Determining the Best Time to Sell Your Home
Analyzing the housing market seasonal trends is an essential first step when you need to choose the best time to sell your home. However, the choice to relocate is frequently an individual one. Other things to consider are your economic status, the present state of your home, whether or not you plan to make any adjustments, and whether or not the local market circumstances are favorable. This article will lead you through everything you need to understand about determining the best period to put your property on the market.
When is the best time to sell your home?
For many sellers, the response is "as quickly as possible!" - but if you have the benefit of time and want to maximize your chances of finding a buyer at the highest price, the timing of your listing might be crucial. Certain things should factor into your decision here. And today, we will go through all of those to help you make the best choice possible.
First, think about where you're going to be selling
Depending on the location, the best time to sell a property quickly and for more profit is different. Whereas most people associate selling with spring, this isn't the case in states like Texas, Florida, Arizona, and some parts of California. This is because the weather in those locations is very drastic, including high temperatures, storms, and tornadoes. Before you analyze the advantages and disadvantages of selling during each season, find out the ideal time of year to sell in your area.
How is the local housing market?
Other market dynamics are at work in addition to seasonal tendencies. Depending on how competitive it is to purchase vs. sell, the real estate market is typically referred to as a "buyer's market" or a "seller's market."
To identify the best time to sell, you must first establish whether the market circumstances where you're buying a house are favorable to you. For instance, how quickly are housing prices in your community rising? What does that price increase mean regarding where you'd like to buy? Do houses lose value? Is it possible that fewer purchases have caused the stock to accumulate?
Triad Real Estate Market Reports
If you're thinking about selling your home in the Triad area, it's easy to determine how the local real estate market is performing. Green Haven Realty offers free local Real Estate Market Reports, which shows active listings, pending sales, and sold properties by city, zip code, even subdivision. So, if you are looking to sell soon, be sure to visit our Triad Real Estate Market Reports page and set up your preferred market report. You will receive a monthly email with statistics of your chosen area.
The costs of selling your home and buying a new one
The whole expenditure of selling a property may amount to up to 10% of the sale price, from agency fees and home renovations to unforeseen compromises. Most homeowners do not accumulate enough equity in their house to cover the costs of purchasing, closing, and relocating until they have lived in it for around five years.
You may start budgeting for your future house once you know how much it will cost to sell your current one. But the list price is only the start of the expenses. Once it's time to move and to choose residential movers, it's crucial to find the best help you can so you can save both time and money.
Does your home need any updates?
Think about how much time and work it will take to get your house ready to sell. If you want to sell quickly, concentrate on minor improvements and aesthetic changes that may be completed in a brief period. If you're not in a rush, choosing a suitable renovation project can help you increase the value of your property and increase the market price. You could also decide to forego the house prepping and repairs entirely. One alternative is to put your home on the market and lower the price to match its present state.
How long does it take to put a house on the market?
Before listing, sellers devote an average of 7 months just contemplating selling. They also usually do at least a few house modifications. The average time it takes for a home in the United States to sell is 55-70 days after it is listed, including the 25 days it spends on the market and the customary closing period. You should plan on spending at least two months prepping to sell your home. That will give you enough time to analyze your local real estate market, select a trustworthy realtor, clean up your place, and perform any fixups.
Understanding the yearly cycle of home sales
House prices do not just rise, regardless of what you see on the news. During the course of a year, they naturally increase and drop. This is primarily due to fluctuations in customer demand. It has its regular cycle, yet external factors like government involvement may throw it off. Let's look at all of the seasons and the pros and cons they bring.
Spring is widely known as the best time to sell your home. People prefer to look for houses when the weather warms up, so preparing your home for sale in the winter to sell in the spring is typically a good idea. With tax returns in the wallets, improved temperatures for moving, and summer vacation from school approaching, most houses get taken off the market fastest during this season. Gardens are also in bloom, boosting that curb appeal.
Summertime is sometimes a difficult season to sell. The main reason for this is the summer break. It's challenging to find time to look for a home when you're busy amusing children. Moreover, a lot of people are on vacation. Around August, the market reaches a nadir. If you need to sell at this time of year, try to list your home as soon as possible.
Interested bidders may be keen to finalize before the holiday season, so your fall listing might go off the market fast. Moving costs may also be substantially cheaper in the fall than in the springtime, sparing you cash on the tail end of your deal. Along with these, costs for fixing your home up also get lower during this period.
However, the market does slow down as soon as school starts, and colder weather starts approaching. Because most purchasers are not in any hurry to relocate, their timelines may be more adaptable, implying they are content to wait for what they want.
Winter is the most reviled of the homebuying seasons, with apparent drawbacks in some circumstances. People are focused on the holidays and dread moving in the snow and ice. However, there are a few crucial benefits to selling in the wintertime that you may not be aware of. Your open house may attract fewer viewers during this time, but those who face the weather to see your property are most likely serious buyers. This is also a busy season for ski resorts and warmer states.
There are some guidelines on how to choose the best time to sell your home, but that doesn't have to mean anything in your particular case. Buyers are out there 24/7/365 a year. There are just more of them on certain days than the others. If you have a good agent and put effort into presenting your home, we are sure you will sell it in no time. Good luck!