People ask this question all the time. They want to know when the best time to sell is, and this is completely understandable. You want to take full advantage of what is going on in your market to get the best price for your house.
How People Talk About Selling:
They talk about it seasonally – The best time to sell is in the spring or fall because those are the busiest.
They talk about it in terms of school – The best time to sell is before or after the school year so people can plan.
They talk about it in terms of themselves – It’s better to wait until I’ve saved up more for my next house or until I get a new job, or until I redo the kitchen etc.
While there is some truth in all of these types of statements, there are also counterpoints to them. You can wait till fall or spring because those seasons are the busiest, however even though there are typically more buyers looking you also have more people selling so there may be more competition. With regards to school, only parents think in terms of school. If someone is looking for a home like yours and they don’t have kids then school won’t be a factor for them.
I think the most important thing to consider is what’s going on in the real estate market.
What’s Going On in The Market?
Knowing exactly what is going on in your town and neighborhood is the key to finding the best time to sell. Things like: How many properties like yours are currently for sale? What is your competition like? How do properties that recently sold compare to yours? Are kitchens/bathrooms/etc remodeled or not? To me this type of data is the most important because it tells you exactly what you’re up against.
For example. Lets say you have a 3 bedroom 2 bathroom home in good condition and live in an area where there are very few listed fin your price range. You have very little competition and your home will most likely sell very quickly and you may be able to get more money than you would if there was more competition.
Lets say this same home is listed in an area where there are 20 other homes listed for the same price and those houses are in better condition. It will most likely take you longer to sell and you will most likely have to price your house a little below the others to compete.
Please also note that no matter what the market is doing your price and the condition of the house are extremely important variables.
How Buyers Are Shopping Now
Real estate buying has changed a lot now that so much information is available online. This is really important to understand because buyers aren’t generally waiting for spring or fall anymore Buyers now set searches and are automatically notified any time a new property hits the market. They are literally waiting for the right houses to come up in their search. As of the time of this writing most areas in NJ are seller’s markets with limited inventory so buyers are used to seeing good houses get sold quickly and they are ready to purchase when the right one comes along. So regardless of what time of year it is, you may have a situation where there are many buyers waiting for an email with a house like yours in it.
Coordinating The Sale With Your Life
The best time to sell also has to coordinate into your life. You may have flexibility to sell now or wait a few months or you may not. If I told you that right now was the best time to sell but it doesn’t fit into your current life plan, then it doesn’t matter if now is the best time to sell. If you are being relocated in 6 months and have to sell now, then waiting for the spring won’t matter. We will make the sale of your house work regardless of the market.