Unless you are 101% sure on selling your house, this important decision could back fire in a big way. It is a long process for anyone who is contemplating on putting their property on the market; some even take years to finally decide to put up that "For Sale" sign in their yard.
Whatever your reason - marriage, divorce, death in the family, retirement, or another child - for the home sale, it's typically a difficult thing to "time". So how do you know if it is the right time?
Here are some things you should consider before putting your house in the market according to Zillow:
If you're not certain, you're not ready
Say you find a buyer for your home, do you actually know what to do and what happens next? Do you have a new place to move into once you sell your home? If no, then you are not ready and putting your property on the market is not a wise idea.
Not having a concrete plan is a sign that you are not serious with this home sale. You might lean on overpricing your property since you are just "testing" the market. But a knowledgeable and active buyer would know, and the market these days is smart. So unless you really have a solid plan and you have done your end or ready to do your part as the seller, then don't continue with the sale.
Once you list, the clock starts ticking
Buyers can now have access to property listing history and data - thanks to the internet!
Putting your property on the market at a higher price than its actual worth and in a less than stellar condition won't draw offers so you just end up sitting on the market and missing sales. At the same time, you are only giving buyers a reason to flag you.
So now that you have your property in a good condition and priced properly, buyers already have this impression and will look at your listing history - price reductions, old photos, and the previous listings that looked like careless decisions.
This will send a message to the buyers that something is not right with the property, or the seller. Buyers are likely to steer away from a stigmatized home and instead focus on newer listings that are priced right and shows well.
You can plan for the market, not time the market
Take advantage of market conditions instead of timing the market.
If you plan to sell your property during spring or the fall or in February, a smart move is to prep the home and make the necessary improvements in relation to the time you are selling; making the property market-ready.
You should get a good real estate agent so you can work together in monitoring the inventory and analyze the competition so you can get the word out at the most strategic time. If a similar property got three offers, then this should hint that there are two other buyers out there. By being ready, you can capitalize on the market conditions and you increase your chances of getting a sale.
Real estate transactions happen all year long
It's during winter that the most successful sales happen as this is a time when inventory is dead but buyers are still out. Having a sales plan ready that covers months means that you are smart seller who is ready to sell your home anytime.
But if you find yourself struggling in the process, like overpricing your property or not making the necessary repairs, you are only sabotaging your chance for a sale. Take a step back and wait; you will just know when everything is ironed out and you are ready for sale. That way, you avoid feeling like making a wrong decision and you can be sure to get the most out of your investment.