When is the best time to sell a house? Believe it or not – some seasons and circumstances provide an optimal environment for selling a home. Tax incentives, mortgage interest rates, migration patterns and the economic climate, in general, can all influence a housing market’s strength. Whether you’re thinking of listing for personal or financial reasons, here are 5 ways to know if it’s a good time to sell your home.
It’s a seller’s market
Are there more home buyers than homes for sale? If the housing supply in your area is limited and the demand is high, then the housing market is technically a seller’s market. This means that homes are typically listed higher and sell for more than in a buyer’s market, where homes are cheaper and less likely to sell. If your area is a seller’s market, then this is a key indicator that it is a very good time to list your home for sale. With more buyers (read: competition), it’s more likely that your home will sell for more. Perhaps, you’ll even end up with multiple bids to choose from.
You live in a coveted location
Has your block suddenly become one of the best locations in the city? If your street’s home prices are on the rise and nearby commercial developments are the talk of the town, then it might be a good time to sell your home. Chances are good that if your location has improved, then so has the appraisal value of your home. However, we recommend talking to a reputable Realtor about the appreciation of your home in relation to the neighborhood before listing it.
Mortgage interest rates are low
There’s nothing like low-interest rates on home loans to motivate buyers who might otherwise be on the fence about purchasing a property. When mortgage rates are exceptionally low, prospective homebuyers find this to be an ideal time to purchase a home and lock down a low mortgage rate. This helps ensure that the buyer’s monthly mortgage payments are as low as possible.
It’s the ideal season for selling
For the majority of the country, spring is typically the best time to sell a home. According to The Mortgage Reports, “the best time of year to sell a home is during the first two weeks of May.”
You are ready to sell
Selling a house is a big decision – and not one to take lightly. Many homeowners must list a house due to job changes, financial constraints and personal reasons. Others simply want to test the market to see what they can get. Whichever category you fall into, just make sure you are emotionally ready to sell your home before putting it on the market. After all, it’s possible you’ll receive an offer that’s too good to pass up. In this case, you’ll want to be fully ready to move on to the next home before accepting the bid.
Ready to list? Here’s how to sell your home successfully
So you’ve evaluated the 5 key factors above and determined that you are, in fact, ready to put your home on the market. Before planting that “for sale” sign in the yard, though, we recommend making sure you’ve done these 5 things first.
Found the right Realtor – Don’t list your home with just any Realtor. Make sure you’ve interviewed several reputable contenders before hiring a professional real estate agent. Be sure that your chosen Realtor has experience selling in your area, is well-connected with brokers and buyers, and has ample social media and marketing know-how.
Fixed any necessary repairs – From replacing broken lightbulbs to fixing leaky faucets, make any and all necessary repairs before putting your home on the market. Not only will this ensure that you’re putting your best foot forward, but it may also help sell your home faster and for more money.
Declutter and depersonalize – Remember: you want buyers to look at your home – not your stuff. Be sure to declutter and depersonalize as much as possible prior to showing your home to potential buyers. This will allow buyers to focus on the home and its potential. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.
Stage the home – Of course, you don’t want to get rid of all your stuff when listing a home. Keep just enough furniture and home goods inside to make the space look and feel inviting. Remember: you want potential buyers to see themselves living in your house.
Snap quality photos of your home – Nowadays, most homebuyers begin their search for a new house online. To make a good first impression, it’s important that the photos of your home included on the listing are high quality, high-resolution images.
Articled sourced from moving.com