When is the best time to sell your home? The timing can make a big difference in terms of selling your house quickly and for the most cash. But the rules on pinpointing that best time may not be what you think.
Here are four things to consider before putting your house on the market.
1. Spring is not always the best season to sell your home
Even though conventional wisdom maintains that the spring home buying season, that goes from April to June, is the best time to sell you your home, it is not always the case. One recent study even found that home sellers typically net more above asking price during the months of December through March than they do from June through November. Are you shocked?
One reason might be that the spring home-buying season generally means you will have more competition from other home sellers. This may require you to price your home more aggressively in order to attract home buyers.
2. Keep an eye out when it comes to the local economy
The strength of the United States housing market as a whole certainly plays a role in home prices. According to an analysis of annual price growth rates, a property’s value generally increases three to four percent a year when the economy is strong and natural population growth. From 2011 until 2016, the national housing market was recovering from the bubble at a slightly higher speed at six point three percent per year.
3. Mortgage rates matter as well
Historic data shows that more people usually buy homes when mortgage rates drop. Prospective sellers should be monitoring the mortgage market as a result. Do you need help keeping an eye on interest rates? We can assist you with this.
Click here for a simple guide to mortgage interest rates!
4. Wait until your property is in good shape
To fetch top dollar for your house, the home must show well. This might require you take time to make repairs to your house. Any defect or condition that affects the intended function or operation of a major home system should be fixed.
In other words, built-in appliances not working properly, taking care of water leaks, any imminent safety or environmental dangers, and insect infestations is crucial before listing your home. Even making cosmetic changes such as repainting the kitchen or sprucing up the home’s landscaping can make your home significantly more appealing to home buyers.
Keeping up with your neighbors is also an important thing to consider. If all the homes on your block are beautifully furnished and landscaped, then it is likely worth it to spend the extra cash and the time to primp your own house for sale.
Do you have a question about the best time to sell your home? Call 949-392-6400 to contact the Reed Team today!