When is it Time to Sell your Home?
Home owners who have decided on selling their homes have a lot of questions in their mind. Common queries include how much their property is worth, based on the existing market value; do they need to renovate in order to peg the unit at a higher selling price and a host of other issues. However, for most home owners, the first and most important question they have on their mind is: when is the best time to sell.
Unfortunately, determining the exact time frame when it’s best to sell your property is an almost impossible task. Many people claim that Spring and Fall are the best times to put your house on the market as there are a lot of potential buyers looking for new homes, but even this cannot be relied on completely.
The real estate market, just like stocks, can be quite volatile. One minute buyers are scrounging around for properties and the next minute, they’re gone. No one can really predict when the time is ripe for selling. All the experts can suggest is for home owners to evaluate the on-going economic trends and base their decisions on these.
Real estate experts state that major international factors such as droughts, natural calamities, famine, terrorist attacks and oil price hikes affect the spending power and the spending habits of consumers. In addition, home owners should also take note of the prevailing interest rates given by banks. For home sellers, the lower the interest rates, the better.
There really is no one specific time where it is best to sell your property. It will all depend on you: it is time to sell when you decide that you are ready to let go of the home you have grown to love and hand it over to new owners. Just remember that, because the population is growing, no matter what happens, there will always be a demand for houses.
Seasonal buying
Spring and summer are the housing market’s hottest seasons, but are they the best time to buy? Maybe not, says a Bankrate.com article. While it may be easier to find a home in the spring and summer since there tends to be more houses on the market during those times, you’ll face increased competition from other buyers, Bankrate.com says.
Also, homeowners are more likely to demand full asking price in the spring and summer because there’s usually a greater buying frenzy in those months, the newspaper says. Better deals (in terms of price) may be had in late fall or early winter, when there tends to be fewer buyers, the article says.
Homes tend to sell 3% above the annual average price in May through June, at about the average price in early spring and in fall and 3% below the average annual price in December and January, the article says.
