When should you sell?
Your answer to this question might be “right away”. If you’ve taken a job in another city or you’ve made an offer to purchase another home, selling your home fast is your main goal. Most people however have some flexibility in deciding when they should sell their home.
Once you’ve decided to sell, you probably want to complete the process as soon as possible but you also want to sell your home for the highest price you can obtain. In a “seller’s market” speed and top price can go hand-in hand. However, in a “buyer’s market” you may discover there is a trade-off between speed and price.
There are cycles in the market that may affect your decision when to sell. These cycles can create a shortage of homes or a surplus of homes. What drives these cycles? The most obvious answer is the overall economy. In periods of economic growth, demand for housing is high. When there is a down turn in the economy however, unemployment increases and more houses are put up for sale, at the same time potential buyers are waiting for things to improve.
Changing interest rates also influence real estate. When interest rages rise, fewer people can qualify for any given mortgage amount and demand drops making it tougher to sell your home or obtain the price you want.
Seasons and the weather can also affect buyer demand and in turn , how long it will take to sell your home or the price you can obtain. Generally, fewer people are looking to purchase a home in the cold winter months you’ll also be competing with fewer houses. Conversely, spring tends to be an active time for real estate sales. Homes and gardens start looking good again and byers come out of hibernation.
Homes are sold throughout the year, so consider some of these factors in determining when you’d put your home on the market.
Call me today to talk about your unique situation and to get information on the Sarnia-Lambton market.