If you’re being relocated for a job or you or a spouse is in the military and is being deployed, you need to sell your house as quickly as possible. But if you’re just looking to upsize or downsize and want to remain in your current area, there may be no real urgency to sell. In this case, how do you figure out the best time of year to list? Read on to find out.
Research Current Market Conditions:
Before you put your house on the market, you need to familiarize yourself with current market conditions. Is the market weighted towards buyers (also called buyers’ market) or is it skewed towards sellers? In a buyers’ market, prices tend to be low because of the numerous housing options for buyers, so of course it’s beneficial to sell when the prices are trending in your favor. The big question is, how long will it take and is it worth the wait?
Educate Yourself on Market Trends
Spring and summer have traditionally been considered the best times of the year to sell a property. During this season, more people are out and about enjoying the weather. Homes and gardens look at their best and families are poised to purchase a new house before the start of the next school year. However, there’s also a lot of competition in the market during spring, a factor that can affect your pricing.
Consider the Impact of the Economy
You should also consider the economic conditions in your local area. For example, rising rent prices can affect the housing market, because homeownership becomes a more attractive option. Interest rates can also affect the timing of your sale. A low interest rate market usually means more buyers are in the market to purchase a home, which can be a great thing for sellers like you.
Have a Realistic Timeline:
If you need to sell your home in fifteen days, you’re going to have a hard time getting the prices you want. But, if you have a flexible timeline, you’re much more likely to get your asking price (or close to it). With time on your side, there’s no “bad” time to sell, because you have the freedom to wait for the right offer. That said, if conditions are right, the likelihood of being able to do that sooner rather than later fall into your favor.
For the best possible results, you should work with real estate experts (like the team at HomeBay) to make sure you list at a time that will give you the optimal return on your investment.