If you have some flexibility in terms of when you need to sell your home, you might be able to wait until the time is right and capitalise on a greater number of potential buyers, ideal interest rates and warmer weather. Deciding when the best time is to sell your home can be tricky, but there are a number of key things to consider that can help. Discover more about how your reason for selling, the time of year, the market conditions and interest rates can all play a part in determining the ideal time to sell your house.
Target The Best Season For Sales
In the weeks before Christmas, there are very few people interested in uprooting their families and moving into a brand new home for the holidays. Similarly, the cooler winter months discourage people from touring new houses and neighbourhoods on foot. The perfect middle ground is spring, when the weather is comfortable, and there aren’t any major holidays that might discourage people from looking at new properties. While there is nothing wrong with putting your home up for sale outside of peak season, which may be better in some cases as there is less competition, overall, you will get the most attention and potential buyers during the spring months.
Pay Attention to Market Conditions
No homeowner should list their home for sale until they have taken a close look at market conditions in their area. In this case, it is not enough to look at the entire country because some neighbourhoods may be seeing prices rise while others are seeing lots of foreclosures. Look for comparable properties for sale in your area, and see how quickly they are selling. If sellers are routinely dropping their asking prices and seeing homes sit empty, then it is definitely a buyer’s market. If, on the other hand, homes in your area are selling quickly and for top dollar, then it is time to think seriously about working with a real estate agent and listing your home.
You Have a Clear Need to Sell Your Home
Before you think seriously about selling your home, make sure you have a very good reason for doing so. A number of homeowners decide to sell their home and buy a new one for a minor reason such as wanting to downsize, wanting a change or simply needing an extra guest room for visitors in the future. Unless the market conditions are really ideal for home sales, however, it may be best to hold onto your property for a little longer. Reasons to sell that are more pressing might be a need to liquidate assets, a new job that requires immediate relocation or a mortgage payment that you can no longer afford.
Interest Rates Are Low
When interest rates are low, buyers are generally more interested in purchasing a new home. Low rates result in lower monthly payments for them, which might encourage current renters to start looking at homes for sale. Having more buyers is generally a great thing for homeowners who want to sell because it indicates that there’s less property on the market; and hence greater demand for your property. This allows you to raise your asking price, and it might even end with a bidding war between two or more interested buyers. If you are on the fence about selling your house, but interest rates are at an all-time low, selling might be your best option.
All of these factors combine to determine the best time for selling a home. Websites like www.realestateview.com.au offer an array of additional tips for home sellers.