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TOUGHING IT OUT...

Making the decision to sell your home can be one of the most excruciating decisions that one can make.

After all, you have spent lots of time and energy into making it yours. You have painted, remodeled, made additions, decorated, landscaped and countless other things to put your personal stamp on something that, at one time, belonged to someone else (unless you built your home from scratch).

There are, of course, many reasons why someone would need to make the decision to sell their home. Relocating because of your job, or for health reasons, is one reason. Downsizing because the children are all grown now and have moved out, or upsizing because of new additions to the family are another. Maybe you lost your spouse and cannot bear the thought of living in the house alone, or the house is just too large for you to live in by yourself. In today's market, there is the fact that the house might have been way beyond your means to afford it. Or perhaps you and/or your companion have suffered some major life obstacles, such as an illness, or loss of income, that now compromises your ability to afford the place you now call home.

As many reasons as there are for deciding to sell your home, there is one thing that should never, ever, be coupled with that decision, and that is stress. Making a decision to sell your home under duress often results in resistance to effectively selling the house. I have seen the signs of a reluctant seller way too often in the short time that I have been a realtor - not pricing the house realistically, thwarting efforts by your realtor and others to show the house, refusing reasonable offers, not keeping the house in excellent showing condition, staying in the house during an open house or a showing.

Depending on what your reasons are for selling your home, you realistically have two options: sell now, or tough it out.

For those who need to sell their home for any other reason than financial, as long as you are comfortable with whatever price your realtor suggests, then by all means, place your house on the market, if it is truly your desire to do so at this time. If you desire to sell your house, but can do so at a later time, then by all means, wait.

For those whose primary motivation in selling their house is financial, here are a few questions to be considered before making a decision:

• is the house worth more, or less, than when you brought it?
• is your financial situation reversible within a reasonable amount of time?
• is your bank willing to work with you to reduce your monthly payments, and if not, is the bank willing to accept a short sale of the property?
• are there sacrifices that you and/or your spouse are willing to make in order to keep the house?

Everyone has their own specific circumstances and situations that will dictate to them exactly when the right time is to put their hosue on the market when faced with a financial crisis. For some, selling now is the best route - to prevent foreclosure, or to otherwise get out of a difficult situation. For others, toughing it out may be the best route. Why?

Personal story: I wrote a blog post a few weeks back, I'm Mad, and I'm Fighting..., in which I described my bank's unwillingness to work with me to save my house after a series of unfortunate events deprived me of my ability to afford the house - a bank which has receieved money from the federal government, btw.

I made the decision to tough it out. Why?

Because I knew why I was in the situation that I was in, and despite the initial non-cooperation of my bank, I am now almost out of the situation that landed me there in the first place.

Because my wife insisted that I sell the house. Her words? "It's not worth it". Hoqwash. After I have settled my accounts with the mortgage company, the mortgage will be back where it's supposed to be.

Because I know that, as a teacher, I get an increase in pay every year. Enough for me to be able to afford the house (I am actually able to afford the house now, except for all of those circumstances that arose).

Because I know that it's my house, and I'm not ready to give it up. I'll move when I am ready, not because I have been pressured into it.

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Looking for information about homes in the Greater Waterbury area?

Buyers, need to find financing and advice on the home-buying process?

Sellers, looking for tips on how to make sure your home sells?

Stop by www.williamsplaces.com !

Courtesy of William James Walton, Sr ., Realtor, Century21 Access America

Serving northern New Haven and southeastern Litchfield Counties (Waterbury, Wolcott, Prospect, Naugatuck, Middlebury, Southbury, Watertown and Plymouth)