Selling your home is a significant decision. If you’re contemplating putting your home on the market, there are a few things to consider before you decide. besides, timing can make a huge difference in how quickly and for how much your home sells. In this article, we’ll walk you through the factors you should think about before listing your property.
If you’re personally prepared for the move
Regardless of what the housing market looks like, do not sell your home unless you are personally ready for it. If you’ve lived in the same location for a long time, it is perfectly normal to develop an emotional attachment to your home.
Parting with it can be a huge decision – make sure that you and your family are prepared to make the move. Moving also means that you may have to find a new school for your children, a new doctor, and new utilities. If you’re moving because of a significant life affair (like a new job or after marriage), ensure that your family is ready to create a new life in a new home.
If your home is in good shape
Well-maintained homes are more likely to sell for higher rates. If your home is in good shape, it might be a good time to put it on the market.
You might want to move out of your property because you are dissatisfied with certain utilities or structural elements. However, if you want to get the best rate for the building, you could put in the work yourself if you have some funds to spare.
If your home does not look good, you might lose out on the asking price and end up selling it to flippers who stand to profit immensely from revamping and renovating the property.
If your finances are in check
Financially, there are two scenarios to consider:
First, you have the finances to move to a more expensive home. In this case, it helps to have a new house already lined up so that you can shift your belongings easily.
In case you have to move to a smaller property because your home is too expensive to maintain, consider refinancing your home loan before selling the property. In case refinancing doesn’t work out, reach out to real estate agents who can evaluate your home and give you a realistic valuation.
If the market is ready
Picking the right market to sell your home can make or break your finances. Ask your real estate agent what the current state of the market is, and hold off for a while if you can afford to.
There are two broad types of markets – the buyer and the seller.
In a seller market, there are more buyers than homes, which puts your property at an advantage. Since there is a higher demand for homes, you are more likely to get the asking price, if not more. On the flip side, in a buyer market, there are more homes than buyers. If you want to buy a new property before selling your home, opt to shop around while the buyer market is in full swing. You are more likely to get a better deal during this time.
Look into mortgage rates and work on saving up for a home deposit before venturing into the buyer market.
If the seasons are favourable
The housing market usually experiences a seasonal lull and flow. Although there are people that want to buy and sell their homes throughout the year, some groups may be more likely to move than others during certain months.
For instance, families may want to move before the school year begins, so they may start looking for family-oriented homes in the months leading up to the new academic year. People looking for secondary vacation homes may be more likely to do so right before the vacation season.
Further, people are less likely to inspect your home or come to viewings during the rains.
If you want to appeal to a certain clientele, you might benefit from waiting for the right housing season. Speak to your real estate agent about when the right time would be to sell your home before taking the plunge.
It is normal to take some time to consider your options before deciding to sell your home. With our pointers, you should be more informed about when to list your property to get the best value for your home.
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