There’s no one answer to the question, “When is the best time to sell my house?” There are, however, some guidelines.
Now, let’s make sure you’re selling your house at the best time possible.
When you DO NOT need to sell
Although it sounds counterintuitive, it can be better to sell when you aren’t under pressure to sell. If you must sell ASAP, you may not be able to wait for the right buyer at the best price and instead you’ll need to take your first offer and it may be less that you really want.
Therefore, selling when you’re willing, but not desperate, often reaps the highest rewards.
When you MUST sell
On the other side, you’ll likely want to sell when you need to sell. Whether it’s because you’re ready to buy a bigger or smaller place, because your job is moving, or simply because you need a change, there’s likely a time-sensitive need pushing your sale.
Keep in mind that the more cushion you can give yourself for the sale, the more chance you have of pushing for the highest price from the most qualified buyer.
Know The Selling Season In Your Area
Conventional wisdom says spring is the best time to sell. But as the Internet has changed many things in our culture, it is also changing real estate. 90% of home shoppers are using the Internet to find their home.
This means they are learning exactly what they are looking for and setting up searches to send them results year round. Although spring is cited as the prime time to buy and sell, there is research that suggests buyers looking in fall and winter are highly motivated and that the generally low inventory can incite highly competitive bidding.
If you live in a year-round temperate climate, like we do in Southern California, that can also shrink the gap between the “on” and “off” season. Things like snow covering up the yard and ice coating the driveway aren’t an issue. Of course, people with school-aged children are more likely to buy over the summer so their children can start at their new school on day one.
Not sure when your selling season is? Give us a call. We would love to help!
When housing inventory is low.
If you’re thinking about selling your house, it pays to pay attention to your area’s real estate market. In a hot neighborhood where inventory is low, the seller has control. Expect to get top dollar for your home and to close quickly.
Tight inventory can also spur bidding wars, pushing buyers to outbid one another since there might not be another home for them to move on to once yours is sold.
When interest rates are low.
Right now rates are still low. As we just saw with a recent increase, interest rates are on the move. This could mean rates are on their way up even further.
Buyers are keenly aware of interest rates and how they factor into their monthly mortgage payment. That’s the time when you ought to be listing your home because as both buyer and seller know, interest rates won’t stay low forever.