Selling Your Home

 

When To Sell Your Home


Home sales are cyclical

Over 84 million home sales took place in 2005, and that doesn’t include sales of new construction. In fact, the real estate market has been booming in many parts of the country for the past few years.

But home sales are cyclical, like other aspects of the economy. At times, real estate sales are hot. At times they're not. Keep in mind, though, that the real estate market is local. So while home sales may be slow in some parts of the country, if they are booming in your area, that's what matters.

 

Make sure you are financially ready to sell

The last thing you want is to underestimate how much everything will cost. Ensure you are financially prepared to sell your home. Keep these tips in mind:

  1. Include all costs involved on the selling side: attorneys’ fees, inspections, repairs, warranties, transfer and other taxes, as well as agents’ commissions.
  2. Include all costs involved in the purchase of your new home: acquiring credit reports, applying for mortgages, surveys, title searches, title insurance, minor upgrades and repairs, cost of your move, hazard insurance, PMI (Private Mortgage Insurance), and so on.
  3. Make sure you are financially qualified for another home before you sell the one you are in.
  4. Make conservative assumptions about the sale price of your current home.
  5. If neccessary, be prepared to make an offer on your next home and manage a contract on your existing home.
  6. Finally, talk to your realtor about contingent offers. Make sure that if one offer falls through, you have a backup plan.

 

'Tis the season...When to sell your home?

Psychology of a New Listing

You don’t want your house to languish on the market for a year or even six months. Even if it’s a perfectly fine house, agents will become weary of showing it, local buyers will think there’s a problem with it, or simply that you’ve overpriced – whether any of that is true or not. So if you can, consider putting your house up for sale in the optimal selling season in your area.

A great home will sell in any season, but more buyers are out and looking in certain months.  So don’t make the mistake of putting a home up for sale at the wrong time of year: too much time on the market hurts your selling power.

So when should you list your home?

The National Association of Realtors reports that spring and summer see the most activity, with peak home sales typically occurring in the months of May and June.

What does this mean for you?

  1. February and March are optimal months to initially list your house.
  2. During March and April, both agents and buyers will tour your house.
  3. In many parts of the country, these are the prettiest and most comfortable months.
  4. In spring and early summer, most homes show beautifully.

With the typical elapsed time from contract to closing taking 60 days, offers made in March and April mean May and June timeframes for moving.

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