A complex question like this has no easy answer. There are a lot of factors to consider such as time, money, and stability which have multiple components. Plus, the way these factors come together as a whole can determine whether to sell your house now or later. But to make this process easier, here’s some tips on determining the best time to sell your home so that you and the buyer will benefit equally.
Tip #1: Gather Information
Before you consider selling, figure out where your house stands financially. For example, “find out your loan payoff amount so you have an accurate idea of what your sales proceeds will be after you’ve paid off all home loans” (Lerner 1). In other words, tally up how much money you’ll make once you’re done paying loans on the house. It is also good to research your intended buyers because their preferences will determine if they like the house or not. For more information on what buyers want, see “How Long Buyers Remain In Their Homes” by Paul Emrath with the link for it below this article.
Tip #2: Time It Right
When it comes to house sales, time is a major factor because the frequency of buyers changes seasonally. According to the Daily Real Estate News, winter is the best time as the housing market is “less competitive for sellers since many people tend to wait until the spring to list” (1). Therefore, you will catch a buyer’s eye more easily when there aren’t many other options available. However, Rebecca Shapiro of the Huffington Post states that houses listed during the spring “sold, on average, around 18.5 days faster than homes that weren’t listed during that timeframe” (1) meaning the housing market’s changing and how you navigate around those changes can affect your house’s potential to sell.
Tip #3: Ask a Professional for Help
If the previous suggestions are proving too difficult, then try seeking out professional help. Sometimes a second opinion doesn’t hurt and “A good agent puts service before sales” (Ramsey 1). In other words, real estate agents who are willing to prioritize your personal needs over selling houses are a valuable asset. Plus, they can point out things like the “current market conditions to estimate a listing price” (Lerner 1). That way, the agent can determine the best time to sell your house for maximum profit so you and the buyer can be financially secure and happy.
Sources Used
Daily Real Estate News. “Winter Is Best Time to Sell, Study Shows.” National Association of Realtors, 15 December 2014, http://realtormag.realtor.org/daily-news/2014/12/15/winter-best-time-sell-study-shows. Accessed 31 March 2017.
Emrath, Paul. “How Long Buyers Remain In Their Homes.” HousingEconomics.com, 11 February 2009, http://www.nahbclassic.org/generic.aspx?genericContentID=110770&channelID=311. Accessed 31 March 2017.
Lerner, Michele. “When Is The Right Time To Sell Your Home?” www.realtor.com, 8 April 2014, http://www.realtor.com/advice/sell/right-time-sell-home/. Accessed 31 March 2017.
Ramsey, Dave. “4 Signs Now’s the Right Time to Sell Your Home.” DaveRamsey.com, 2017, https://www.daveramsey.com/blog/4-signs-right-time-sell-your-home. Accessed 31 March 2017.
Shapiro, Rebecca. “The Best Time To Sell A House, According To A New Study.” Huffington Post, 5 April 2016, http://www.huffingtonpost.com/entry/best-time-to-sell-a-house_us_56f99740e4b0143a9b48f62a. Accessed 31 March 2017.
