When is the best time to sell your home? If you’re in a position to choose when to sell, it’s wise to take advantage of low rates and tax incentives because when the rates are higher you lose a huge pool of buyers. For example the buyers that are looking at homes around $200,000 at 5.375% mortgage interest rate will only qualify for a $175,000 when the rates are 6.5%.
The first step is to assess your expectations and how you came about setting your expectations. 1) “I believe my house is worth $ XXX,XXX, 2) I want it to sell it quickly but whenever it sells is fine or 3) If I get my price I’ll move. Be candid with your agent or prospective agents, the good ones will taylor a service plan to meet your needs.
Ask your agent to analyze the market for you in your neighborhood. If your preferred agent is adept at analyzing the market he/she should be able to provide you with statistics and trends comparing the current month to that same month several years back. It’s not uncommon for a seller to net more money by selling in December. The competition is least fierce in the fourth quarter versus the 2nd and 3rd quarter. Your market will be unique and a local professional with statistical skills is a good choice. Another important ingredient to his/her analysis is the pending sales and saturation factor. Sold properties indicate where the market was, ironically appraisers have to use these. Active competition indicates where the market IS. Sale-Pending or (UC) is where the market is going. If you price your home well, according to your property’s appeal, using several factors, it will sell reasonably fast. Even better, factor in the appeal your home has and the properties you are competing against by visiting your competition with your agent.