When to Sell
Your Readiness Will Mark The Best Time To Sell
When it comes down to it, the best time to sell is the best time for you. All kinds of personal factors can play into your decision to sell such as, a job change, financial changes, family changes, or just generally feeling ready. One should keep the following factors in mind:
Lifestyle changes: job changes, relocation, a growing family, and downsizing are the most common reasons people decide to sell. Job-related moves often require a stricter timeline, whereas family-related moves can sometimes be timed to take advantage of beneficial market factors.
Emotional preparedness: no matter the reason for your move, it’s important to make sure you’re emotionally prepared. Even if you’re moving for a logical reason — for example, you’re a recent empty-nester downsizing after your kids are grown — it can be hard to let go of the memories associated with your family home or condominium.
Financial benefits: if your condominium or home has gained substantial equity, the value you’ve built may be enough to get you a healthy down payment on your dream property, or give you a comfortable cushion for your future retirement.
Priced To Sell And Making A Profit
The asking price you set for your property significantly affects whether you will, (a) profit in any real estate sale, (b) how much you will profit, and, (c) how long your property will sit on the market. Your real estate agent’s knowledge of the overall market and what’s selling, or not selling will be invaluable in helping you determine the listing price. The objective is to find a price that the market will bear but, won’t leave money on the table.
Here are a few points to consider ...
Time … time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a property stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make a profit on your investment, think about a realistic price that will encourage Buyer activity. Unenthusiastic agents may overprice causing your property to linger on the market.
Value vs. Cost … pricing your property to sell in a timely fashion requires some objectivity. It’s important that you do not confuse value with cost … in other words, how much you value your property versus what Buyers are willing to pay for it. Don’t place too much emphasis on any property improvements when calculating your price, because Buyers may not share your taste ... for instance, not everyone wants hardwood floors, granite countertops, or your paint selections.
Keep it simple … because time is of the essence, making it easy for the Buyers. Remain flexible when your agent can schedule showings. Also, avoid putting too many contingencies into the sale. Though a desirable move-in date makes for a smoother transition between properties, such a contingency could cause you to lose the sale altogether.
Finally, in the end … let your Realtor provide current market statistics relative to the most recent sales in your area as well as comps of currently active listings. These statistics will further help guide you as to when to sell as well. Now may be the right time, or waiting if the market has been faced with a downtrend in prices. After all, the objective is to sell your property at a price acceptable to you as well as the Buyer. Remember that your Realtor can help you in making the right decision as to “when” is the best time.
Feel free to CONTACT US to find out what comparable properties are selling locally. Or, choose a more detailed analysis of the value of your home or condominium if you are considering selling now. 10 Reasons Why To List With a Realtor.