As we all know, suburban real estate is having a huge moment in city-adjacent towns across the nation due to the wave of big-city renters dispersing into less densely populated areas. According to an ABC report, 256% more people were moving out of NYC this March compared to the same month last year. We see numbers like this all over the news but all of the coverage focuses on the interests of this newcomer wave. There are countless sources sharing advice on where to move, how to find the perfect home, etc. But what about the suburban homeowner’s perspective and their interests?
I’m a Long Island native and I’ve been a realtor here for roughly ten years. So, I know the dilemma that many suburban homeowners are facing on the flipside of the coin. Homeowners are in a seller's conundrum – do I give in to this pressure to sell or do I wait? Should I do anything to my house or sell as is? I’m here to give you some advice on how to make this decision.
What are your personal pros and cons?
Homeowners have been thrown into a difficult decision with a lot on the line. It’s often not easy to part with the home you raised your family in. This particular situation is forcing the homeowners' hand to decide what’s more valuable to them; the nostalgic comfort of their now empty-nest or the suddenly spiked equity in their home. This answer will be different for everyone. Some may be ready to move closer to their now-adult children or to retire in an always sunny beach town. Then there are others who know that no amount of money could make them part ways with their neighborhood family and the coffee shop that has their order ready every Saturday before they even arrive. So, take some time to build out a pros and cons list and weigh them. Figuring out what’s best for you is much easier to do when the big factors are right in front of you.
How does your plan compare to market trajectory?
My advice is, think about your own plans for the next five to ten years in comparison to buyers vs. seller’s market trajectory. If you see yourself parting with your home in five years, the wait might cost you tens of thousands of dollars in the long run. In times like these when your area has a particular appeal, high demand, and low supply it is unlikely that you’ll be in such a prime position to sell in the near future. Right now, you’ll likely spend fewer days on the market and have an influx of offers that will drive up your profit. So, if you fit this description I’d advise you to strongly consider selling now.
How much will you have to put into your home to sell in a buyers market?
Another thing to consider is the state of your home. If you’re overdue for a renovation or approaching that need in the next few years you need to consider that in your decision too. If you sell now, many buyers will see past outdated aspects of your home because the supply is so low that many buyers will take what they can get and update it themselves. This is not always the case in a buyers market. If you wait to sell, you might find yourself needing to put big bucks into a renovation before you can sell just to keep up with the countless other homes in the area that are also on the market. So, if your home fits this description it’s another pro of selling now.
Know the value of your home.
Remember that your home is an investment, so you should always know what it’s worth. Get your home appraised! This will give you a vital piece of information to consider in your decision.
Again, everyone is in a different position and has unique factors to consider. There’s a great opportunity to sell right now but maybe you’ve got your whole extended family in a 30-minute radius, you’re a staple of your community, and you already have plans drawn up for a renovation so you can age in place. Selling isn’t the right plan for everyone.
I hope this advice makes you feel more equipped to make this decision. Best of luck!
