By Barbara Lehrer
Real Talk
Barbara Lehrer
There are many reasons we chose a home to purchase. At the time, perhaps it was the location, or the school system, or even a first-floor bedroom for an elderly family.
Lifestyles change, and sometimes the home you are in is no longer fulfilling your needs. Many characteristics cannot be altered, such as the floor plan or backyard. If these are important to you as your tastes change, then perhaps it is time to look elsewhere.
In today’s market you will definitely benefit from a bidding war if you list your property. You may sell high with a large profit. This seller’s market assures that your home will not sit if it is priced right, so having a plan on where to go next is essential. Buyers will want your home and they will want a definite closing date.
Renting a home for a few years is a solution for some. If you are ready to commit to that solution first, then this can be a great plan. If you get a rental property, you can declutter gently and stage your home to sell. You no longer have the stress of figuring out where to go. It is also a good opportunity to try out other locations with commutes, shopping and community offerings.
I recommend sitting with an active real estate agent, someone who specializes in your area and knows a realistic price point for your sale. Someone who can help with finding that perfect rental.
Most people need to sell to buy, so looking for a purchase before you even list your home is not realistic in this market. You can compete for the purchase you are attracted to (as a purchase, not a rental) only if you have enough equity in your present home to hold two properties at once, even if it is only for a few months. The fall is a great time to rent, especially if you want a beachfront rental through the winter.
Many homeowners working from home are finding that the convenience they needed is not necessary anymore. Without a long ride to work or the educational system needed, options open up everywhere. The farther out of town you go, the less expensive it is. If you make a list of what you really would like now instead of what you gained in the past, you can use the profits you achieved from the new selling price in order to renovate a new space. You may find something that really works for you now.
Products and professional contractors are open for business now. The last few years were not easy, but you could create your new home. After all, our tastes change too. Many house hunters are expanding their search all around the state, hoping for a water view or a private tract of land. Connecticut is a beautiful place to live, with elegant village towns and walking distance to shopping.
Whether it is to upsize, downsize or just resize, when profits are high it is a good time to take the chance. The season of beauty is certainly upon us now. Enjoy the hunt; take the plunge. Good luck.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.