The Housing Market And Your Property

The decision to sell your house can be a momentous one. You might have toyed with the idea several times in the past. However, when it came right down to it, you decided to defer the decision. Difficult as it might seem, taking the decision to sell your house is probably the easiest part. It marks the culmination of the point where you move from thinking about selling your house toward taking practical steps to sell the house.

According to this report from Move, Inc., the data for July 2014 highlighted the healthiest end to the spring home-buying season. Prices of homes continued to appreciate along with the inventory levels for the first time in three years. That too, without any stimulus from external economic factors. This means that the real estate market is currently experiencing an upswing. Therefore, if you’re planning to sell your house, now is good a time as any.

What are the Aspects You Need to Consider When You Decide to Sell Your House?

As mentioned earlier, deciding to sell your house is easier than managing all the tasks involved in selling your house. At the outset, you need to consider various aspects before you sell your house. Then, you need to prepare your property and make it neat and tidy, so that you can stage or present it effectively to any buyers that come calling. Negotiating the deal (and closing it) and taking care of all the formalities marks the conclusion of the entire process. By this time, you might be desperate to culminate the journey that began with what was – at the time – a difficult decision to make.

Here is a list of factors to consider when you decide to sell your house.

–        Is the house ready to sell?

–        Do you plan to sell the house yourself? Or, do you plan to engage the services of a reputed real estate brokerage firm?

–        What is the fair market value of the house?

–        What is the price you had in mind? How did you arrive at this valuation for the house? Is it in line with comparable properties in the vicinity and current market trends?

–        How do you plan to market your house? Do you think that you can market your house effectively enough to attract prospective buyers?

–        Will you be able to manage or coordinate all the showings of your home to potential buyers?

–        Will you be able to segregate the buyers from the lookers, in addition to pre-qualifying prospective buyers, so that you’re confident of their ability to purchase your house?

–        Are you confident about your ability to negotiate with prospective buyers?

–        How will you handle the legal formalities of drawing up the contract for selling your house?

–        Do you have the reserves of time and energy for handling the entire process, or is hiring an agent a more viable (and cost-effective) alternative?

Timing the Sale Right – The Best and the Worst Times to Sell Your House

Contrary to what many people might tell you, there are no good or bad times for selling your house. People looking to purchase homes remain on the lookout for a worthwhile property throughout the year. Traditionally, the volumes peak during the months of good weather conditions i.e. February to June. This is because people want to be in their new homes before school begins. In addition, people usually purchase new homes in spring because they want to use their tax return for making a part of the down payment. Similarly, volumes of home sales are at their lowest during the winter months.

Some realtors often claim that the Holiday Season (i.e. the months from November to January) is the worst time for selling properties. There might be some truth in that. For example, when people generally check out a property, they prefer seeing it in fine weather. Not many have the gumption to drive on slippery roads, whilst being buffeted by strong icy winds. However, anyone can go through emergencies. Corporate relocations take place throughout the year too. Therefore, if a buyer heads out of the house in inclement weather, you can be certain that the person is keen on closing a deal, rather than just “having a look around”.

On the other hand, if you put your house up for sale during the traditionally good home shopping months, you might have more buyers approaching you. In addition, buyers might pay more for your house as well. However, when the demand is higher, the competition intensifies too. As a result, buyers also have more options to consider. Besides, real estate and mortgage professionals are also at their busiest, so you might not get their undivided attention. In short, closing a deal could take much longer during the peak season for home sales.

Conversely, if you list your house during the “off-season”, you will come across buyers who are keen to close deals. You will also receive the complete attention of your brokers and agents, as not many people consider selling their homes during the Holiday Season. When the supply is low, the demand is sure to be higher. In addition, the prospective buyers you get will be more committed to making a purchase. This is especially so because they won’t have too many houses from which to pick.

Here is a handy reference of the best and the worst months and seasons for selling a house.

Everything has its pros and cons. Therefore, sell your house when you have to. If you have the option of timing it to your liking, consider the months or the seasons (or any other factors) before listing your house. In short, there is only one worst time for selling your house i.e. when the real estate market is experiencing rough times. That is when property values usually depreciate instead of appreciating.