By Tamra Haase
When you’re selling your home, the first thing you’ll want to do is evaluate the climate of the current real estate market to determine whether it’s the right time to sell.
The best time for selling is during what’s known as a “seller’s market,” when there are more buyers looking for homes than there are properties for sale. When demand outpaces supply, prices and competition can drive up, which means chances are your home will sell faster and for a higher amount.
Conversely, a buyer’s market is when the available properties outnumber the demand, making it much harder to sell your home for an ideal price or in a reasonable amount of time.
During buyer’s markets its generally advisable that you wait, if possible, until the scales tip back in your favor. Otherwise you may not only have a hard time attracting a good offer, you could even end up losing money on the sale.
They say you have to spend money to make money — and when it comes t selling a home, the expression definitely applies.
While most sellers are primarily thinking about the money they’re going to earn, it’s important to remember that the process of selling a home can be quite costly.
Home repairs, cleaning, inspections, professional agent commissions — these are just some of the costs you’ll have to pay in order to get an optimal outcome on your sale.
Before you decide to sell, call me to get a better sense of how much you’ll need to invest to ready your home for sale and what you can expect in terms of sale price based on the recent performances of other homes in your area.
By weighing the cost of selling, the amount of equity you currently have in your home, and the projected sale price against each other, you should be able to decide if selling right now is worth it, or if it makes sense to wait a few more years.