It’s a big deal.
Making the decision to sell your home is not something you should take lightly.
As you know, selling a home doesn’t happen at the snap of a finger. It’s common for sellers to contact a real estate agent or begin researching their home’s value months or even years prior to having a sale sign posted in their yard.
Of course every situation is different, but a home sale typically occurs because of a life event such as:
- Marriage
- Divorce
- Death in the family
- Retirement
- Birth or addition of a child
- Job loss or job promotion
- Relocation
Just as most of these life events can not be timed or predicted, it’s also not easy to time a real estate transaction.
If you are considering selling your home, here are a few things to ponder before making a final decision.
Ask Yourself If You Are Certain You Want to Sell
If you have not thought about where you will live once you sell your home, it’s not a good time to list your home for sale. Home sellers should have a definitive plan for their next home. If you do not, consider slowing down to create one.
If a seller doesn’t have a plan, chances are they are testing the current market. This action can lead to overpricing the home which can be dangerous. You’ve gotta know that an overpriced home will not sell and/or will stay on the market longer than it should had it been priced correctly.
Knowledgable real estate agents and their buyers will not overpay for a home.
Also, consider closing time frames. For example, if you receive an offer with a 30-day close, will you have a plan of what you will do? Don’t forget, you may be receiving from leasors that may only have to give 30 day notices. Lastly, you may be receiving offers from buyers relocating to the area needing a place to live quickly.
Buyers Have Easy Access To Home Information
No one is more excited about how much access we have to information online than I am. That said, home buyers will strive to understand as much as possible about your listing history and data. And most of that information is just a few clicks away.
Listing your home at too high a price or in poor condition may lead to it sitting on the market for several weeks and potentially months. This will affect the number of showings and offers you receive.
The problem? Buyers will see that lack of activity and use it to their advantage. Once you are ready to sell your home at the right price or in the right condition, buyers and their real estate agents will know your home’s history. Price reductions, photos or the previous listing when you were not really ready to sell will be at their fingertips.
This information may lead buyers to believe that there is something wrong with the home. Or something wrong with the seller. Instead of concentrating on your home, they will shift their focus towards a newer listing. More specifically, a home that is in better showing condition and priced right.
Planning For The Market Is Better Than Trying To Time It
If you know you need additional space because you recently learned you are expecting a baby or you recently accepted a new job that’s too far from your current home, you have the ability to be patient. Patience gives you the leverage to use the current market conditions to your advantage in sharp contrast to timing the market.
Knowing that you will list the home in nine months or a year from now helps a lot. For starters, it will allow a smart seller to make necessary updates and improvements to get the property ready for sell.
A key in all of this is working with a top notch local real estate agent that is an expert on your area. The expert agent should:
- Monitor the local market
- Watch and understand the local real estate comps
- Analyze the current market conditions
- Have a marketing plan for selling your home in the current market
Real Estate Transactions Happen In Every Season
Regardless of what you may think, successful home sales can and do happen in the winter. Although the inventory may be lower than other times of years, buyers are still out there looking.
Having a listing plan in advance is key. Listing your home before you (or the home) are ready can lead to a ton of headaches and frustration.
Bottom line: If you are struggling with the home selling process, don’t list your home yet. Take a deep breath and wait. The right time will come. Waiting on the right time will ensure that you get the most from your investment.
Do you have questions about selling your home? I’d love the opportunity to help. Simply click here to contact me.
Photo credits:
meg’s my name
pinkpurse
hdzimmermann
Яick Harris