The ‘Best Time’ to Sell Depends on Your Market – and You.
Figuring out the right time to sell – both financially and emotionally can help you maximize the sale price of your home and take some stress out of the process. Here are tools and tips for making a thoughtful decision about timing your sale.
The best time of year
Though many people will tell you that the ideal time of the year to sell your home is March, that may not be true. The best answer to “When is the best time of the year to sell?” really depends on the location of your home. Speaking to our Ping Property agent is the fastest way to learn which month is the best to list a house in your area, and estimates its selling price now vs. your optimum sales month. And it is not conventional wisdom or gut feelings – it is an analysis of seasonal sales patterns of homes in your area, based on the month they were first listed on the market.
The best time for you
Knowing when it is the right time for you is not as simple as analyzing home sale data. It is about taking a personal and financial inventory. There are some obvious reasons to sell – a growing family, to be nearer your child’s school or getting a new job in another location – but if you do not have timeline it can be tough to know when to take the leap.
The depth of emotional connection to your home is something only you can gauge. If you have watched your children grow up within those four walls, letting go can take some time. Unless there is a reason to rush, give yourself the gift of enough time to not only clear through all you have accumulated but also work through emotions tied to the place you have called home.
Carefully considering if your still home fits your personal needs might help you decide if and when to let go. If you are just starting your family, or if your kids need more space for themselves, it may be a good time for a bigger home. Or, if you are a recent empty nester and no longer need a large family home, it may be time to downsize into a smaller house or condo in an urban area for convenient access to city living.
Finances also be a factor in timing your sale. If your home has gained substantial equity, the value you have built in your current home may get you a good down payment on your dream home. Or you may have managed to tuck away an emergency cash reserve to cover yourself for several months and paid of your debts, putting a new house in reach.
Speaking of money, it is smart to have enough set aside to pay your moving expenses and to fix anything on the home before you put it on the market.
Just remember: The most important factor about timing is whether you truly feel ready. Even if you have enough equity in the home to purchase a new one, the time might not be right for you to sell. Talk to a Ping Property agent who knows your market might help you decide what is right for you.