When is the best time to sell your home?
Downsizing, upsizing, relocation to a new job or lifestyle changes are just a few of the many reasons why people sell their homes. Regardless
of the reason, each seller wants the same thing: selling a home without hassles, quickly for the best possible price.
Before selling your home, spend some time thinking about your reasons for moving. Is your home too large? Is it too small? Will you be looking for new accommodation in a new city because of a change in employment? Perhaps you just need a change in lifestyle. When you clearly have answers to these questions, your search for a new home, plus the sale of your existing home should be more manageable.
When is the best time to sell your home?
In the spring, not during the Christmas season, not during the school year. Some people look for bargains during the winter and then try to sell again in the spring. Summer is a good time. Each person has a theory or reason why selling a home at a certain time is better than another. Some theories are based on the economy while others suggest that some buying months are better than others.
• Do you children need to be closer to school?
• Do you need to be closer to work?
• Do you need to be closer to hospital or medical facilities?
• Is your home too large?
• Is your home too small?
Most professional REALTORS® agree that your situation should determine the time when you sell. It also depends upon your objectives. Perhaps you are an investor looking to capitalize on market conditions or require the funds of the sale for financial obligations. In most cases, however, the best time to sell is likely when your existing home no longer meets your needs.
Economic factors are an important factor
Another key consideration is the economy. How do interest rates compare to your current mortgage? Are they higher or lower? If rates are higher, your monthly payment amounts may be higher than your existing ones upon the purchase of another home. If rates are lower, you may be able to trade up to a more expensive home and not have a significant increase in your monthly financial obligations.
You will also want to research the market. Is it a buyers' or seller's market? In a buyers' market, there are more homes for sale then there are buyers. This usually means a high inventory of homes and few buyers compared to available homes. Homes typically stay on the market longer. Prices are stable or may drop. With this type of market, buyers often spend more time looking for a home. Upon negotiation, sellers have more leverage. You could benefit if it's a buyers' market, especially if you have accumulated equity in your current home.
In a seller's market, there are more buyers than the all available homes on the market. This translates to fewer homes for many buyers, resulting in quicker sales and price increases. Buyers tend to make decisions quickly, multiple offers are common and sellers tend to look less favorable upon conditional offers, for those that are free to close.
In a balanced market, the number of homes on the market tends to be equal to the demand. As demand equals supply, sellers accept reasonable offers, homes sell within a reasonable time period and prices generally remain stable.
A professional REALTOR® has the experience, knowledge and resources to help you make the most of your move. Trained in economics, supply and demand, and local market conditions, your REALTOR® can assess your situation and help you determine the right buying or selling time.
Even better, most REALTORS® are happy to provide you with this service, FREE and without obligation. Call today for your no cost obligation. With a professional REALTOR® on your side, you will make the most of market timing.
