When is the Right Time
to Sell Your Home?
home equity articles and tips
The time that your home spends on the market depends on a variety of factors other than just when you decide to list it. Desirability of the home's finishes and the neighborhood will also play a factor in how quickly you can sell. Here are some of the factors that play into determining when it's the right time to sell to your home.
List Price Matters
How long your home sits on the market is directly related to the list price. Homes that are underpriced or priced fairly for the value, tend to sell within the first week to couple of weeks on the market. This will of course differ depending on location and the availability of employment in your area. An overpriced home can sit on the market for months and fail to generate interest. Having to reduce the price repeatedly may even hamper your efforts.
Market Saturation
The number of homes that are currently listed is the level of saturation. During the slower seasons of the year, the market may have a high saturation. This can lead to your home not getting as much interest as you anticipated. The times of the year in which the demand outweighs the supply, and you may get several offers on your home. Do some research on the new homes for sale in your area so that you can determine if listing is the right decision.
Seasonal Variations
Spring and early summer tend to be the best times to list your home. This is because the weather is better and people are starting to plan ahead for the following school year. This doesn't mean that you can't still sell your home during other seasons of the year. You'll have to weigh the price point versus the market saturation point to determine if this is in your best interests.
Factor in Interest Rates
Interest rates play a huge part in how quickly homes sell. This is because more buyers may be motivated to make a purchase before interest rates can be raised. On the flip side, if interest rates are dropping, buyers may decide to wait it out until they stabilize. This can leave you in a quandary if you want to list your home. You'll have to weigh the amount of other homes on the market to determine if it's better to wait or list now.
There are generally better times of year to sell than others. The state of the economy plays a key role in determining the success of the housing market each year.
Home Equity Tools
