When Is the Best Time To Sell Your Home?

As a home seller, looking to sell your home at the best price, it’s always advisable to dig a little deeper into the market norms and be aware of certain trends that may positively or negatively impact the sale of your home. Let’s take a look at the points to consider before you list your home on the market.

What does the trend say?

Homes are bought and sold throughout the year. However, homes typically get listed and sold more in spring and summer. Spring is usually considered to be the season of residential sales.

Why do sellers prefer spring/summer for selling their house?

It’s easier to move during spring/summer and families with children can easily plan the move when their school-age children are on a break. There are other reasons for why spring is suitable for selling your home. Homes show well during spring and summer and can be presented better owing to the pleasant climate and availability of more natural light. They may have more financial resources available if they have leveraged tax refunds during this time.

When it’s a seller’s market

It’s called a seller’s market when there are more buyers and fewer homes on sale. This generates multiple bids/offers on a single property. In a seller’s market, you are likely to fetch the highest price for your property as the demand will be high and the inventory low.

Sell when the other sellers are busy

Counterintuitive to the point mentioned above, it’s also a good strategy to sell your house during off-peak seasons or when the volume of real estate transactions is low, since your property will be more noticeable and drive traction from buyers if priced right. There are always buyers who are inclined to make a quick purchase if the property piques their interest or if they immediately need a home.

When the interest rates and mortgage rates are lower

Check the market conditions to see the latest mortgage and interest rates. When buyers are in a position to be able to afford a purchase due to favorable borrowing rates, the demand for homes is usually high. You might end up with more offers during such times. It is a fact that with low interest rates, prime landing rates and mortgage rates are also low, which motivates the buyers to buy a home.

Consider your home equity

Home equity simply means the current market value of your property, minus any mortgage (a lien is placed on the house by the bank until you payoff the mortgage).

For instance, if your property is worth $500,000 and you owe $400,000 in mortgage, your home equity is at $100,000. You might want to wait till the equity rises so that with the amount of the sale, you can payoff more mortgage.

Check out the benchmark prices

The benchmark price of a property is the amount that is typical to a property type based on the most recent sales in the market. One house may always sell at a lower or a higher price than another house. That is not unusual. But when you see that a good number of homes are selling at a new higher price in a particular neighborhood, deviating from the earlier norm of a set price, a new benchmark has arrived. In such cases, you might want to consider selling your home for maximum profit.

Once the property is in a good condition

If your house needs repairs and restoration and is generally in a bad shape, you might want to take care of it before you list it for a sale. Buyers would tend to bargain on the price and offer less on homes that are ill-kept, not maintained well or show signs of disrepair.

Whenever you are ready

It’s a fact that life can pull you in a different direction and irrespective of all the factors listed above, you might feel the need to sell.

• You might be in urgent need of upgrade
• You could be relocating to a different city
• You may want to expand your family
• You might want to move to a better neighbourhood to a good school district.

If you are financially prepared and have set aside enough time to carry out the pre and post-sale legalities, alongside moving and packing time, you are ready to list your property.