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2018-08-30 17:57:34
When is the best time to sell your house?

When is the best time to sell my house?

Determining the best time to sell your property might be tricky as many factors go into that. If you are looking to put your house on the market, you should be mindful of the season, your financial situation and the local economy before you put a for sale sign in your yard.

1. Seasons

Seasonality is a huge factor in the home selling process.

While the middle of spring is generally considered the best time to put your property on a market, the right time to sell your property actually depends on your location. People in colder climates typically tend to shop for houses in warmer months and close before the weather turns cold. On the contrary, southwest locations such as Las Vegas and Phoenix are too hot in summer and might have not-so-sluggish home sales in winter as snowbirds flock to the area.

But be cautious when you put your house on the market during the hot season: Your local area might be saturated with other homes, and if your property doesn’t have anything that makes it stand out, you might have a tough sell, unless you are willing to accept a low-ball offer.

2. Regional differences

The regional specifics of a housing market is the best tool for determining the right time to put your house on a market. You should monitor the local real estate trends for at least 6 months before you put your house on the market.

If you have time, you might want to wait until a seller’s market occurs. A seller’s market is defined by the situation when the number of people looking to purchase exceeds the number of available properties.

In the seller’s market’s you will most likely get numerous offers and will be able to sell your property above the asking price.

3. Financial situation

Are you looking to relocate for a new job? Or your property taxes have been rising for the past couple of years? Is your high mortgage rate draining your bank account?

If you are struggling financially because of the high rate of home ownership, you might want to sell your property sooner rather than later. When you feel frustrated, take time to assess your situation carefully and avoid rash decisions. Selling your home is a serious step and it should be a rational decision and not an emotional one.

4. Local economy

Local economy and employment rates are crucial when it comes to attracting home buyers to the area. If your area is going through a bad economic period and it’s tough to find a job, you should hold off on putting your house on the market, because the chances are you will most likely sell it below the asking price. This should make you think twice, especially if you still owe a considerable amount of money for your property.

5. Mortgage rates

Low mortgage rates attract a large pool of homebuyers, including first-timers. As a buyer, you want to purchase a property when mortgage rates are still low because as the economy strengthens, those rates will only keep climbing, and a seller, you will get much better offers when the mortgage rates are low. Rising mortgage rates put buyers in a tough spot, as they will be able to buy less house for their money.

 
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2018-08-30 17:57:34
When is the best time to sell your house?


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