Making the move at the right time in vibrant market

A lot of people wait until spring to put their house on the market. I get it. It feels like the natural timing of things, doesn’t it?

And if that’s your plan, then you’ve got some time to line things up the way you want. But maybe you’re feeling the itch to act sooner. Or at least wondering how that might play out.

Despite the pandemic, there were more home sales in metro Memphis in 2020 than 2019. That’s not a misprint. And if you have a home to sell, you would be interested to know average sales price for all of 2020 was 12.3% higher than the previous year.

In other words, the market is strong right now.

So, is now a good time to make a move even though it’s a bit cold outside? It’s your call, of course, but putting your home on the market now would get you ahead a lot of your competition. Not a bad idea given that inventory is low. Your home might generate multiple offers. We continue to see that in just about part of town.

Beyond that, think about what you want in your next house.

Starter houses are just that. If you find yourself always having to force rooms to serve dual purposes – the dining room table is where the kids do their art projects, the kitchen table is your home office – then you’re probably ready for a larger place.

Conversely, if you’re now an empty nester you might not need all that now-empty space that requires taking a flight of stairs to reach. It might not even be that you desire drastically less space, but that it needs to be in a different configuration. A bedroom downstairs, for instance, might now be a priority. Also, less yard.

Consider, too, how much time do you want to spend in your car each day getting to and from work or the kids to school. A home far away from the city core is a good option for some people, but certainly not all. Some people assume that they want to live in the quasi-country only to discover they hate the long commute each day to the office.

If that’s your situation, you might be surprised to learn how many different styles of living are available inside the loop, in Midtown, and even Downtown.

Consider, too, what’s going on with your career. Is a promotion in the offing? Is your employer cutting back because of the pandemic?

If you’re feeling secure about your financial situation, more income could open the possibility of more house or moving into a neighborhood that previously was out of reach.

On the other hand, a decision to go to work for yourself and open a business might signal the need to scale back your standard of living – at least for a time. In this scenario, in a market that is strong, you might look to take advantage of the timing and sell, capture a profit, and then downsize on the house so you have more to invest in your business.

Whatever your considerations regarding a move, it’s a good idea to bounce options off a seasoned pro. Your REALTOR® stands ready for that conversation and to help you work through all the possibilities.