Selling A Home: A Personal Decision
The decision to sell a home is a highly individualized and personal one. But there are signs to watch out for that may signal when it’s a good time to sell your home at least in terms of yielding the best profits. Ask yourself: would you know if your neighborhood property values were suddenly dipping because of a neighborhood decline? Or if your neighborhood is now showing signs of being on the upswing, how do you know when the right time is to list it or stay put?
Although not all of the experts agree on watching the overall neighborhood red flags as indicators of your home value decline or upswing, most do agree that there are signs to watch when making the decision to sell. Here are a few notes compiled by my fellow home experts that you might find useful as a guide post for knowing the right time to list. Ultimately, deciding to sell a home is based on a whole multitude of factors that might include, empty nest syndrome, a job move, loss of income, taking care of an elderly family member, needing a new start or any number of reasons. But if making the right move for investment purposes is your concern, then here are some good tips.
· Is Your Neighborhood on the Upswing
Many neighborhoods took a hit over the past few years causing either mass exodus or mass fear to make a move. As the signs and waves of recovery have slowly moved over the country, people are asking, “Do I sell now or do I wait for my housing value to go up?” Says an article on MSN titled, 8 signs your neighborhood is on the upswing, a good way to spot signs of a real-estate recovery in your community is to begin watching for improvements in the areas near you hardest hit by the downturn. If you start to see improvements in neighboring communities that were hardest hit, your neighborhood is likely on the upswing as well. If this is the case, you may want to start paying special attention. Watch the market and other home sales so you know when to jump in and list your home. Says the article:
Frequent purchases made by investors and first-time homebuyers are good signs. Watch for an increase in the sales of newly built homes versus discounted foreclosed properties; better sales will increase housing construction.
· Time to Sell: Your Neighborhood is in Decline
On the flip side of the equation, in a volatile housing market, a neighborhood can also take a downturn that may affect your home value. In this example, you might want to consider selling sooner than waiting for recovery. Says an article in Business Insider titled, 10 Signs That Your Neighborhood’s Property Value Is Declining, there are tell-tale signs to look for here. Faith Consolo, commercial real estate expert with Prudential Douglas Elliman says in the piece, a closing chain store should be a huge-tip off. She says:
They’re doing musical chairs to capture a whole new demographic. By divesting themselves of the larger location, they’re still keeping a presence but seeking out greener pastures.
· Crunch the Numbers – The Time is Right
Lastly, when in doubt, the numbers don’t lie. Says Michelle Lerner on ealtor.com in an article titled,When Is the Right Time to Sell Your Home? Do your research. Know your payoff amount versus profit and then find out the recent sales price of comparable homes in your community. Says Lerner:
Interview several REALTORS® and consult with them about current market conditions to estimate a listing price and how long it may take for your home to sell. Many sellers opt to put their homes on the market in the spring because that’s when more buyers are looking, but you can choose to sell at any time of year.
‘I’m Ready to Sell My House’
In the end, the decision to sell your home is one that only you can make by weighing all the pros and cons. But if and when you do get close to deciding, isn’t a sale that yields the biggest profit and closes at or close to asking price – shouldn’t that also be part of the decision? So, while it’s always a bit unpredictable and there may never be a perfect time, hopefully armed with the right information and a well-informed, experienced realtor, the decision as to the right time to sell will be as effortless as saying: “I’m ready to sell my house.”
Lydia Gable is a realtor in the Conejo Valley. She specializes in Westlake Village and Agoura Hills real estate. Years of working in both a thriving and a down real estate climate make her experience invaluable to a seller in a volatile market. If you have questions about listing your home or would like more information on anything covered in the article, please contact Lydia Gable today.