Real Estate
Should I Sell?
I
BY JAMES HOLDEN
t’s the early days of 2023, and the question of selling or staying put continues to haunt buyers; it is a time when housing inventories are depressed, inflation is out of control, mortgage rates are sky-high, and a recession is looming in the future. But, as consumers see the value of their homes increase beyond their wildest expectations, many are tempted to list their primary residences for sale; they view it as the perfect opportunity to generate a windfall. Of similar thought, others believe it is an ideal time to upgrade to
26 | MARCH 2023 | NEW ENGLAND NEWS + MEDIA
a more impressive home offering more lavish amenities. Unfortunately, the challenge homeowners face after a quick sale, and a handsome profit, is to find an affordable and suitable replacement. In reality, without a firm commitment to relocate, risk takers will need to search for a rental or move to another state; and in the worse case, it would be to place personal items and furniture in storage. During the last decade, families and speculators have used real estate market gyrations to upgrade or spin homes for profit. Low-interest rates, stimulus packages, the ability to work from home, plus
a glut of properties coming to market at the speed of a conveyer belt; have made for perfect fiscal scenarios. While the party seems to be over, it isn’t a complete bust; home buying has slowed, having to do with fewer homes being listed rather than inventories sitting idle. Demand remains robust, with available properties spending only a few days with a for sale sign in front of them. There are plenty of qualified buyers on the sidelines with guaranteed funding, so what is the problem? Primarily, it is a combination of fear and interest rates for the lower and midlevel markets; the less savvy buyers re-