Is Now the Right Time to Sell Your Home?

Is Now the Right Time to Sell Your Home

If you’re a current homeowner in Brookings, SD, you may be wondering, “Is now the right time to sell my house?” This is a great but difficult question to answer because there are so many key factors that come into play when selling your home.

It doesn’t matter if your decision to sell is financial or personal, selling a house is all about timing. Not only do you need to make sure you’re ready to sell, but with all of the housing market data available to you, should you sell right now?

While having patience in a red-hot housing market is a virtue, maybe you can’t afford to wait? This is a very important question to consider because then it’s a matter of need versus want. However, sometimes life gets in the way and certain events can influence your decision.

Luckily, the real estate experts at Brookings Home Team are here to help you answer such difficult questions. Regardless of your circumstances, we’ll figure out the right time to sell your house while maximizing the full value of your home at the same time.

Should you sell a house right now?

You may be ready to sell your house right now, but should you? Whether you decide to wait or sell generally depends on what’s going on in your life. Is your company relocating you to another city? Are you having another child and your family needs more space? Did you have a financial setback and you’re strapped for cash? These types of life events are usually non-negotiable, but if time is on your side, Brookings Home Team has outlined some important things to consider.

Which month were you thinking about selling your home?

Since June and July traditionally snag the highest asking prices, spring and summer are considered to be the best times to sell a house. However, there are certain benefits to selling your home during the winter months, so don’t panic if you can’t afford to wait for warmer weather and more foot traffic.

What are the mortgage rates?

While low mortgage rates will help the homebuyer, they can also benefit the seller as well. If more people can afford to buy a house thanks to lower mortgage rates, that could equal a wider audience for your property. Plus, if you’re planning to buy and sell a home at the same time, those same low mortgage rates will give you a financial advantage, too!

What is the status of your local housing market?

The health of your local real estate market—like seasonal trends—will play a huge role in your asking price and how fast you’re able to sell your home. Ask yourself the following questions about your local housing market:

Are houses appreciating in your neighborhood? If so, at what rate?

How does the appreciation rate in your neighborhood compare to the area where you'd like to move?

Is there a lot of inventory (houses for sale) in your area?

These are all important questions to ask; however, finding the answers can be challenging. And even if you’re able to recognize a couple of market trends in your area, it’s essential to know the entire story of a neighborhood before you decide to sell your house. Brookings Home Team can help you in many ways, one of them being that our specialists have much more access to things like community data, analytics, and real estate market trends.

Should you sell your house right now?

The real estate market might be saying to sell your home right now, but should you? Undoubtedly, you want to list your home when it’s a seller’s market, during the spring or summer to ensure the most potential homebuyers see your listing; therefore, maximizing your property’s value. That being said, the best time to sell your home is always when you’re financially (and emotionally) ready.

Your home’s condition

Prior to listing your home for sale, take care of any small projects or minor repairs to enhance your house’s curb appeal and show prospective buyers the house was well looked after. Additionally, this will help you avoid any unwanted surprises during the home inspection that would negatively impact your initial listing price. If your house could use some repairs but neither time or finances are on your side, you can adjust the price to reflect the condition of your home and sell it as-is.

Home equity

How much home equity do you have? Not sure? Take the current market value of your house, subtract your home loan (and second mortgage, if necessary), and there’s your home equity. The profit you make on your home sale should be enough to cover your mortgage and selling costs, leaving you with money to put toward your next house purchase and moving expenses.

Although certain circumstances may determine the urgency of your home sale, if you have little to no equity, you may want to wait until your house increases in value or you've paid off more of your loan before you list the property.

The cost of selling your home and moving

Generally, in a majority of home sales, you will make money on the transaction. While the amount of profit will vary from seller to seller, certain expenses might come up along the way, such as real estate commission and a portion of the buyer's closing costs (in some instances). Plus, moving costs can range from $1,000 to $5,000, depending on many different factors. If the profit made on your home sale isn't enough to pay off the expenses mentioned above, you might want to reconsider listing your property and wait until you've built more home equity.

Are you thinking of selling your house in Brookings?

All of this information can help you determine whether it’s the right time to sell your house, but working with real estate professionals like Brookings Home Team will help you navigate the home-selling process with more confidence. We’ve assisted sellers from Aurora to Volga and our knowledge of the Brookings metro area can help you maximize your house’s value, sell quicker, and alleviate any headaches along the way.