Selling your home can be a great decision in one's life. But before you start you should review your reasons for selling. If you aren't truly motivated or committed to selling or, if it just struck you one morning that you should move to the other side of town you could be setting yourself up for disappointment.
Why Do You Want to Sell?
Do you want to sell your home in order to move to a different neighborhood, school district, or to be closer to family or employment opportunities? Perhaps you’re leaving the area. Maybe you want a country setting or want to be closer to town. Or maybe you need more bedrooms or storage? You may even want to downsize. As experienced real estate agents, we counsel our clients to help you understand not only your underlying reasons for wanting to sell, but the implications of how selling might impact your life and finances in ways you might not have anticipated. When appropriate, we will suggest other options for you to consider that might help you better reach your financial, lifestyle and real estate goals.
When Do You Want to Sell?
If it is critical for you to sell quickly, using a top-producing real estate agent can help you expedite the process compared to selling your own home. Or, perhaps you have the flexibility of deciding when you want to sell, and there is no urgency. We can help you understand the current market conditions in your area, and help you decide on the optimal time to place your home on the market.
When is the best time to list a house for sale?
The "best" time to list your house is actually as soon as you decide to sell it. If you want to get the best price for your house, the key is to give yourself as much time as possible to sell it. More time means more potential buyers will probably see the house. This should result in more offers; it also gives you time to consider more options if the market is slow or initial interest is low.
What are the Current Market Conditions?
The current real estate market may affect not only how much your home might sell for, but also how quickly. For example, in a buyers market, there are more homes for sale than there are buyers, so buyers have more negotiating power. In a buyers’ market, having an agent with excellent negotiating skills on your side can be instrumental in a successful sale, preserving your sales proceeds as much as possible. In a sellers’ market, there are fewer homes on the market, prices may be increasing and there may be multiple bids on desirable properties. In this kind of market, an experienced agent will help you price your home properly to maximize your exposure and bring you the best market price and terms available within your time frames.
What about market conditions — price trends, interest rates, and the economy in general? Should they have any bearing on when I list?
Probably not. Even if you're under no pressure to sell, waiting for better market conditions is not likely to increase your profit potential.
How long should it take to sell?
Average listing times vary from 30 to 180 days, according to market conditions in a particular region, town, or even neighborhood, and of course, price, terms, condition, location, accessibility and exposure play an even greater role. Selling in any market is easier if you keep time on your side. Most professionals will tell you that allowing yourself at least six months will put you in a position to get a better return from their marketing efforts.
Optimizing Your Finances & Taxes:
Has your current income level increased or decreased? Whether you are trading up, trading down, or even trading across, your monthly ownership expenses will change, and we can help you estimate the cumulative impact of all these changes to make sure you are making a financially sound decision. We can also help you estimate the potential proceeds from selling your home net of selling expenses which may include transfer taxes, tax withholdings, real estate commissions and in some areas certain legislated repairs. Finally, we can suggest tax savings and estate planning strategies that should be addressed with your accountant or attorney prior to completing your transaction. Depending on your circumstances, and level of interest in real estate, you may even be able to become a real estate investor.