Yesterday, I discussed some of the GOOD reasons for selling your home……….and as promised, today I will discuss some BAD reasons for selling your home. Note, that this list is not all inclusive, just some reasons I have heard prospective Oahu home seller’s indicate why they planned to sell their home…….
First, I have had customers indicate that they would like to sell thier home in an attempt to AVOID MAJOR REPAIRS, such as replacing the roof or repairing structural damage from termites. Please keep in mind, that if you sell, you MUST DISCLOSE all repair issues and this will certainly affect the price you can get for your home……while failing to disclose could result in you being sued for failing to adhere to Hawaii law. If you have a home that needs major repairs, talk to someone like myself and let’s discuss what is the best path forward for you and your home……just trying to sell and not fully disclose is a bad course of action and one I would not accept as your Realtor.
Second, some folks try to TIME THE MARKET, in other words, sell at a general market high just to capture equity that has developed. Obviously, it is fine to sell in order to realize equity that has developed in recent years, but, I would suggest it is not wise to sell just because prices have appreciated. If you sell into a recent rise in prices, you will automatically become a BUYER in that same expensive market when you begin to search for your new home. Or, if you sell in a currrent downturn in market prices you will obviously get less than you could have at another time.
Bottom line, I consider selling your Oahu home to AVOID MAJOR REPAIRS and/or to TIME THE MARKET as two BAD reasons to sell and would rather see you sell your home to meet a need, such as the needs mentioned in yesterday’s blog (financial difficulties, relocation,trading up, changing space needs, realizing equity, death/divorce, or changing neighborhood conditions).
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