Posted on January 5, 2015 - 04:35 PM
by Masha Meyta
Timing the housing market to the moment when interest rates are low and buyer demand is high may seem ideal, but if everyone had the ability to see exactly when home values are at their peak, we’d all be millionaires. The decision to sell your home should be based on a variety of factors that are both financial and emotional. While you should definitely pay attention to market conditions as part of your thought process—and those conditions will absolutely impact your home sale—you should always keep in mind that the choice to buy or sell a home is completely individual.
Once you have made up your mind that you want to sell your home, you need to gather some information before you determine when to put it on the market.
First, find out your loan payoff amount so you have an accurate idea of what your sales proceeds will be after you’ve paid off all home loans and paid your closing costs, including the REALTOR®’s commissions.
Next, find out the recent sales price of comparable homes in your community. You will need to interview several REALTORS® and consult with them about current market conditions to estimate a listing price and how long it may take for your home to sell.
Many sellers opt to put their homes on the market in the spring because that’s when more buyers are looking, but you can choose to sell at any time of year. If your home attracts families and is in a sought-after school district, you are just as likely to get offers in the summer as in the spring because buyers want to settle in before school starts. On the other hand, if your home is located in a resort area or appeals to young professionals or empty-nesters, the school calendar is meaningless.