Should You Sell?
Today we are going to look at the reasons why a person should sell their Birmingham property, while the facts and figures may be compelling you should never make any decisions until you speak with a qualified and licensed Birmingham Realtor. A Realtor is a trained real estate professional who can provide you with an informed opinion on market conditions and what would be in your best interests.
The real estate market has gone through some profound changes in the last 12-18 months. Property values have stabilized and actually begun to climb. As property values increase it makes selling financially tempting for those who have positive equity in their home. While these property values are rising they will not reach the levels seen before the 2008 fiasco but that does not mean you cannot make a profit. The property market is considered by most as a barometer of market sentiment, if consumers have confidence in the economy then they would make major financial commitments like buying a home. With homes selling in less than thirty (30) days a person could draw the conclusion that market sentiment is very positive. You may be thinking if the demand for homes is increasing while would I want to sell now? Why not wait for prices to climb? That would be an excellent strategy but we are facing a problem, interest rates are on the rise as well. Since the quantitative easing introduced in 2008 and record low interest rates money was really cheap to borrow but it seems the good times are over for borrowers, as interest rates rise it drives up the cost of home ownership. With each interest rate increase the pool of prospective buyers is reduced which puts downward pressure on demand and reduces the maximum price you can get.
While these rising rates may make it harder to sell a home you will also have difficulty financing the purchase of another home since the cost of borrowing will affect you as well. Selling your Birmingham home right now makes sense if you do not plan on living in the area for more than two (2) more years or want to take out some cash to go on a holiday or perhaps help your children come up with a down payment on their home.
There are many variables involved in such a major decision, what you need to do is book an appointment with a licensed real estate professional who has experience with the local market. The first thing you need to do is find out what your property is worth. Your Birmingham Realtor is going to look at what similar properties sold for over the course of the last 45-90 days and based on that information they can give you some insight on what your property is worth. Once you know what your property is worth in the current y market you can make a firm decision on whether now is the right time to sell or should you stay put for now.
If you would like information on your local real estate market, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you.
Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Max Broock in Birmingham, Michigan. See what past clients have to say about Stephanie Lang. Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.