COVID-19 has serious economical repercussions. But surprisingly, it hasn’t tanked the housing market.
In fact, home prices increased by 7.8% from Q3 2019 to Q4 2020. That’s the fastest year-over-year appreciation rate since 2006. Part of it is because more people are working at home and seeking larger home office spaces. If you’ve been thinking of selling your house, take advantage of the recent trends.
People are more willing than ever to buy your house. So when you’re ready, go for it. But how do you know when it’s finally time to let go of your property and move someplace else?
How do you know when it’s time to sell your house?
Your personal readiness is the ultimate deciding factor when you’re selling your property. You have to be ready to let go of the place you considered your home for years so there won’t be any regrets. But this isn’t the only factor that matters when it comes to selling your home.
Consider these five factors when choosing the best time to sell:
There are major changes in your life.
Many people sell their homes and move somewhere else for a fresh start. They simply want to upgrade their home. Or they want to feel the difference between living in a condo unit vs a house.
But sometimes, it becomes necessary to sell your home and move someplace else. Potential reasons include a growing family, empty nesting, a job transfer, retirement, or the need for more affordable housing.
Your property is in its best condition.
You put so much effort into making your house look its best. You’ve done minor repairs, interior updates, and landscaping remodeling to make sure it’s in perfect condition. In that case, you might want to consider putting your home on the market already.
You don’t have to do home preparation and repair work, though. You can list your home as-is, adjusting the price to reflect its current condition. It could delay the actual sale, though.
Local housing market trends are good.
Seasonal trends suggest that spring is the best time to sell your home. But you should also consider other market forces, including the local housing market. Consult a local real estate agent to make sure the market is working in your favor before you put your house on the market.
Some things you have to take note of are how fast home prices appreciate and how quickly houses are selling in your community. Consider the price difference between your current location’s housing market and the market of where you want to buy.
You can afford to sell your home.
Sure, you earn something from selling your home. But you also have to shoulder some fees. For example, you have to think of home improvements, agent fees, and unexpected concessions.
So when you’re deciding whether to sell your home, make sure you have enough savings to shoulder the costs of making the property marketable and putting it on the housing market.
You can afford to buy a new home.
Finally, you have to consider whether you can afford to buy a new home in the neighborhood you want to move into. Talk to your real estate agent about how much you can sell your house for. Then, compare that with how much it would cost you to move somewhere else.
Consider the costs of closing a home sale, moving to the new home, purchasing new furniture, and adjusting to your new life before putting your current home on the market.
When is the best season to sell your house?
Wait for the flowers to start blooming. Then, you can put your house on the market.
You might have heard this statement from many real estate agents or experts. It isn’t any random statement, though. Spring is arguably the best time of the year to sell your house because it’s when people start getting their tax breaks. The weather is ideal for going out to look at properties, too.
For families planning to buy a house, the upcoming summer break makes the move easier for the kids. As such, spring and summer are always a good time to put your property on the market.
Winter is typically a slow season for home sales. For places with a warm climate all year round, however, your selling window might extend to off-season months. Of course, it helps to ask your local real estate agent whether you can get the most out of home sales during a specific month or season.
Market trends fluctuate. Ultimately, the best time to sell your house is when you’re ready. So, go over the five factors and make a sound decision for you and your household!