Timing Your Sale
Are you in a situation where you want to sell your home, but aren’t sure when to take the plunge? Sellers are often nervous when it comes to choosing when to list. There isn’t a definite answer to the question, as markets and personal requirements are always changing, creating the need to be aware of some key points:
The important thing in determining the right time to sell is to consider the market. A recent post from Kscripts explains:
Is it the right time for the market?
If the idea of selling has been in your head for a while, you’ve probably already started taking notice of sales in your immediate area. You can’t blame eager estate agents for telling you what want to hear, so get some solid data for yourself too. Do a little bit of proper research, make notes, and ask around. Get specs on homes that have sold, how long they were on the market for, and how these properties compare to yours.
The research process is also a good way to get a feel for what buyers are looking for, and how you could potentially make your home more attractive to them. Sometimes small home improvements can add a lot of value. If the house down the street is virtually identical to yours but sold for a lot more than what yours has been valued at, find out why. It might be as simple as adding an extra en-suite bathroom or installing a basic security system.
It also depends what the market is like where you’re thinking of moving to. If prices in your area are going up, it’s tempting to wait for a bit longer and let the selling price go up. But if the region where you’re relocating to is seeing a similar phenomenon, then remember that you’re going to be paying more when you buy too. Via kscripts.com
Knowing whether the current market is a buyer’s or seller’s market gives you a considerable advantage. It’s advisable to speak to a REALTOR®, as they will have up-to-date reports on the health of the market.
Next is to consider the time of year. A recent post from Alcova Mortgage shares why this is a great way to decide when to sell:
Time of the Year
Determining the right time to sell can help you maximize the sale price of your home while also taking some stress out of the process. Here are some factors to help you decide when is an appropriate time – both financially and emotionally — to sell your house.
Most people consider spring to be the ideal time of the year to sell your house, but that might not be true for you. The best answer really depends on the location of your home. h/t alcovamortgage.com
Spring is usually seen as the ideal season to sell, due to the weather. However, each season has its own pros and cons. It is up to you, preferably with input from your agent, to decide what works best for you and how you can take advantage of the current season.
Lastly, is if you’re considering home renovation and repairs. If you’ve made extensive renovations to your home already, chances are you’ll increase the list price to get a return on them, only to find that the market won’t budge:
Considering Home Renovation
When is the right time to sell your property? It’s a question real estate agents get asked every day and there’s no one right answer.
If your home isn’t big enough for you any more or you’re looking to add value, renovation is one option. However, you should consider whether this investment will pay off or end up costing you more in the long-run. When selling, you need to make sure you’re going to make the most you can from your sale, but if you’ve just had an expensive renovation completed, you might have overcapitalised. Before moving forward, you need to work out what your goals are from the renovation, as well as how much value it could add to your home. read more at iproperty.com.au
Home repairs are a key aspect of any listing, but they can go too far. It’s best to avoid changing the house to such an extent that it becomes an outlier to the rest of the neighborhood.