With real estate prices peaking, many of you who are considering selling your home or moving up into a bigger one are asking “When is the best time to sell my home?” The answer to the question may surprise you.
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If you’ve been waiting until the spring to list your home, you are going to want to take a look at these numbers. Redfin, the largest online real estate brokerage in the country, compiled two year’s worth of data across 19 metro markets and here is what the data says. Homes that are listed during the winter are: ◘ 9% more likely to sell ◘ Sell in an average of one week faster ◘ Sell for 1.2% more money
This is contrary to conventional wisdom, which says that listing your home in the spring is the best time because of all the buyers that are out looking at that time of year. While it’s true that there aren’t as many buyers during the winter, the buyers that do shop in the winter are often more motivated and serious.
The buyers out looking this time of year are what we call “life event buyers.” They are people that are buying because of job relocations, deaths in the family, or the birth of a new child, among other reasons. These are people who need to buy, as opposed to most buyers during the spring and summer months who just want to buy. If you can be flexible with your timing, listing around this time of year can be of great advantage to you.
If you’re considering selling in 2016, you may want to consider advancing your timeline to take advantage of this prime time in the market. Interest rates are also going to rise this year, which may put a dampening effect on prices.
If you would like us to evaluate your personal situation, please reach out to us. We would be happy to do a complimentary consultation, as well as an equity analysis to see how much money you have in your property that you can take on to whatever your next chapter may be.
If you have any other questions, don’t hesitate to give us a call. We will be right here, ready to help you create a better life through real estate.