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Timing is crucial in the real estate market. If you sell at the wrong time, you suffer the consequences, like less money or a bad buyer’s market. To decide if you should sell your house now or wait, consider the following factors.
If you bought low and hope to sell high, get a sense of the health of the housing market. Determine how the value of your home fits in the market inventory. The National Association of Realtors releases a monthly existing-home sales report which reflects the state of inventory across the nation. It breaks this down by region. If inventory in your market is low, you have the advantage of asking for a higher price on your house.
Buyer behavior fluctuates with local seasonal trends. Popular opinion says spring is the best time to sell. Buyers come out of winter hibernation to shop the market. However, seasonal trends differ between cities and regions. Your best time to sell could be summer, fall, or winter. Consider where you live: are you at a popular tourist destination? Do you live where it is quiet? Or are you in the suburbs where houses for sale trend all year round? Research trends for your area, and weigh factors like the weather and holidays which dissuade buyers from shopping the market.
If your house is not up to snuff, you can miss out on a great sale opportunity. Say it is the height of spring, and buyers are aggressively shopping the market. An eager buyer walks through your home, but wait – the pipes are bad or there is damage from a recent disaster. The buyer is on a tight deadline to close and cannot wait for you to make repairs. They find another house to purchase, and you miss a sale.
Consider also that a house depreciates in value over time if it is not properly maintained or cared for. Surely you do not want to miss out on more money. Take advantage of a slow season to make renovations. This way, your house will be ready to show at its best, at the height of another high-volume season.
Are You in a Rush to Sell?
Maybe there is no time to make repairs. Maybe you need to sell fast to avoid foreclosure, or so you can relocate for a job in another state. Things happen, and when they do, you are put in a tight spot. Rather than stress or worry over market conditions and selling trends, consider the alternative: sell to an investor. Most times, an investor will make a cash offer for a property any time of the year, regardless of its condition. You can enjoy a quick closing and offload your old house without any trouble.