When’s the best time to sell a house? If you’re like most people, you may think it’s the spring and summer, when inventory tends to be higher and the warmer weather brings more potential home buyers to open houses.
But with the housing market expected to weaken through 2020, that may not be the case. Unexpected events can also arise and force you to put a house up for sale any time of the year.
As with many things in life, timing is everything when selling your home to get top dollar for it. Here are some tips on when to list your home to increase your chances at receiving a fair offer for it.
Your Home is Ready to Show
If your home needs minor repairs or you’re planning to renovate the kitchen, bathroom, or another area you may want to hold off selling it until everything is taken care of.
Upgrades and cosmetic fixes not only add to your home’s value (thus justifying a higher list price), they also help your home display well in photographs and in person. Even minor work such as power washing the exterior, trimming weeds and bushes, and applying fresh paint can boost curb appeal. Eliminating clutter will help show your home in the best possible light as well.
The Market is in Your Favor
Like the economy, the real estate market fluctuates every few years. Putting your home up for sale while the market favors sellers is a wise move, because anything can change in a few months.
When inventory is limited, you’re most likely to receive competing bids for your home. The downside is it can be a bad time for you to find a new home with so many buyers vying for the same properties.
But just because a market is favoring buyers doesn’t mean your home won’t sell. It all depends on what are of the country your live in and what the local economy and job outlook there is like.
Your Finances Are Healthy
Moving isn’t exactly cheap. Most people like to have a new home purchased and waiting for them before they move out of the current one. This requires having enough money to pay for the new home and cover moving expenses, closing costs, and staging if necessary.
That’s why if you’ve been on the fence about selling your home and you’re financially viable with secure employment, now may be a good time to switch addresses. This includes being debt-free and having enough money set aside in a nest egg to cover unforeseeable repairs.
The timing is even better if interest rates are low, as once they begin to creep up you’ll face higher mortgage payments.
You Have Equity
Buying a home is an investment and hopefully one where your return is greater than what you paid for the home. You don’t want to sell yet if you don’t have equity in your current residence. Enough of your mortgage should be paid off so that you make some money through the sale.
You Need to Relocate
Sometimes our dream job is one that requires us to move out of state or across the country. Or perhaps you need to move to care for a sick loved one or are getting a divorce.
Whatever the case may be, sometimes we’re forced to move when life throws us a curve ball, or we’re faced with an opportunity that may never come again such as meeting the love of our life or finding a better job. In these situations, the time of year you put your home up for sale becomes irrelevant.
You’re Ready to Downsize
Maybe you’re an empty nester or widow who now finds you have too much living space to maintain. If downsizing into a smaller home can reduce your expenses and stress, that’s a sign you may want to sell your current home.
Keep in mind that in any of these circumstances, you also want to be emotionally ready to sell. This means being willing to vacate your home at a moment’s notice, working with a real-estate agent, and keeping your home clean and presentable. Selling a home can sometimes feel like a full-time job, so don’t do it unless it feels right to you.
Is the Best Time to Sell a House During the Warmer Months?
To be honest, the theory that homes tend to sell faster during the spring and summer doesn’t really have evidence to back it up. If you live in an area such as Arizona or Florida where the climate is pleasant during the winter, then your home is going to attract buyers any time of the year. Some buyers also like to make offers during the winter months because they’re facing less competition.
There are many factors that affect how long it takes to sell a home. Your location, the home’s condition, and listing price can play a part in getting an acceptable offer.
You may want to wait to sell your home until everything has fallen into place and you just know in your gut that it’s the right time to make a move. Selling a home is an important life milestone that shouldn’t be treated lightly.
We Can Help You Sell Your Home Fast
Usually the best time to your sell a house is when you know it’s time. But sometimes, as mentioned above, you may have to sell your home right now—and quickly.
Five Boro Home Buyers pays cash for homes in the New York City area. If you can’t afford to wait to sell your home for whatever reason, contact us for a fair cash offer.
