Is There a Right Time to Sell Your Home? From my vantage point it’s all about the ‘when’. The increase in home buyer activity from the last quarter of the year (any year) to the first quarter, is not only remarkable but predictable. I think a combination of cabin fever and post-holiday momentum cause a bump in activity in the first three months of the year. Possibly the busiest time is mid year, usually spanning the second and third quarters. Often folks with children in school choose this time to house-hunt as it has less impact on their family. Throughout the country these months have a more stable weather pattern making a move a little more comfortable for everyone.
Tip number two is probably the most important and the least important. Let me explain. Selling when the market favors the seller is the ideal scenario, but how often will your needs align with the activity in your local real estate market? I can’t help with that but I can tell you that IF you are contemplating a move, right now is a good time to be a home seller. Inventory is low, your competition is scarce, home buyer activity has picked up, and prices are relatively stable along with interest rates.
I would have to agree with most of the tips below. I’m not so sure that the third one, selling your home when the mortgage is paid off, rings true for me. You could, as suggested, walk away with a pocket full of profits but I feel that this particular suggestion fails to take into consideration that everyone’s got to live somewhere. In this case, unless your selling downsize or to buy something else, you’ll be paying rent, which in my book is still debt.
Why Is it Time to Sell Your Home?
By Mikkie Mills
If you are like so many homeowners today, you are not living in your “forever home” right at the moment. Rather, the home you currently reside in is a stepping stone to get you that much closer to your dream house.
It is likely you are always keeping one eye on your home and the other eye on the housing market, trying to figure out when the time is ripe to sell and move to the next home. Here’s how to know for sure when it is a good time to sell your home.
When your current home is no longer a good fit for your needs – Stepping stone homes are bought for a specific reason at a specific time in life. Maybe you moved because you are expecting a baby and needed more room. Conversely, maybe your “baby” just went off to college and suddenly your formerly cozy home feels like an echoing cavern. Perhaps you just got a job on the other side of town and the commute is killing you, or now you work from home and you discover you hate your neighborhood. Regardless of why, when your home no longer works for your situation in life, this is a clear sign it is a good time to think about selling.
When the market favors the seller – If there is one thing you can count on the real estate market to reliably deliver, it is shifting trends. Some years, it will be a buyer’s market and in other years, it will be a seller’s market. If you’ve been feeling like a move might be welcome and the real estate market just happens to be favoring sellers at the moment, you might as well throw your house in the ring and see what you reel in!
Your mortgage is paid – Once your mortgage is paid off in full, every dollar you earn over what you paid for it is pure profit. Very few people in this country today get to enjoy the great feeling of being debt free, but if you sell your home after it is paid off and pocket the profits, you can be one of them.
Your current interest rate is high – Right now, interest rates on mortgage loans are at historic lows. If you are currently carrying a mortgage on a home that has a high interest rate attached (and especially if a refinance won’t fix this adequately), then now is a good time to sell.
At this point in time, real estate is scarce and homes are in demand. Interest rates are low and the market is strong overall. Whether you choose to sell and just rent for a while or you decide to turn around and buy another home at a low interest rate, it is a win-win to sell and get out of that higher rate.
Every single day, homeowners become former homeowners for all kinds of different reasons. There are no invalid reasons to sell your home; there are only the reasons why now is the right time for you.
For more information, Call or Text: 602-999-0952
eMail: golfarizona@cox.net
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
This was originally published on RISMedia’s blog, Housecall. Visit the blog daily for housing and real estate tips and trends. Reprinted with permission from RISMedia. ©2016. All rights reserved.
More Resources for Home Sellers and Home Buyers
Our Buyer’s FAQ page has 9 of the most frequently asked questions from Home Buyers, along with 10 additional resources for Home Buyers at the bottom of the page.
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Thinking of Selling your home? First check out our 9 FAQs for Sellers. Then read on, there are 9 additional resources for Home Sellers at the bottom of the page.
Home Buyer’s Frequently Asked Questions
Home Seller’s Frequently Asked Questions
