Timing the housing market is tough. Right now interest rates are low and demand is high, but how long can it last?
Only a crystal ball can tell if we’ve reached a housing peak, but if you’re thinking about selling your home, here are some tips that will help you say "Now I Get It!"
First of all—consider why you want to leave your home. A good rule of thumb is to sell when you need to. If you’ve recently divorced or your income has decreased and you’re having difficulty paying your mortgage, then don’t worry about chasing the market.
Remember, if you sell low, then you’ll probably be able to buy low too. If you have a little more wiggle room, you might want to take some more time before you sell. Just make sure you don’t take too much time—interest rates have nowhere to go but up, and the median sale-price of a pre-existing home has increased by 7.6% since last year.
On top of that, the amount of available housing has sharply decreased in the past few months. When you add all of this up, it becomes pretty clear that we’re in a seller’s market.
But you still might want to wait until "selling season." Home sales reach their peak in late June, but you’ll want to list your house by mid-March. Homes sold from March to mid-April sell 15% faster and for 2% more than the average listing.
Finally—take your time and interview a few different real estate agents before you settle on the person who will sell your home for you. Make sure to ask him or her for an activity list that will show all of the buyers and sellers they’ve worked with and the prices they’ve sold homes for.
Just remember, it’s a marathon not a sprint—be patient and know that you’ve done the research and made the best decision for you and your family.