While it might make sense for people to wait to list their homes, what if circumstances require you to list your home right now? Is there still a good argument to list your home now, even as the real estate market shifts? The experienced real estate agents at G Stiles Realty have been through this before and have the perspective to provide valuable insight.
There is no denying the impact of rising interest rates on the listing prices of homes. Home values will drop as the real estate market comes down from its historic run in 2021-22.
History can help put things in perspective.
As people worry about interest rates in the 6-7% range, agents and home buyers can remember living with rates in the upper teens in the 80s and celebrating when interest rates fell to single digits again in 1991.
One of our G Stiles agents mentioned this case in a meeting recently:
A family I know recently got a big job promotion in another state. My advice to them came down to a few options…
Work with an experienced agent.
More than ever before, experience is going to pay dividends. Real estate agents with years in the industry have been through market corrections before. They have developed a deep list of clients who might be interested in your property, and know what buttons to push to get your listing in front of the most potential buyers.
Get your home on the market as fast as possible.
The longer you wait, the less you will get for your house. Housing demand is still very high. Quality homes listed at the right price should still get solid offers. We don’t know what the future holds for housing prices, how far prices might drop, or how long it might be before the market rebounds. Another way to look at it is this: if you wait to put your property on the market, when will the right time be? Can you afford to wait a year or two years?
Hustle now, and get your house on the market as soon as you can. G Stiles agents are ready to get to work for you.
List your home for what it is worth.
The days of bidding wars and listings that only last a few hours are probably behind us. Even if you aren’t able to sell your property for top dollar, your home still holds value, and is probably still worth more than you purchased it for. Set realistic expectations. Be prepared to wait a little while for an offer, but remain optimistic.
Consider keeping it as a rental property.
If you can manage it, find a place to rent in your new city and keep your home as a rental property. Rentals can serve as the antidote to the instability of the stock market. This might be your chance to get into the business of being a landlord.
G Stiles Realty co-owner Greg Johnson has written an article on Real Estate Investment Advice. Click here to read that blog entry.
Keeping your home and turning in to a rental property has some very significant advantages, like the capital gains exclusion cause, for instance. Talk to an experienced G Stiles real estate agent to see how that idea might work in your specific situation.
Also, there are quality local property management companies in Douglas County. They take a percentage of the monthly rent, but can take care of both large and small issues that come up, no matter how far away you happen to live.
The bottom line:
Depending on your specific timeline, G Stiles realtors believe waiting to list your property might not be a great idea. If you were preparing your home for the market while it was still red hot, only to find the real estate market cooling, stay committed to your plan. Work with an experienced G Stiles agent, have a game plan, and stick to it.
Even a slightly cooler market is still hot compared to what we have seen over the past year.
Need to list your home? Contact G Stiles Realty today.
Greg Johnson and his wife Carol bought G. Stiles Realty from Georgia Stiles in 1988. Since then, they have bought and sold thousands of properties in Douglas County, Oregon. Find out more about G. Stiles on our website and make sure to see the G. Stiles Facebook page.
See our properties: https://www.gstiles.com/roseburg-commercial-real-estate/