The real estate market is one of the most surefire ways to accumulate wealth and ensure a stable place to call home. And while purchasing a home is often a very exciting time, many people experience high anxiety when considering selling the property.
And this makes sense since it's difficult to know whether it's a good time to sell unless you are a realtor. Further, it's likely appreciated if you have been in your home for years, but knowing how much the value has risen can be difficult. Gauging the local real estate market is always tricky, but these tips tell you whether it's a good time!
- Determine whether it's a buyer's market or a seller's market. One of the biggest reasons the real estate market is so volatile is that it can experience huge swings in supply and demand. People don't always act predictably, so if there is an influx of new residents to an area, it can push demand high without a corresponding increase in supply, which pushes the prices of homes up significantly. If you sell your home, you want to do it in a seller's market to get the optimal price.
- Consider the season. While homes sell all year round, spring and summer are typically the best seasons to list your home since most people are more likely to purchase at this time of the year. And it makes sense since the school year ends and it's a convenient time to move. You will likely have a much easier time selling your home in the spring or summer.
- Look at the mortgage rates. There is a strong correlation between mortgage rates and demand for housing. When they are low, a buyer's budget can get much more home than when the rates are high. Therefore, demand usually spikes when mortgage rates drop. If there has been a recent drop in the rates, listing your home early can often result in a quick sale.
- Your home is ready for listing. Tackling small projects and maintenance tasks you have been meaning to get to can often result in the ability to list your home for much more. Look at its curb appeal and tackle anything that can enhance its ability to increase appeal.
- Your equity is high. The amount of equity in a home is also subject to demand. When prices are high, you have more equity, which can translate into a greater profit during a sale.
- Your lifestyle has changed. Due to changing needs, you can often sell your home to enhance your life. Whether you need more room, it's time to downsize, or move for a lucrative job, these factors can make it a great time to sell.
- You have a great realtor who recommends selling. The reality is that a solid sale can depend on many factors, some of which may impact only a very local market or area. If you have a trusted realtor who says it's a great time, it may be worth listening.
Selling your home is a big move, but it can give you a better quality of life when aligned with your goals and the market is right for a sale. To learn more about optimizing the timing of a sale, contact Wonica Realtors today!
Wonica Realtors & Appraisers are Staten Island's #1 independent full-service real estate firm, serving the needs of the community for over 30 years. Whether you are buying, selling, renting, or relocating, our staff of highly trained professionals will provide quality realty services with personal attention to your individual real estate needs.