How Can You Know When the Market Is About to Change?
8. When listings expire and are reassigned to a new real estate agent.
9. When price reductions are common and frequent.
10. When bidding wars become rare and sale prices below the listing price are far more common.
Discuss with your agent where the market stands, your concerns and any questions you have about the best strategy, timing and possible outcome.
It Might Not Be the Right Time to Sell Your Home
You receive postcards in the mail and letters several times a week suggesting you sell your home because the market is white-hot. That might be well and true, but that does not justify you selling your home now. There are certainly other considerations -- personal, financial, legal, etc. Laws have changed significantly in terms of inheritance tax, and as real estate agents, we are not qualified to discuss taxes with our clients. An honest real estate agent will always suggest speaking with a CPA or trusted advisor before taking any steps to sell your home.
If you have been thinking about selling but have not consulted with your CPA, that would be your first step to take. Your CPA will explore other options that might benefit you more in the long run. For example, not everyone is prepared to be a landlord or a property manager, although there might be some financial benefits to holding your property until there is a stepped-up cost basis. Discuss with your trusted advisor.
For more information, please call Ron Wynn at 310-963-9944, or email him at Ron@RonWynn.com. To find out more about Ron and read his past columns, please visit the Creators Syndicate webpage at www.creators.com.Copyright 2020 Creators Syndicate, Inc.