1. Spring isn’t always the best season to sell your house
One reason may be that the spring home-buying season generally means you’ll have more competition from other home sellers—and that may require you to price your home more aggressively in order to attract buyers.
"Listing in the spring means you are positioning yourself to compete with several other homes," says Jersey City, NJ–based real estate agent Cheyanne Banks. "So as a seller in the spring, you have to price and market your home flawlessly to show buyers that your home is more desirable than the place next door.”
Additionally, a number of experts recommend listing a home in February or March so that the property hits the market before the competition ramps up—which may explain why a 2018 study by ATTOM Data Solutions of 14.7 million home sales from 2011 to 2017 found the second-best day of the year to sell a home is Feb. 15, with sellers netting an average premium of 9% above their house’s estimated market value on that day. (Sellers nab a 9.1% premium above market value on June 28.)
Winter is also a hot time of year for people relocating for jobs, says Jennifer Baldinger, a real estate broker in Scarsdale, NY.
“One of the biggest months for corporate relocation is January-February, so those buyers who need to move quickly are out in full force looking for new homes,” she says.
2. Keep an eye on the local economy
You’ll want to assess your local economy's conditions when figuring out when to list your home. One benchmark you can use is the S&P CoreLogic Case-Shiller National Home Price Index, which monitors single-family home sales in 20 major U.S. cities. Another valuable resource is the Metropolitan Median Area Prices and Affordability trackerfrom the National Association of Realtors®.
3. Mortgage rates matter, too
Need help keeping an eye on interest rates? Realtor.com has a mortgage rate trends tracker, which lets you follow interest rate changes in your local market.
4. Wait until your home's in good shape
"Any defect or condition that affects the intended function or operation of a major house system should be fixed," says Kathleen Kuhn, president of HouseMaster, a national chain of home inspection offices.
Translation: Taking care of leaks, built-in appliances not functioning properly, insect infestations, plus any imminent safety or environmental hazards, is crucial before listing your home. Even making cosmetic changes (e.g., repainting the kitchen or sprucing up the property's landscaping) can make your home significantly more appealing to home buyers.
Keeping up with your neighbors is also important. If all the houses on your block are beautifully furnished and landscaped, then it’s likely worth it to spend the extra cash—and the time—primping your own home for sale.
5. Your personal preparedness is a priority, too
Michele Lerner contributed to this article.
Found in Realtor.com
Thinking of selling?
Nov 08, 2017