Key Takeaways:
- Two types of factors influence the sales value of a house.
- The controllable factors include home maintenance, getting an instant valuation, and avoiding real estate myths.
- And factors beyond your control, such as the local socio-economic, fiscal, and political scene.
- A mix of all these factors helps you determine the right time to sell your property.
Perhaps, you've been contemplating selling your house. You may have even started to prepare by looking online at home values in your area and getting an idea of what your home is worth. Or maybe you're still on the fence and haven't decided whether or not now is the right time to sell. Either way, this blog post is for you! We'll explore why selling your house now could be a good idea. So, keep reading if you're curious about the best time to sell a home!
External Factors Influencing the Real Estate Market
Housing experts don't have a crystal ball to read the real estate market. They consider variables and indicators that shape the market. From political chaos to fiscal uncertainty, various factors determine the pricing conditions and whether you should list your property or not:
Here are a few uncontrollable factors you need to be wary of:
Interest Rate
The interest rate is among the most critical factors affecting home buyers and sellers. When the interest rates are high, buyers tend to stay on the sidelines. Conversely, when mortgage rates are low, as they are now, more buyers enter the market.
Demographics
Demographics is the data that describes population composition. The most critical group of home buyers is young families. When this group is growing, the demand for housing increases, driving prices up. The transition of baby boomers to retirement is another exciting phase that real estate experts watch out for.
While the people belonging to millennials and Gen-Z are willing to rent out apartments and experiment with shared living closer to the city center, the older lot prefers home ownership and peaceful living.
Economic Conditions
The state of the economy has a significant effect on the real estate market. A strong economy supports job and wage growth, which drives higher housing demand and prices. Conversely, fewer people can afford to buy homes when the economy struggles, leading to lower prices. Periods of economic recession and stagflation usually hit the housing market the highest. A property boom also demands caution; the last time we saw one, it led to a global economic crash.
Consumer Confidence
Consumer confidence is a crucial driver of housing demand. When confidence is high, more people feel comfortable making large purchases like homes. But when confidence is low, as it was during the last recession, people are less likely to buy houses.
Also, Read – The Average Fees Associated with Selling a House
Consider These 7 Factors to Get the Best Deal on Your House
It's challenging to manage the factors beyond your control, like the ones mentioned above; however, a few measures can help you stack the deck in your favor. Consider the following when deciding:
1) Spring Is Not Always the Best Time to Sell Your House
In most real estate markets, spring and summer are the busiest seasons for home buying. Families with children often want to move before the school year starts. However, contrary to popular belief, spring is not the only viable time to sell your home. Popular marketing campaigns over the years have shaped public opinion, creating the notion that somehow spring's the ideal time for property listing or buying one.
Listing during spring means you're setting yourself to compete with other sellers in your area who have the same idea. More inventory means more buyers have options, leading to a longer sales process and potentially lower offers.
2) Home Maintenance
Your home's curb appeal is always important, but it becomes even more so when you put your house on the market. Be sure to tend to any necessary landscaping and clean up any unsightly debris around your property. The outside of your home is the first thing potential buyers will see, so make a great impression from the start!
Also, take care of any leaks or fixture damage; you must ensure your home is in pristine condition when you set it up for home valuation. Home staging and other methods can ensure your property looks the same when you have potential buyers.
3) Check Your Local Market
Pay attention to what's happening in your local real estate market. If there are more homes for sale than buyers, it could mean you'll have to sell your home for less than it's worth. However, if there are more buyers than homes for sale, you could sell your home for more.
Knowing what's going on in your local market will help you determine the best time to sell your house.
4) Get a Home Valuation
When you're ready to sell your house, finding out how much it's worth is essential. A professional home valuation will give you an accurate estimate of your home's worth based on recent sales of similar properties in your area.
5) Consider Your Motivation for Selling
Why are you selling your home in the first place? Are you moving to a new home? Or just flipping houses to make a profit? Knowing your motivation for selling will help you sell at the right time.
6) Keep an Eye on the Mortgage Rates
If you still have a mortgage on your home, paying it off will be a top priority when selling. Keep an eye on the mortgage rates to see if now is a good time to sell and pay off your mortgage. Historically, more people enter the real estate sector when the mortgage rates drop.
7) Listen to Your Realtor
Your real estate agent should have a good idea of when the best time to sell your house is. They will be able to give you advice based on their experience and knowledge of the market.
So, what’s the verdict? Is now the best time to sell your house? The answer is an unequivocal yes. With low-interest rates and a hot market, there has never been a better time to put your property on the market. And with Bonnie L Miller PA, CNE-Exp Realty LLC serving Cape Coral's instant home valuation tool, you can get an immediate idea of your house's worth. Contact us today to start the process of selling your home!