Should I sell my home now or wait until Spring

Deciding when the right time to sell your home is a big decision. About this time of year, there are many people who are on the fence and trying decide whether to sell now or if they should wait until the Spring. Here are 5 areas of consideration to review when trying to determine the best time to sell your home.

Often times, studies indicate that homes sell more quickly in the Spring and early Summer. In fact, some studies indicate that the first two weeks of May could be the time period that is best. While homes may sell more quickly during this time frame, it doesn’t mean that you should always wait until spring to sell your home.

There are a host of factors at play and each situation is different and just because homes tend to sell more quickly in the Spring doesn’t necessarily indicate the ideal time period for you to sell your home. Each individual situation is different. If you talk about the pros and cons with a Realtor®, she will listen to you and can help guide you through the best timing for your individual situation. Remember, Realtors® are fiduciaries who have your best interest above theirs. Here are 5 areas to consider when deciding the optimal time to sell your home.

Equity in your home

You have enough equity in your home to cover the associated fees and costs incurred in selling your home. If you don’t have enough equity, you may want to wait until spring or even later unless there are other circumstances.

Less Competition

How quickly are you wanting to sell your home? Generally speaking, homes sell more quickly in the Spring and Early Summer. This is great if you don’t like showing your home, are in a time crunch, or want the process to be as short as possible. However, because fewer homes are on the market in the fall and winter, it means that the competition is less fierce and it may be easier to sell your property during this time frame. This is especially true if you don’t have a large family home to sell.

Serious Buyers

Many people think that there aren’t serious buyers in the off-peak months, but this simply isn’t true. There are serious buyers year-round always looking at homes for a variety of factors. Don’t assume you can only sell your home during the spring and summer months. There are always serious buyers looking for homes year-round.

Focus on You

During the fall and winter months, lenders, appraisers, inspectors, and other professionals related to the real estate transaction are less inundated with work. This means that you will likely receive more attention and focus from everyone and once you have agreed to terms with a buyer, the transaction can actually move more quickly and your file can get more attention. This can help you not only when it comes to selling your home, but also when buying a home.

Local Job Growth and Seasonality

Do you know what is happening in your local market related to job growth? What is the trend in home availability in your local area? If there is a lot of job growth in your area, it could be a great time to sell your home. In some markets, there is seasonality to the job growth based on certain employers or other seasonality items. It is often best to sell when demand is high.

In addition, and perhaps the most important area, to consider when deciding when to sell depends on your readiness. Are you prepared emotionally for a new start? Have you weighed the pros and cons of staying put vs. moving? Do you understand the financial implications and lifestyle changes that are often associated with moving? If you have reviewed these areas and you feel ready, it is time to talk to a REALTOR® and get the process rolling. A licensed and experienced real estate agent will help you get the most value for your home.

 

Eliot L. Ward is a licensed real estate agent and Utah Realtor® with Harvest Park Group in Draper, Utah.