Homeowners in the Lake Minnetonka real estate market are often motivated by the merging of two age-old cliches: “Jumping on the bandwagon” and “Strike while the iron is hot.” Homeowners thinking about selling a Lake Minnetonka home have seen prices continuously climb during the last year as a result of a number of factors – most notably a higher demand created by a lower than usual supply of home inventory. However, one question homeowners should ask themselves if they're contemplating selling is, “Am I making the right decision.” Yes, No, Maybe?
When thinking about selling a Lake Minnetonka home, the market is comprised of many “ups and downs.” The “ups” are the higher prices many sellers can command for their homes. The “downs” are, again, the higher prices many sellers can command for their homes. Simply put, if you sell your home for top dollar you’ll probably have to pay top dollar for a new place to live, too. We suggest consulting with real estate professionals before you test the waters.
One of the biggest challenges in your individual housing market is the difficulty for the average homeowner to know whether or not it’s at its peak. If you base your decision to sell on the perception that other homes in your market are selling, it could give you a sense of urgency. That impulsive need to act quickly or “Strike while the iron is hot” may often be popular, but not always prudent. Let’s take a look at a few tips that may give you more insight if you're considering selling a Lake Minnetonka home.
Long Term Considerations
Because real estate transactions are in large measure emotional investments, you should carefully assess the reasons you're contemplating selling. Is it purely for financial gain? If so, as mentioned above, will you end up paying more for your next home? Do you really want or need to sell? If not, consider making your home a rental property – especially if you’re thinking of downsizing. As an alternative, if you can afford it, you can give your home to your children – what a wonderful gift for a growing family! Just don't get caught up in a market feeding frenzy and allow it to push you into making a bad decision. Just because there may be an opportunity to sell your home, that doesn't mean it’s the best decision to make right now.
The Past is Just That – the Past
One thing to remember, perhaps above all else, is what worked before when it comes to selling a Lake Minnetonka home, doesn’t necessarily work today. The homeownership playing field and the environment in which housing operates is vastly different to what it was just 20 years ago. With employment markets having been negatively impacted and wage growth relatively stalled, it’s often a challenge for prospective purchasers to afford their mortgage. The concept of being able to “grow into a mortgage” is foreign in today’s economic climate. That – combined with the additional challenge of saving for a down payment – is one reason “Millennials” aren’t buying homes in the numbers their predecessors once did. As a result, the homeownership rate in the U.S. is at the lowest level in over 50 years. So, if you do decide to sell, remember you may be in a neighborhood that would be ideal for first-time homebuyers – but fewer, at least for now, are buying.
Don’t Rush Things
Take your time. Nothing or nobody should be able to unduly influence your decision to sell or not to sell. You likely didn’t rush into the transaction when you purchased your home, so there’s little need to rush to sell, either. Get the opinion and advice from different sources. Consult a real estate professional. Call your accountant, tax advisor or financial planner. They could be invaluable in providing information you may not have considered. Remember, because of their nature and the resulting “domino effect” they usually create, home sales aren't easily undone. So before you decide to sign the sales contract, take your time, be confident in your decision and don’t look back. If you have any hesitancy, take it as a sign you should step back and regroup. As with most things – especially emotional decisions like selling your home – let your conscience be your guide. Chances are, your instincts will tell you what’s best for you and your family.
Don’t Look Back
After you’ve given due consideration to these and other tips pertaining to selling a Lake Minnetonka home and still decide you’re ready to sell, go for it. Shift into high gear, hire a sales professional, list your home at the most attractive price possible for a comfortable, manageable closing date – and don’t look back! As humans, we’re all guilty of second-guessing ourselves. However, if you’ve gone through the thought-provoking exercise, consulted with the right people, and feel selling is the best thing to do, you’ve done your due diligence. No second-guessing required. Own your decision and press forward.
The proverbial bottom line is this. A decision of this magnitude should be made by you and you alone. Others can provide their opinions, their expertise and their advice, but when the dust settles, you’re still the one who has to make the final decision. Once you feel confident in your research, information gathering, processing and mulling things over you may just find that the agonizing decision you wrestled with at one time now seems obvious – one way or the other.
See more articles pertaining to selling a Lake Minnetonka home in the Lake Minnetonka Home Selling Tips section of our site below Lake Minnetonka Real Estate Categories in the column to your right.
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