Choosing to sell your house is a big decision that brings with it a variety…
You may have heard that there is a ‘best’ time of year to sell a house. This advice can be contradictory; one expert may advise you to sell in spring when the flowers are in bloom and the weather will entice buyers to come outside, while another will tell you to sell in winter when there is less competition. Summer also has its advocates, because families have more free time over the holidays before kids go back to school.If you’re planning on selling your property, this advice can be quite confusing. It may have even led you to put your sale off in order to wait for the perfect- time. Who should you believe? What do the facts and data say? To start planning the right time to sell your property, it’s helpful to speak to a good real estate agent who knows your local market well.
The best time a sell a house will depend on local market trends as well as your personal life situation. The following are a few of the main factors that may influence your decision:
Reasons for Selling
One of the first factors to consider is whether or not you need to move immediately. Your reason for selling is a major issue. Take a look at your finances and the equity that you have built in your home. If you have built a considerable level of equity, you could rent out your home until you are ready to put it on the market. Because selling a house and changing jobs are both stressful life events, it may be a better idea to wait until you are already settled in the new location if you can afford to do so.
The Impact of your Location
The location of your property will also have an impact on the best time to sell. For example, if the property is at the beach, the general advice is that it will be more appealing to potential buyers during the summer. However, with internet advertising and online home tours these days; many buyers will actually look for their ideal holiday home at other times of the year – the traditional advice may not always work in all situations.
Your real estate agent can tell you when buyers will be most likely to view your property. The internet is often used for primary research, but most buyers will still want to see the property in person. Open house inspections during these peak times of year can become an extremely important part of your sales process. They can generate serious interest in buyers who may have only been casually thinking about purchasing a property. You will not want to miss out on this opportunity.
With the prevalence of the internet, home selling and buying has become far more sophisticated. Buyers can search for potential properties at any time of the day, from anywhere in the world.. This means that distance, time and location no longer hinder potential buyers the same way that they once did.
If you’re unsure about selling your house in a buyer’s market, before you decide to hold off and wait until the market warms up, take a look at interest rates. If rates and property prices are low, and you need to buy a new property, this could work out in your favour. If you wait until the prices rise, you’ll also be buying in a seller’s market. Predicting the timing of the market is difficult, even for professionals. You should speak to a real estate agent who is an expert in timing the market to get a better idea of what might work for you.
Season or Time of Year
Traditionally, spring has been considered the best season to sell. Homes and gardens look their finest and more people are out and about enjoying the weather. Families often prefer to buy a new home before the summer sets in and the chaos of a new school year starts up in autumn. Because this is the favoured time to sell though, there is more competition on the market. You’ll need to work extra hard to ensure that your home stands out from the local competition, in appeal and price.
Yet autumn is also a time when some of the strongest sales occur. March in particular seems to be a strong month for property sales, according to RPData.com. This could be due to its timing, right after the holidays, when focus on buying starts to pick up again.
Don’t rely solely on data to choose the best time to sell a property – you need to take all of the above factors into account, along with your own unique needs and circumstances. Be sure to discuss this issue thoroughly with a qualified real estate agent to find the right time to fit your needs.
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