Times are changing and you’re thinking about moving the family into a new home. But before you start searching for your next dream home, you’ll need to figure out when you’re going to sell your existing home. The decision is a complex one, especially considering the unpredictable economic environment you’re living in. And while there’s no magic formula for determining the best time to sell a home, there are several factors you should consider.
The wrong time to sell
This likely won’t come as a big surprise: you should avoid selling your home during the winter holiday season. Tensions run high during the holidays and budgets run low. The result? No one’s really itching to buy, and offers that do come in are often low. So as a general rule of thumb, avoid the months of December and January when selling a home.
The best season for selling
Conventional wisdom dictates that spring is the best time to sell a home. In spring, the holidays have past, the new school year is still a while away, and gardens and other outdoor spaces tend to look their best. And while spring is the season that sees the largest amount of buyers, it’s also the season when inventories are highest. This means lots of competition, so if you’re going to sell in spring, you really need to get your property to stand out with effective marketing and staging.
The best day for selling
According to research, Thursday is the best day of the week to list your home for sale. By listing your home for sale on a Thursday, you can make it available immediately for weekend showings. Come Saturday – the busiest day for real estate – your home will have only been on sale for two days, which is great for attracting full-price offers. In general, the shorter amount of time your home remains on the market, the higher the offer you’ll receive.
Step 1 - Find a good agent
You want to interview a few agents. Make sure it is the right fit personality wise, are the full time or part time, Do they know your area, Are they pushy or just a good sales person. You don't want an agent that you felt sold on . People don't like that car salesman mentality. I would look for referrals from other happy clients. That shows they answer their phone and kept them updated. You don't get a good review if they don't feel like you did your job. You get a good review when you have met all the clients needs and standards.
What is your motivation to sell? Why are you moving? This determines, timing, pricing, and strategy. In a declining market, these are the most important questions you can ask yourself.
Step 2 - Staging
Why do I need to stage? Staging a home brings in more buyers, more offers, and more money. An agent took a listing that had been on the market for 6 months, was vacant and had expired. The highest offer they had received was $115,000. We discussed cleaning, painting and placing a table, sofa, mirror, 2 pictures, a bowl of fruit, and a towel in the bathroom. Within 5 days we had 2 offers, one for $140,500 and another for $150,000. Staging doesn’t need to be expensive, I guarantee, it will be time and money well spent. Assume that buyers CANNOT see potential.
Step 3 - Marketing
89% of buyers report pictures are the most important part of marketing. Most buyers will fall in love with the home online before they even get there. My job is to create a listing that makes them fall in love with your home.
The formula is:
Appropriate Staging + Great Marketing + Strategic Price = OFFERS
I do the following:
Step 4 - Pricing correctly the first time
Anyone can tell you they can sell your home for the price you want. A good agent will be honest with you upfront and tell you not what you want to hear necessarily but the truth. That gives you the power to make a correct decison to sell or not to sell. Otherwise you put your home on the market do showing after showing. You have to keep your house clean and prepared for months to then find out that it won't sell for that price. A home has to meet appraisal for most buyers to purchase it. Meaning a good agent pulls comparable's for you so they can justify your price to an appraiser.
Step 5 - Listing your home and going under contract
Sign listing documents with your agent. Any good agent will let you out of a contract if they are not fulfilling your requirements. Make sure they will.
If you would like to see if it is the right time to sell for you let me know for a FREE market analysis.
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