The 3 W's of Resale

Hammond Property Group Video Blog with Brian Hammond

If you are thinking of selling, there are three steps you need to take to determine whether that is a sound decision. This applies whether you’ve owned your home for 12 months or 12 years.

Recently, I received an interesting question from a past client: “I know we’ve only owned our home for less than a year. However, in light of the continued strength of the Nashville and surrounding areas’ markets, and the continued price appreciation, is a resale and a move something we should consider?”

Basically, this boils down to whether reselling a property shortly after buying it is a good idea. Actually, I would approach this decision the same way I would when consulting anyone who’s thinking of selling a home.

I’d like to break down my answer into three steps.

First, you need to ask yourself why. Why is a move something you’re considering in the first place?

Based on what they stated in their question, it sounds like the motivation from my past client comes from wanting to earn a profit. For others, it may be the desire to upsize, downsize, or get into a different school zone. No matter the reason, clarifying your “why” is the first step anyone should take in making this decision.

After that, the second step is to consider the “what.” What would a home sale look like financially? What is a realistic sales price based on comparable properties in the area, and what is the realistic profit you could potentially make?

A Realtor like myself can assist you with determining these numbers.

"Whether you’ve owned your home for 12 months or 12 years, the steps are very similar."

The third and final step is to ask yourself where you would go. You also need to ask yourself if you can make a move to a different area or home within your financial capacity. Whether you’ve owned your home for 12 months or 12 years, the steps are very similar.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.