It would help if you considered a lot of things before you sell your home. First of all, the real estate market has seasonal trends. During this season, you can sell your home at a higher price quickly. Indeed, you can sell your home any time of the year, but it would be wiser to sell it at the time that’s best for you.
Apart from determining the seasonal trends, sellers also need to assess their financial situation, the current condition of their homes, and renovations. These things contribute to whether or not the real estate market is in your favor.
Ideally, it’s best to sell your house during May or June. During these months, homeowners can sell houses faster at a much higher price. But that doesn’t necessarily mean that it’s also the best time for you to sell. Aside from checking the calendar, here are the other things you need to consider.
Unexpected things happen. Should you move or not?
Typically, people move from one house to another to upgrade or have a better home. But people sometimes sell their houses when unexpected things happen. Most people move to start a family, care for elderly parents, grab a new career opportunity, find a cheaper home, and upgrade to a bigger house.
Overall, retirement, career, family milestones are the top reasons for moving and selling homes. And because of these reasons, waiting for the best time to sell a house might have consequences of delaying life goals or missing an opportunity at work.
Is your house ready for selling?
Before putting your house on sale, you also need to prepare it to sell it at your target price. If your goal is to sell right away, it would be wiser to focus on minor repairs that can finish in a short period. However, if you’re willing to wait, you have the advantage of making significant renovations, which will add value to your home.
On the contrary, you can also sell your house as it is. If you don’t have the time for repairs and renovations, you can put it on sale and wait for buyers. The downside, however, is that you will not be able to sell it at a higher price. Reputable firms like Chinowth & Cohen Realtors can tell you what buyers look for in a house.
Know the local housing market. Is it in your favor?
Aside from seasonal trends, it would help to study the buyer’s and seller’s markets. The buyer’s and seller’s markets will help you determine the competitiveness of buying versus selling.
Determining the best time to sell is crucial. But so as understanding the market condition of the location of the house. To decide, these are the questions to ask:
- How fast does the value of the houses in the neighborhood increase?
- Do the houses in the area sell quickly?
- If the sales are slow, what are the reasons?
- Is your price considerable compared to the price growth of the location?
Can you afford to sell your house?
Indeed, you will earn in selling your house, but you have to prepare for other expenses before you find a buyer. The cost of selling a house includes agent fees, home renovations, and unexpected concessions. In general, about ten percent of the sale price will go to these expenses.
One of the common mistakes of home sellers is not building enough equity in their homes to balance closing, buying, and moving costs until after five years. Always estimate your expenses and how much you’ll gain so that you’ll know how much you’ll earn in selling your house.
Buying your next home
Commonly, homeowners sell their houses to buy a new one somewhere else. And that’s why you need to understand how much your net proceeds will be after selling your house- so that you can set the budget for buying a new home. But of course, the price of the house is not the only cost you need to consider.
In most cases, the total cost of buying a new home could go as high as $40,000, excluding the price of the home itself. The extra expenses include closing costs, moving, different services, and new house furniture.
At the end of the day, the best time to sell your house is when you’ll benefit the most. Homes do sell quickly during spring, but it’s not always the best case for everyone. Weigh the pros and cons, determine your priorities, and from there, decide whether it’s the best time to sell.
