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Do you need to move? Your reason for selling is important. Are there circumstances that are prompting you to sell? For example, a job transfer, a divorce, financial reasons, health concern or change in family size. If this is something that you are unable to delay, then your choices may be limited. Consider however, the condition of your finances and the equity in your home. In some cases you may be able to rent out your home until you are ready to put it on the market. Life’s changes and preparing to sell a house are both very stressful events, so it might make more sense to wait until you are settled in your new home, if you can afford it before you make a decision.
Market conditions are very active in South Florida, with prices up 15% from this time last year and with only a few homes for sale, there appears to be more buyers than there are sellers. With excellent amenities and great schools, many communities are now in a “seller’s” market. Interest rates are low now, but will that be the case if you wait another year? How will prices be in another year? Typically if you are selling, you are also looking to buy another property. If you want to wait until next year when prices are higher, consider that you might also be buying in a higher market.
Predicting and timing markets can be tricky, even for the experts. You really need to look at the particulars of your own situation to see how much waiting and testing of the market you can afford. Spring has always been considered the selling season. Buyers come out of the woodwork during the spring and with tax refund checks in the bank, spring buyers more often pay full price. In fact, home sales peak in the spring, helping to explain why about 60% of those who move do so in the summer. Families may be hoping to move into a home before the long summer break, and the start of the new school year. It may seem like an obvious problem, but if spring is the season to sell, then it also makes sense that there is a lot more competition in the market. While the market strongly favors the seller, your home will still need to stand out from the competition, both in terms of its appearance and the listing price. There are many tools available. Home buying and selling have become more sophisticated over the years. Access to the internet from anywhere in the world means that buyers can search for properties at any time of the day and any day of the year. In the past, out of state or overseas investors might have missed opportunities to buy simply due to distance. With internet listings and local buyer’s agents, your house can be viewed online 24/7. With 95% of all buyers beginning their search online, it’s important to make sure your realtor understands how to properly present your home with virtual tours. The internet makes anytime the best time to sell your home.
Tips for selling:
Don’t price your house with a zero at the end – Studies show that people perceive a precise price, such as $282,284, as lower than rounded ones, such as $280,000, even when the rounded prices are actually lower. Real-life sales show that one zero at the end of an asking price lowers the final sale price by .72% and two zeros lower it by .73%. That may not sound like much, but it can add up to thousands of dollars.
The best day of the week to list your house for sale is Thursday in a seller’s market – If you list your house for sale on a Thursday, it will be available right away for weekend showings and by Saturday — the most important day of the real-estate week — your house will have shown only two days. That’s important because the fewer days on market, the better chance the home will attract a full-price offer. Even if your house doesn’t sell by the next Saturday, it will still show only nine days on market, benefiting from the psychological advantage of a single-digit number.
Don’t be fooled by the data into thinking that there is a best time to sell your house. You have to choose a time that will work for you and your unique circumstances. Just be sure to consult with your real estate agent and adjust your pricing and marketing plan accordingly.
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