Signs that Now is the Time to Sell Your Home
There are many personal reasons why it may be time to sell your home. You may need more space to make room for a growing family or you need to downsize after your kids leave the nest. Whatever your motivations, you want to make sure that you’re timing it right. The best time to sell your home is dictated by both your personal situation and market conditions.
Best Time To Sell Your Home
If you sell when home prices are plummeting, you may end up losing on the deal. If you sell when home prices are highest, there may not be a lot of buyers looking to move. So how do you know when it’s a good time to sell?
Request a comparative market analysis (CMA) from an experienced agent that is an expert on your neighborhood. Compare the suggested list price to the amount you paid for the home. If you purchased at the top of the market, you may not be able to recoup your investment. The amount that you paid for the property doesn't have any impact on what the home is worth under current market conditions. Aside from the list price, the CMA will provide you with key statistics that can help you decide if it is the best time to sell your home:
- The absorption rate will help you predict how long it will take your home to sell if you price it according to market value.
- The average days on the market in your neighborhood will reveal how long, on average, it is taking for homes to sell in your neighborhood. Be careful with this statistic because it can be easily skewed by recently sold homes that were listed below or above market value.
- The list to sales price ratio will tell you if buyers are paying full price for properties listed in the area or if it is a buyers market that is allowing homebuyers to purchase at a bargain.
- Pay attention to seasonal fluctuations in your area. The seasonal fluctuations in the Florida Housing Market vary widely based on a number of factors such as property type and 55+ communities vs all ages so be sure to do your research.
A qualified agent can help you determine if the market puts you in a good place or not. If the statistics point to a strong buyer's market, you might want to consider renting your home rather than selling.