When Is The Best Time To Sell?
Steve Alverson, CFP®
Financial Advisor
Three Steps To Know For Sure When It Is Time To Sell
We get this question a lot. When is the Best Time to Sell?
There are three main reasons to sell something.
1. You have an offer you can’t refuse (meaning the price is abnormally high)
This is when the current price is going for more than what the ‘market' would typically ask for it. These situations are rare and often unicorns. They may even be seen as too good to be true.
2. Your Lifestyle or long-term plans have changed
A major event in your life has caused you to reprioritize your time so that you can no longer maintain the investment. (Think a loss of a loved one, a new child is brought home, significant lack of interest, or a family illness.) Really, this is an instance where you or someone you know can no longer monitor said investment.
3. a greater opportunity has presented itself
THIS IS WHERE MOST PEOPLE MAKE MISTAKES! The grass is not always greener on the other side. Emotions can trick you. Headlines can persuade you. It is best to seek counsel to make decisions in this area.
So when is the best time to sell an investment? Well… it depends, and sometimes… it's best to know a guy.
About the author: Steve Alverson, along with his colleague’s Barry McCall and Austin Coley, are a team of Financial Advisors in Tennessee. They offer financial planning and retirement planning, as well as investment management and wealth management. They are based out of Brentwood, Franklin, and Nashville, TN and additionally serve the customers of First National Bank in Southern Tennessee and Northern Alabama. They are licensed in 23 states.
This material is being provided for information purposes. Any opinions of those are of Steve Alverson, CFP® and not necessarily those of Raymond James.