Should I Sell my Home or Not? How to Create the Home You Want
I often get asked by Portland area homeowners how they can make that best decision to sell their home or not. Perhaps there are things about your current home that need improvement. I get asked, “Should we just remodel? If we sell, what about this very tough market for buyers right now? What if we can’t find that next perfect home once we sell?
In this article, I’d like to answer three common questions I get when someone is thinking about selling their home.
Question 1: “I’m thinking about eventually selling my home, but I’m not sure. What can I do to prepare my home for a possible future sale?”
Painting If you want to freshen up your rooms with new paint, and you have resale in mind, I definitely recommend neutral colors such as off whites, light grays, or greige, which is a mix of gray and beige. A neutral quiet background helps a future buyer imagine their own furniture in your space. However, if you are not thinking of selling, I hope you will choose that perfect unique color that truly speaks to you!
Decluttering I know decluttering can be daunting, especially for those who have lived in their home for 20 to 30 years! Decluttering means basically getting rid of things that you no longer use or want, whether it’s giving away, selling, or donating to a charity. If decluttering is too overwhelming, there are small businesses that can help you make those decisions, or they can simply box up and take away your unwanted items. I can give you some excellent recommendations.
Remodeling Should you remodel to prepare for a sale? Repairs such as dry rot – yes; remodeling – probably not. Non-repairs can lower your home value. I can give you my advice based on your specific house.
Question 2: How can I decide to remodel my home or sell my home?
Story Two years ago, a couple reached out to me with this question. They loved their neighborhood and their property, but they definitely wanted an extra bathroom, updated kitchen, new deck, and some basement improvements. These changes were estimated at $200,000. Usually, you get about 65-75% of the value for whatever you invest in a remodel and it was true for this couple’s house.
They wondered if this remodel was worth it versus buying a better home. So, I ran some real estate comps for their neighborhood and showed them the market value of their current home versus the market value with the remodeled changes. Then, with my help, they looked at some other homes in the area. They decided that remodeling was worth it. I think they made the right decision for them.
But how can you decide about a remodel or not? I think if you love your neighborhood, the school district, your area, and most things about your home, it may be better to remodel. If you don’t love your property and location, it may be that you would be better off with a new home.
Keep in mind that a remodel may not always work out the way you envision it. There’s a lot of effort in remodeling, often more effort than moving. I’d be happy to give you my opinions. I worked in the building industry prior to becoming a realtor and know some things about home construction.
Question 3: I want to sell my home, but in this low inventory market, I’m afraid I won’t find a better house. It’s so competitive out there! What’s your advice?
This is a good question and worth tackling head-on! Practically every area in Oregon has low inventory so far in 2021. This is tough for buyers.
Story I have a current client who is selling their Beaverton home and moving to the coast. Before they listed their home with me, we first spent time at the coast to see what is available on the market for them. Then we talked about all the options for selling and buying so they could make the right decision for them. We spent some time looking at homes and talking. They chose to move forward. I’m excited for them!
Here are some things to know about selling and then buying a new home:
Seller’s market To buy a new home, expect that you will need a strong offer to compete against multiple offers.
Your home is also in demand! You should receive multiple offers on your home - and very quickly. I can help you get the most value and ease of selling through my successful strategies. Remember it's not always about the highest price, but the best terms as well.
Contingency offers If you can avoid a contingency offer, you will have a much better opportunity to be selected in a multiple bidding situation. Owners selling their home just don’t want to risk a contingency offer.
Financing opportunities Mortgage lenders are offering low down payments and rates are extremely low too. So, you may qualify to carry two homes. This means you may be able to buy a home and then immediately sell your home.
Rent-back possibilities Some sellers are asking for a short period to rent their home from the buyer after the close. Renting back gives you more time to find that next home.
Risks in not finding home in time There is always the risk that after you sell your home, you will need to rent until you find that next perfect home. Many people find it worth this temporary living situation.
There is more we can discuss. Please know that you don’t have to figure out whether to sell or not before talking to a realtor! I’d be happy to help.
Let me help you decide on where to sell your home and your timing
I am truly interested in helping you figure out what’s right for you, whether you are thinking of moving soon, or years from now. I am just a phone call, text, or email away. Let's chat!
Contact me at 503-453-6580 or email me your thoughts anytime at tiffanie@tdrealtygroup.com
About TD Realty and Tiffanie Danley
Using all my skills developed over 10 successful years in real estate, I make sure my clients get the best outcomes for them. I am very dedicated to all my clients: I want to find you your next home that’s so right for you, or I want to sell your current home that gives you the best satisfaction for you as you move on to the next home. If you have questions about my approach, or if you want me to be a sounding board for your ideas, let me know.
