The old adage is "timing is everything," BUT is there a "perfect" time to sell? This question has many responses and many variables.
I am often asked, "how's the market?" My consistent response is "depends on what neighborhood you are asking about." There are factors, such as the interest rates and overall economy that can affect the "market." However, each neighborhood comes with it's own specifics that can definitely affect marketability. For starters, how many homes are currently for sale, what is traffic like, how are the schools, and the list goes on. It is important to know all of these, so the home can be positioned right when added to the market.
There are basically three types of market, a buyers' market, a sellers' market, and a neutral market. Yes, within one city, you could have areas of each. In a buyers' market, there are more homes for sale than there are buyers ready, willing, and able to purchase. "Able" is a key component. It is always a good idea for buyers to be pre-qualified. This will help narrow the field of homes by the ones that are attainable and those that do not fit the budget. In the case of a buyers' market, buyers will often be on the positive end of seller negotiations and willingness to to do repairs and/or issue credits.
In a sellers' market, there are more buyers than there is inventory for sale. This often leads to multiple offers on each property. Being aware of this type of situation, buyers will often need to make full price or above asking offers to get the home.
A neutral market comes into play when the market is balanced and there is an appropriate number of homes for sale ofr the number of buyers looking to purchase. Each market comes with its own challenges on both sides and each can be strategically managed.
Let's return to the original question...can you time the sale of your home? The simple answer is "no" but with solid background knowledge and positioning the home correctly, a seller can make wiser decsions. Most importantly, know your competition and take the time to understand the value of your home from an appraisal standpoint, not an emotional one. Certain feautures add value and others just simply are for lifestyle or convenience.
There used to be peak times of the year to list and sell. Those "tried and true" seasons seem to be go through a bit of metamorhisis. Additionally, in the disposable and adaptive world we exist in today, there is someone always lookig to make a change, which in the real estate world means there is always someone looking to buy a home. As I tell all of my sellers there is a buyer for every home. Timing depends on when that peson walks through your home. There are a variety of ways to get buyers to look at your home. Look for those in an upcoming blog post.
Some people steer away from the holidays, but that is also a time when many have time off to go look for a new place to live. Others steer away form the summer fearing vacation could deter buyers, but any family looking to move before school starts will use the early summer to find the right home.
Here is the bottom line for listing. Establish your "why" for moving. Discuss your motivation with your agent. It will actually have a lot to do with the proper postioning your home. Secondly, understand the current state of the local market and know that it can change from month to month depending on what is closing. Next have your house evaluated and be open minded to simple repairs or changes that can increase your bottom line. Establish a plan and know that sometimes plans work like clockwork and other times, even the best plans have to be amended due to those outside factors beyond your home.
I love meeting with clients just to do a home analysis. I always encourage this before any major renovations or additions to discuss numbers with your respected broker. It is always better to plan ahead well, rather than regret later. Develop a relationship with a good broker now, long before you ever actually need one.