Although homes typically appreciate over time, various factors – neglected maintenance or a deteriorating neighbourhood, to name a couple – can cause a property to lose value.
If you find yourself in this situation but still want to sell, take these factors into consideration.
What’s your timeline?
Are you in a hurry to sell? Sometimes, waiting a few years can work in your favour. A slower real estate market can pick up again after two or three years. During that time, consider investing in a few home improvement projects. If you need to sell quickly, selling at a loss may be your best option – just be sure to think through your decision.
What price?
If you believe in your home’s potential and feel confident it will appeal to buyers, you can try selling it for the same price you initially paid. However, this can be a risky gamble. Patience is key.
What about renting?
If the current market isn’t favourable, you may still be able to generate income by renting out your home. This approach allows you to wait for the market to improve before trying to sell again. The rental income can also help fund necessary repairs, potentially increasing its future selling price.
Talk to a local real estate professional to help you make the best decision.
