Really, When IS the Best Time to Sell?
Is it when interest rates are low?
Interest rates are still at historically low rates, just ask anyone who bought a home in the 80’s or 90’s when 8% was considered a great rate.
With rates hovering under 5% for most people, you might think this is a great time for you to sell, especially seeing that most economists are not anticipating much of a rate hike in the near to mid-term.
But you would be wrong.
Is it when we are experiencing a seller’s market?
In the south metro, there is about a 2 month supply of homes on the market, a measure we use to determine if the market favors buyers or sellers. In this case, if no more homes were to go on the market, the supply of homes would dry up within 2 months (of course that will never happen, this is just one way to measure supply).
Anything under 4.5 to 5 months is considered a seller’s market, meaning that sellers can expect to get pretty close to asking price and perhaps experience multiple offers in the first few days on the market (assuming it is priced right, of course). Many people would say this is a good time for you to sell.
But they would be wrong.
Is it when your children have all left home, or your family is growing, or some other change has happened to the size and dynamic of your family? Maybe you have been told that it is time to sell because your family situation has changed.
But that would be wrong.
Is it when prices are climbing back to pre-recession levels? Sales prices are trending much higher this spring, compared to even last year when prices were good. Yes, you can now do quite well by selling your house in this market, and some will tell you now is the time.
But they would be wrong.
So when is the right time to sell?
There is only ONE right time to sell, and it is NEVER because someone else tells you so. The right time for you to sell is when you are ready, and not a minute sooner. If your nest is empty but you still love your home, don’t move! If your family has grown and kids are sharing bedrooms, but you are comfortable in the space and financially, stay put!
I will never tell you that it is time for you to move. I will guide you through the decision making process with facts about the market and the economy. I will help you navigate all the emotions and feelings surrounding a move. And I will give you a good idea what your home is worth should you decide to sell.
But I will never tell you to sell. That is your decision and yours alone. I respect and value that. Which is why I always tell you that I am here when you are ready. Not a minute sooner.
I look forward to working with you when the time is right.