Life is changing and you’re thinking about moving to a new home or possibly a new area of the city or the country. Before you start searching for your next dream home, you’ll need to figure out when you’re going to sell your existing home. The decision is a complex one, especially considering the unpredictable economic environment. And while there’s no magic formula for determining the best time to sell a home, there are several factors you might consider.
In a hot market, there really is no such thing as a "wrong" time to sell. I once sold a home on New Year's Day - who knew? That being said, the market tends to slow down during the Winter holiday season. Buyers and sellers alike are much busier during November and December. Consequently, less attention is paid to looking for a new home. The result? There are fewer buyers, i.e. a smaller audience for your home.
Conventional wisdom dictates that Spring is the best time to sell a home. In Southern California, that can mean any time after mid-January :) In Spring, the holidays have past, the new school year is still a while away, and gardens and other outdoor spaces tend to look their best. Buyers tend to be out in force, but it’s also the season when inventories are highest. So if you plan to sell at this time, it's important to have an aggressive marketing program. I can help you with this!
Several factors go into determining your home’s market value. These include the condition of the property, square footage, location, amenities, as well as recent comparable property sales. For a snapshot of your home’s current value, please enter your address into my free online value estimator tool.
There are several simple, low-cost things you can do to boost the value of your home. These include eliminating clutter, washing windows and walls, touch-up painting and making sure that the landscaping is beautiful around the property. Larger projects, like renovating kitchens and bathrooms, typically yield more substantial increases in sales price, but often, these projects prove to be extremely expensive and time consuming. Also, buyers sometimes like the opportunity to remodel to their own taste. Staging your home can help the buyers to envision it at its best, which also leads to a higher price and a shorter time on the market.
The time your home spends on the market depends on several factors, including location, how competitively your home is priced, and how aggressively your home is marketed. Additionally, if listing inventory is low, your probability of selling quickly increases.
A real estate agent will help with all aspects of the selling process, from pricing to marketing to handling the intricacies of closing. An agent will negotiate on your behalf to secure the best price – and quickest sale – possible. But that is only the beginning! During the property inspection and loan contingency periods, it is critical that you have an agent who will stay on top of all the moving parts on a daily basis. Communication with inspectors, appraisers, mortgage brokers, escrow officers, lenders and most importantly - you! - is one of the most important factors in any real estate transaction. If we work together, you will be well apprised of every detail in a timely fashion.
Do you have real estate needs? Are you considering buying or selling? We’d love to hear from you!