The real estate market has become very competitive even with the pandemic going on. In fact, according to the United States Census Bureau on their latest quarterly residential vacancies and homeownership report, the homeownership rate in the US has increased to 67.9% in the second quarter of this year. Whether you are downsizing or scaling up, putting your home up for sale requires you one powerful weapon — timing. Selling your home at the right time will help you sell it fast at the best price.
So, when is the best time to sell your home? Here are the 4 essential factors that you need to consider before selling your home.
1. Season
ATTOM Data conducted a data analysis on 28 million single-family home and condo sales for the past eight years. The report showed that June was the best time to sell a property with its 9.2% seller premium. Also, data from the National Association of Realtors states that the busiest months in the real estate industry are May, June, July and August making up 40% of the annual home sales volume. Keep in mind though that the data gathered is national and it wouldn’t always be the case in some areas. While spring is a great time to put your home up for sale, you should also expect to receive more competition from other home sellers during this time. To get ahead of the competition, it is best to put your home up for listing months before the peak season so your property hits the market before the competition rises up.
2. Current market trends
Another important factor that you need to consider before putting your property up for sale is your local economy. While national data is important, your local real estate market trends are equally vital since it determines how competitive your area is. You can get the best information about your area’s market trends by talking to a professional real estate agent. Aside from giving you the local economy’s current condition, a real estate agent can also give you insights on how to sell your home fast with the best price.
3. Home’s current condition
Most houses will sell at some point; but the question is, is the amount fair enough for the home’s value? If you want to get the best price for your home, you also need to make sure that your property is in decent condition. You can either keep the current condition of your house as-is, or consider adding improvements — whatever your choice is will determine the selling price of your home. You can start by hiring a professional home inspector to determine the current value of your home. You can then opt for simple home improvements before listing your home, such as repainting your walls and decluttering mess.
4. Net proceeds
Contrary to what some think, selling your property is not all profits. You need to shoulder other fees such as the realtor’s commission, home inspection fees, ongoing utility fees, closing costs, pre-sale home repairs, and others. Before listing your home, estimate the cost of all the necessary expenses and the net proceeds to have an idea of the amount of money you will be getting.
