6 Tips For Deciding When To Sell Your Home
Follow these tips when you are ready to put your home on the market
Most everyone knows that deciding to sell your home can be a big task as you plan to make a large lifestyle change. However, sometimes figuring out exactly when to sell to obtain the best price can involve some further steps. The real estate market landscape changes sometimes even seasonally with local market nuances and of course the past couple of years don’t resemble typical patterns either. Here are some helpful pointers if you are trying to decide when to sell your home.
Engage With a Real Estate Professional
Contact a local real estate agent like myself to review current local conditions as even the type of property you own can play a role in the ideal time to sell. Only an experienced agent like me will have a finger on the pulse of current activity and provide the best advice.
Obtain a Market Analysis
Your real estate agent can furnish you with a market analysis as well as real time comparables in the market and also inform you on local trends like average days on market, list to sale price ratio and more. This data will help you arrive at what your home is worth and how quickly you can anticipate a sale.
Identify Your Area’s Peak Selling Time
Every market has its ideal peak selling times when things get extra busy with more listings and active buyers. Some locations are influenced by schools, vacations and even the weather or season. There may be a prime time in your market to sell, but don’t worry if you can’t sell then.
Examine Interest Rate Trends
Current interest rates and rate trends are a good thing to examine as they often drive buyer demand. Today’s mortgage rates are still extremely low so demand is strong and buyers can afford more. Lower home loan rates essentially mean that you could get a higher price for your home especially if a competitive bidding war occurs.
Establish Your Selling Goals
It may sound funny at first but every seller has a different goal for selling their home. Some may be looking for the fastest sale possible while others may want to seek out for the highest price where selling time is less of an issue. Figuring out your goals is helpful in terms of setting the price at as well as what work should be done before you list.
Decide Where You Want To Move
Consider the market that you are moving to and examine the market conditions of where you are selling. You will want to weigh out if you should find your next home first and then list your current home, or list and then search. You will most likely want to do the one that may be more challenging first but that can depend from market to market.