Selling your home is always a big deal no matter the circumstances leading to that decision. The memories it brings, your love for the neighborhood and its people, etc. are all things you are going to miss. Nevertheless, you sometimes have no option, because a work transfer, expanding family size, financial reasons, or the need to change your environment may necessitate the move.
Homeowners aged 62 years and above have other options aside from selling their homes. They can take a reverse mortgage loan, which allows them to borrow against their home’s equity. With this, the homeowner continues to occupy the house while receiving money from a lender. The loan is paid only when the house is sold or the borrower dies.
If selling becomes the only option, you definitely would want to do it right. But when is the best time or season to do that? Even though you may want to sell your old home as soon as possible, getting the best deal is always a priority. Real estate prices have been appreciating year on year, that notwithstanding, you may sometimes have to sell at a discounted price due to prevailing conditions.
What Is the Best Time to Sell Your Home?
One of the most frequently asked questions by homeowners is what the best time to list a home is. If you want to earn big from the real estate market, you need to study the market. The best seasons to sell your home are,
Spring and Summer seasons
Every experienced real estate professional knows that the spring and summer seasons are gold mining seasons in the real estate industry. During spring, most taxpayers receive tax refunds, making them have more to spend. The weather condition during this period is also very favorable and that is when people start coming out after enduring the cold season. Summer on the other hand also comes with favorable conditions. As such, many home shoppers search for new homes during these periods. As the demand increases, the prices surge, making it a seller’s market.
You should always try to avoid selling in the winter season since that is a buyer’s market. Fewer people look for a home during winter; hence, prices drop compared to summer. You may also want to take your chances during this period if the situation demands. After all, you may be lucky by meeting a buyer who desperately needs a new home.
Factors that Determine Prices of Real Estate
Factors including location, age, size of the home, neighborhood, and economic indicators at the time determine the price of a home. That aside, the season also matters, as there is the seller and buyer’s season.
The Location/Neighborhood
The location of your home is one of the major factors that determine the pricing of a home in the real estate market. An appraiser will rely on the neighborhood and prices of similar homes recently sold there to determine a price for yours. If your home is within a Homeowners Association community, have amenities, or is closer to major facilities like schools, hospital, sports facility, etc. it will increase in value.
Home size
The size of your home is another factor that determines its value on the market. A one-family size home cannot have the same price as a four-bedroom house. During an appraisal, the expert measures the useable space in your home and factors that into the valuation.
The state of your home
No matter the location of your home, if it is in a bad shape, it will attract a lower value. Before you list your home with a realtor, embark on maintenance works to put it into good shape. Most new homebuyers prefer ready-to-move-in homes to something they have to renovate. There are several DIY home maintenance tips you can adopt. You need to fix your roofing leaks, electrical faults, and flooring, and apply paint if necessary. With DIY you can also learn how to fix cracks in your home foundation.
Local market and economic factors
The economic situation at a given time is also a determining factor in home pricing. When economic conditions worsen, real estate prices also plummet and vice-versa. If purchasing power drops due to economic situations, buyers cannot bid more, and this is evident during the 2007 to 2009 recession. That aside, the number of listed properties on the market compared to the number of available buyers could be a factor. If more people are competing for fewer homes, the prices go up automatically, because of demand and supply.
Do you need an agent to sell a home?
You don’t necessarily need an agent to be able to sell your home. However, it is highly recommended if you are a first-time home seller. With their experience, real estate agents can make your selling process easier and faster. They have connections with potential homebuyers and can take charge of the various paperwork involved in the transaction. An agent can also advise you on pricing, the best time to list your home, and the dynamics of the market.
Take-Home
You need to consider several factors before putting your house out for sale. You should study the market and talk to professionals. The situation in your area may differ from the above listed, so involving an agent is mostly ideal for first-time sellers. Before, listing your property, make sure it is well maintained to attract the price it deserves.
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