When is it the best time to sell? The marketplace is typically more active in the summer months because parents want to relocated in time to enroll their children in a new home for the beginning of the school year in August. The summer also sends to have more homes available for sale.
Typically markets have some balance between buyers and sellers throughout the year. For example, one community may have fewer buyers in the fall but there will also likely be fewer homes available for purchase. Hence, home prices tend to rise and fall according to general demand patterns rather than the time of year.
Sellers often question whether or not to take the property off the market for the holidays. Leaving the property continuously available to show prospective buyers tends to have better results and the holiday season makes your home more appealing to prospective buyers. The holiday decor and the smell of baking cookies makes the property seem more like a home and makes it easier for potential buyers to picture themselves living there.
The ideal time to sell your property is when it is ready for sale and there is a need or desire to sell.
Take the following into consideration when determining the right time to sell:
Sell your home prior to purchasing a new home.
Pro: You know exactly how much you can spend on a new home because you’ll already have the money from selling your previous home.
Con: The home of your dreams may not be on the market when you need to purchase a new home and you may end up moving several times or renting until you find your dream home.
Buy a home prior to selling your current home.
Pro: You already have found your dream home and there is less uncertainty as to what you will do after you sell your current home.
Con: You won’t be able to know exactly what amount you will receive for the sale of your current home until after the sale. You also do not know how long your house will be on the market before it sells. Work closely with your real estate agent to price your house competitively. Also discuss the financing options you will have available if you wait to sell.
Buy a home contingent upon the sale of your home.
Pro: You are not required to the buy the house you found in the event you are unable to sell your current home.
Con: You will never be sure if the dream home is really yours until you receive an acceptable offer on your existing home AND the sale closes. You also have less negotiating power as the buyer in this scenario.