More On……How to Know If It’s Time to Sell Your House

How Is the Current Real Estate Market?

Before listing your house, you’ll want to examine your local real estate market. Are you in a buyer’s or a seller’s market? If you’re not sure, look at the houses for sale in your area. If you see a lot of houses for sale, you might be in a buyer’s market. On the other hand, if you see only a few houses for sale in your area, you might be in a seller’s market. You’ll likely get more for your house if you’re in a seller’s market, and you might even benefit from a bidding war. However, keep in mind that if you are planning to buy in the same market, you could struggle to find an affordable new home.

If you’re still unsure if you’re in a buyer’s or seller’s market, take the number of houses for sale in your area and divide it by the number of homes that have recently sold. For example, if you find eight houses currently for sale in your neighborhood and four that have recently sold, the result is two. Any result over seven means you’re in a buyer’s market, and any number below five is a seller’s market. In the above example, you’d be in a seller’s market. You can also look at how long houses stay for sale. If they are slow to sell, it indicates a buyer’s market. If they sell fast, it indicates a seller’s market. If you want more information, contact a local real estate agent and ask about your local area. Since markets fluctuate regularly, an agent can help you navigate the ups and downs of local real estate.

Is Now a Good Time to Sell?

In addition to the current market, you’ll want to consider the time of year. Pumpkins, goblins, and witches make October a fun month for treats, but it could be a scary trick to try and sell your home this time of year. And while December may be merry and bright, trying to sell during the holiday season might make you feel downright grinch-like.

While fall and winter are the worst times to sell your house, late spring and early summer are the best times. If it’s April, then it’s a great time to start preparing your house to sell since May through July are considered the best months for home-selling.

That said, much depends on where you are in the country. If you live in the South, for example, snowy weather isn’t an issue for winter home buyers as much as it is for people who live in colder climates. If you live on the coast or a place where tourism is popular certain times of the year, it might benefit you to sell your house before the influx of tourists hits since potential buyers will likely include those wanting investment property that they can have ready to rent out when the season begins. It might be a good idea to talk to a real estate agent to learn more about local trends and the best time to list a house where you live. When you list is crucial because the longer your house sits on the market, the less you’ll be able to get for it.

In addition to what the calendar says, consider where you are personally. For example, are there certain family obligations or a major event on the horizon? If you may have to soon care for an aging parent, send a child off to college, pay for a wedding, have an operation, or welcome a new baby to the family, you might want to review your finances to make sure you can handle the cost of the event and the expenses that come with selling and buying a house.

Consider what else could soon change. How stable is your job or that of your significant other? Perhaps your company is downsizing and you’ve heard talk of impending layoffs. Or perhaps you just started a new job and are still settling in. While it’s impossible to predict the future and job loss could happen very unexpectedly at any time, if you’ve been in your current role for some time and feel you do have job stability, you’ll be in a better position to sell than if you’re not quite sure whether you’ll have a job a few months from now.