When is the Best Time to Sell Your House?
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Find out how you can figure out the best time to sell your house so you can maximize your price and have less stress.
If this is your first time selling, it can be extra anxious and stressful.
No one can predict what will happen, but there are definitely times when you can get a significant advantage with selling your house. (And no, I'm not going to say list your house to sell on a Thursday in the spring.
Learn how to analyze YOUR situation and YOUR house so you can get the money you need.
Understand Why You're Selling
One of the first things you can do to help you determine when is the best time to sell is going over exactly why you want to sell your house in the first place.
Besides giving your an idea of what to look for in your next home, you can also get a better idea of the type of person or family that would find your house the perfect fit.
Perhaps you bought your house years ago, excited to be at a location where you could walk over to any number of community events.
However as your situation changes and your family expands, you find your space a bit small for your needs and it's too far from the schools you like.
You now have something to add to your buying checklist (good schools, bigger space), but you also have a selling point and a possible niche – singles and couples without kids looking to be in the middle of the action.
When you get ready to stage the house, you know that's what you'll be highlighting to potential buyers.
Look at the Numbers That Really Matter
Most of us have emotional ties to our homes. It's more than a shelter for us, it's a place where we've made memories.
BUT…. Selling a house is not about your sentimental feelings.
Selling a house is best handled as financial decision. To help minimize personal bias, it's vital to look at the numbers.
Here are a few important ones you should have an idea of before you sell your house.
Your Local Market
With the numbers, you can see whether or not people are moving into your city.
Growth can mean more potential buyers (though not a slam dunk as your specific location in the city plays a huge role) which can mean more money for you when you sell. If people are fleeing your city, don't expect to get top dollar for it.
Being aware of what homes have sold for in your area is extremely handy. Look at the most recent comps (comparable homes) that have been sold in your neighborhood.
You can use resources like Zillow and Realtor to find the numbers.
If buyers seem to think homes in your neighborhood are worth a certain amount, then you have to have some fantastic features to convince them to pay more for your house (or more than likely, lower your expectations).
Minimum Sale Price
While it's important to be flexible, you two should have a minimum sale price in mind. When an offer comes in, it's easier to make a decision if you know what you're looking for.
If you're planning on buying on another house, it does help to have a large down payment to avoid private mortgage insurance.
Selling your house at the right price can make it much easier to get the dream house you want without going broke.
Thoughts on the Right Time to Sell Your House
Selling your home takes legwork, but it's well worth it.
I'd love to hear your story on selling your house. What convinced you it was a good time to sell? How did you prepare your place to be sold?
A buddy and I owned some rental property that I wanted to sell for years. We were listing the place for rent when one rental agent said he knew a guy who had money burning a hole in his pocket for property like that. We told him to give us an offer and it was much higher than we expected. We negotiated a bit, did a bunch of research on the market and then realized this offer was way too good to pass up. That’s how we knew!
If we were selling one place and buying another we wouldn’t worry too much on timing because if the first place was down we could ride the market up in the second. In fact, we’d prefer to ride up the second to lock in a tax deduction for the loss on the first and then make it up on the second. 🙂
So happy you got a great offer; nice to have someone with money to burn and happy share with you 😉
We sold our house earlier this year and it went off without a hitch. I couldn’t believe it. After all of the horror stories I’ve heard, I thought it would be awful. But, no. We sold in 13 days for almost full asking price. It was crazy.
Congrats Holly! Did you stay in the same city or did you guys decide to move?
We moved about 30-40 minutes away due to my husband’s new job. But it was a no brainer. Nicer town with better schools!
I like your approach. It definitely beats just trying to time the market.