Thinking of Selling a Home? How to Know When to Put It on the Market
It’s rare that anyone perfectly times the market in real estate, but if you’re thinking of selling your home, you probably want to put it on the market when it’s most ideal.
Almost every home seller is concerned with two primary things: selling for top dollar and selling quickly. Even though timing the market perfectly is unattainable, there might be times to sell that are better than others.
If you’re thinking of selling a home, here’s how to know when to put it on the market.
Research local inventory
Historically, home sales have been seasonal, with spring and summer the busy months when the most buyers are in the market. But in areas where the supply of homes for sale can’t keep up with buyer demand, real estate markets are hot year-round.
If that’s the case in your area, you probably needn’t worry about what time of year to list your home for sale. You can check statistics such as the average time on the market and sales prices compared to listing prices. If homes are selling at or above asking prices and doing so relatively quickly, it’s likely that the inventory of homes for sale doesn’t match the demand. That’s can mean it’s a good time to put a home on the market.
Analyze your own financial situation
No matter how quickly your home sells or for how much, selling a large asset such as a home must make financial sense. If you’re eager to sell because the market is hot, but don’t have enough equity for a down payment on your next home, where does that leave you? If your household income has changed and you can’t qualify for as much house as you need right now, who cares how hot the market is?
Whether it’s a good market to sell in matters far less than your household’s specific situation. If you lack the equity to move on or can’t afford the kind of house you want, trying to time the market now isn’t really going to help.
Consider new construction
One way an area can change in regard to the inventory of homes on the market is through new construction. If a market is about to experience a boom in new homes, it could affect existing home sales in a couple of ways.
First, the inventory of homes for sale will grow, which could reduce competition among buyers and flatten prices – there will simply be more homes available. Also, sellers of existing homes sometimes have a difficult time competing with brand new homes on the market. Even though new home prices are generally higher, competing on price alone can be tough for existing homeowners.
You’ll have to decide if you’re willing to compete with new construction in an area that might be less of a sellers’ market in the future.
Consider your home’s condition
How quickly a home sells is largely determined by two factors: its asking price and its condition. You probably know that even homes in poor condition can sell quickly if they’re priced right, but if you want to sell fast and for top dollar, your home virtually has to be in move-in condition.
If you’re thinking of selling, it’s smart to honestly assess your home’s condition. If it’s not great, how long would it take and how much money would it cost to get it in top-notch shape? Would it be more feasible to take six months, or a whole year, to get it up to par?
You might be totally ready to sell a home, but if your home’s not also ready, rushing to get it on the market could cost you money.
The bottom line
Timing the sale of a home can be a matter of personal preference, but if you want it to sell quickly and for as much money as possible, there are some market factors to consider.
Having been in the Venice, Florida area for the last three generations, Brad Tritschler REALTOR has been upholding his family’s record of success and integrity throughout his career. Brad has been a Florida sales agent for 25 years and is also a licensed broker. He has earned a reputation for quality service and results with an accomplished track record.
Recognized for five-star customer service by Sarasota Magazine nine years in a row and counting, Brad is as passionate about the territory he represents as he is about helping clients fulfill their needs. Born and raised in southwest Florida, he currently resides in Palmer Ranch in the heart of Sarasota County and specializes in luxury and waterfront properties.