For first-time home sellers, the most important question you must pay attention to is 'When?' The timing of your listing directly affects how fast you can find a buyer and for how much you can sell your house. You might have seen real estate ads saying there's no better time to sell your house than 'right now.' Such a ruse is understandable and often necessary to keep business moving, but it's not always true for everyone.
Your ultimate goal is to sell a house fast. So, you must be wondering when you should put your property on the market. The short answer to that is 'It depends.' The 'best time' for selling is different for each property type, location, and local housing market, among many important factors. To help you hash out the specifics, here are some useful insights on finding the exact golden time for your house.
There's a widespread belief that spring is the best season for selling property. It's likely anchored on the fact that this season has been yielding exceptional results in recent history: high number of sales, fast turnaround time, and above-average asking price. It's not necessarily a myth since it's backed up by numbers, but it's not a one-size-fits-all thing either. The housing market works around seasonal patterns, and each season has its own pros and cons.
If you have kids, you'd want to move out at a time that won't disrupt their schooling, and that refers to their summer break. Therefore, spring is the ideal time to put up your house for sale. It allows you enough time to find a buyer and close the deal until summer comes. When that happens, your family is all set to move out.
Since many sellers choose this season to create listings, the competition is usually stiff. It could be disadvantageous for you if your house lacks unique features, requires repairs, or has anything that diminishes its selling power.
Fall and winter see a significant slowdown in home sales due to unpredictable weather conditions. However, this can actually work to your advantage since there's less competition. The downtime is a great opportunity to deal with repairs or home improvements to increase your property's market value. Home staging is crucial in attracting buyers who are willing to match or even go beyond your asking price.
Those who choose to buy a house during these seasons are usually motivated by time constraints. They might want to settle in a new home before they start a new job or simply usher in the new year in a new environment. If you're confident that you can properly showcase your house, a fall or winter listing might be good for you. Otherwise, it might be smarter to wait it out until the holidays are over.
Apart from looking for the right season, it's also important to be prepared for such time. Don't try so hard to get a spring listing if your house is not yet in tip-top condition or if you're not yet ready to move out by summer. Remember, moving out is a long process and selling your house is only the first step.
You must also pay attention to fluctuations in the local housing market. There are two types of market in real estate: the buyer's market and the seller's market.
As a seller, this is not a good time for you because you might have to cut down your asking price. There is also greater pressure to make your property stand out in the midst of tough competition. Failure to do so could leave your house sitting in the market for months on end.
Needless to say, it's wiser to create a listing when your local area is experiencing a seller's market. It pays to always monitor recent real estate inventory and price movements to know which type of market you're currently in.
Personal factors must also be weighed prior to selling your house, especially your financial capacity. Before putting your house on the market, determine how much you'll have to shell out for restoration or renovation if need be. If you're hiring a realtor, you'll also have to pay the agent fee. Now, add all that to the extra costs of transferring to a new house. That includes moving services, moving supplies, furniture, appliances, and repairs.
Once you have a good estimate of potential expenses, you'll be able to know much of your earnings will be left after selling your old house. It's a good starting point in gauging your equity and whether it's a sound decision to move and start over.
Your golden time for home selling is the time that works best for you. The factors in your environment are always there for you to read and interpret. It all boils down to your ability to spot which ones will give your property the most advantage depending on your situation.