frame. Put that on top of the traditional sales and financing, closing would be nearly a half a year away.
That is not even considering the time and effort to select the new products, choose a contractor, and schedule all the work. To even add to the complexity of the equation, where will you be during this, can you live without a kitchen or bath for the time it will take to replace? Who is going to move all the furniture to replace the flooring, what if that takes more than a day?
A Residential Redevelopment company can see the “if like-new” value regardless of the home's current condition. This is known as the After Repair Value, ARV, which is the starting point for any offers.
From the ARV, we subtract the final sales transaction fees, the repair cost, permits and inspection cost, a small contingency for anything we don’t see, and we come up with an offer amount.
Please reach out to us, if you would like to see what we can do for you.
Thank you,
S and S Property Group, LLC
Call us: 314.924.6555
General Information:Info@SandSPGLLC.com
Sell Your House:Sell@SandSPGLLC.com
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