Although the internet has allowed home buyers to search for homes all year round, there is a best and worst time to sell a home. While common sense may say that the holidays are the worst time to list a home, there are many other factors that cause a market to speed up or slow down.
Right now, the housing market is in a strong upswing and people are buying homes before interest rates begin to increase. As for location, northern Nevada is a lucrative place to sell a home due to the warm climate, but this is just part of the equation. What other factors determine whether you should list your home for sale, sell right away, or wait? Here are a few you should watch for.
When Is the Perfect Time to Sell?
The perfect time to sell a home is before other sellers put your home out there for the public to bid on. A rising market is an ideal environment for buyers and selling right after the holidays is not going to help your chances. That’s why it’s important to think of the timing of the market, not just your home’s price.
Most sellers believe that an upswing in the market is the perfect time to list their homes. In order for that to be the case, you need to have a strong buyer’s market in the first place. This type of market will have a lot of buyers who are competing for the same homes and will be willing to negotiate. If you wait until the market has settled down, buyers aren’t as willing to negotiate.
What Are the Risks of Selling Your Home at the Wrong Time?
It’s important to realize that just because interest rates are low, that doesn’t mean it’s the best time to sell a home. Many people would like to wait to sell their home, but if they’re looking to purchase a new home and they’re worried that prices are going to fall, it’s best to list your home.
The other risk with winter is that it’s extremely competitive with the other financial demands associated with the holidays. Buyers want to get their homes, as well as their Christmas shopping, at lower prices, so they’ll raise their demands. If your home doesn’t sell right away, it can take months to get a callback.
Is Winter a Good Time to Sell My Home?
In most cases, we say that summer and fall are the best times to list a home. Why? Many people are on vacation during the winter and might be hesitant to commit to a deal if they’re not sure of the value of the home. As for the rest of the year, the real estate market is usually still very hot, so it might be easier to sell your home when people feel more comfortable moving in.
There are some isolated times during the year where we can expect a seller’s market. With the right marketing and timing, you can have a pretty decent chance of selling your home and selling it for what you’re asking.
When Will Interest Rates Go Up?
Most homes are purchased by first-time homebuyers, but rising rates are not a good thing. Currently, the Fed is planning on raising interest rates to head off inflation, and if that continues, you could see those interest rates increase by next year. This is something you want to think about before deciding when to sell a home.
However, this situation has a silver lining. If rates continue to increase over time, you may be able to sell your home sooner for the same price. However, make sure you factor in the market cost of selling your home and the fees associated with the sale. If you wait, you may end up paying a higher price to sell. If you sell within the next year, you may find that market prices are increasing rapidly and that your home would not be worth the same if you waited. Unfortunately, the worst time to sell a home greatly depends on this factor that’s out of your control.
Having Trouble Selling Your Home? Contact Sierra Housing Solutions in Reno, Nevada
If you own a home in Reno, Carson City, or Dayton, Nevada, it may be a good moment to sell your home. The worst time to sell a home is when the market stalls, which may happen sooner rather than later. Sell your home in less than seven days with Sierra Housing Solutions. With a quick inspection, we can give you a no-obligation offer to buy your home for cash. Call us today and find out how we can help!