One of the questions we get a lot from homeowners and potential sellers is, “Is now a good time to sell”. Now, anyone who’s planning or contemplating the thought of selling their property in the near future usually the the question of timing comes into play so they usually ask us, is now a good time to sell? (https://www.secolarievoo.com)
Our answer is always the same when we get this question, because there is so much that is involved with selling a property such as going through personal items, donating, decluttering, etc. Ultimately, it really comes down to your personal situation and your personal circumstance. So, is now a good time to sell your property? The answer is, if you’re ready to sell, then yes it is a good time to sell. If the home isn’t show ready but you want to get top dollar, then you probably shouldn’t sell yet. In that scenario, you should probably get the house show ready and then list the home.
People ask about the Spring or Summer regarding when the best time to list a property is and there are different thoughts on that because of you list in the spring or summer, then you would definitely be listing in peak season When most buyers are out and about, but you would also have more competition because there are a lot more properties on the market during that time so while there would be more buyers out there, there would also be more properties on the market that you’d be competing. On the flip side, if you were to list in the fall or winter, there might be less buyers out and about, but you would also have a lot less competition.
With that said, the short answer to this question, is now a good time to sell? It really depends on your circumstance and whether you are ready to sell. It’s moreso a question of whether you are ready to sell, as opposed to is it a good time to sell, because if you really wanted to answer the question of whether now is a good time to sell (technically) you would want to ideally sell in a seller’s market when months supply in your area is below six months.
Now, if you wanted to make sure that you sell when your area is in a seller’s market, then you would need to track the month’s supply in your neighborhood on a month-to-month basis. For example, if you were actually tracking month supply in your neighborhood every month then you can see when it falls below six months and that would be the ideal time to sell, on top of that, it can very well take a year, two years, five years, or even eight years for a whole cycle to go from buyers market to seller’s market again so that’s why it gets a little tricky to time the market for a sale when the market is in your favor.
For our team, the way we typically like to answer this question is by letting people know that it really depends on their circumstance and and their situation. If you don’t have time to prepare and absolutely need to sell immediately, then now is the right time to sell. But if you have the time and resources to prepare for the sale, then listing after you have made the home show ready is your best strategy. Ultimately, when all things are aligned, or when you know you are ready to sell, that’s when it’s a good time to sell.
One last note, if you are almost ready to sell and you know that the speculation is for interest rates to go up soon, then you should definitely try to get on the market before rates go up. Interest rate hikes can have a immediate impact on the market so that is definitely something to be mindful of.
Hope this helps answer this age old question. Obviously deciding whether now is a good time to sell is a tough question to answer, but this can at least give you some things to think about as you prepare to sell. If you would like to our opinion of the market in your area right now, feel free to contact us anytime.