Is this a good time to sell a house in California?
Deciding whether it’s the right time to sell your home is a very individual choice. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. If popular opinion is any guide, now may still be a good time to sell despite the evolving market. According to Fannie Mae’s most recent Home Purchase Sentiment Index, more than half of respondents — 57 percent — feel it is a good time to sell.
Local market dynamics also play a large part in whether it’s a good or bad time to sell. These vary from zip code to zip code in San Diego.
Current Market Conditions in San Diego
Most zip codes are still a seller's market. A sellers' market in real estate occurs when there are more homebuyers than sellers. This means that sellers have the upper hand in setting prices and terms, and they will likely sell their place quickly and for a higher than listed price. Homes are selling quickly after receiving multiple offers and usually over asking price. The key to receiving multiple offers is having the right pricing strategy to create a huge demand for your home.
Waiting to sell?
No one has a crystal ball when it comes to deciding if now or later is the right time to sell your home in San Diego. What we do have is market knowledge of the current market and long term data. San Diego historically increases 3-5% annually, and can hit double digits in low inventory times. What we don't know if home owners will flood the market with new listings in the near future. This could cause prices to stay flat or even drop.
Selling is Personal
When you sell your home is highly personal. Take time to look at your long term goals and work with an experienced realtor to create a custom plan to achieve those goals. Even if you are not selling for a few years, having a plan now will reduce stress and create more security.
When is a good time to sell a house?
Historically, spring and summer are usually the best times of year to sell a house. But beyond seasonality, there are many factors that might make selling your home a wise decision. Often the reasons are based on financial calculations, cost of living expenses and other considerations, but there may also be other factors that make selling your home the right choice.
These include:
If rates are low
This is not the case currently, but low interest rates entice more prospective buyers to enter the market, which is advantageous for sellers. An increased number of buyers shopping for homes often leads to bidding wars and drives up home prices, meaning you can likely sell your home for a solid profit.
If supply is short
A shortage of housing inventory also drives up demand and prices for available homes. What’s more, when housing supply is low, homes on the market tend to sell faster.
If you’re ready to downsize
Downsizing may be a more budget-friendly choice than continuing to maintain a larger, costlier home. For older homeowners, downsizing may even be a necessity
If you need to relocate
If you’re relocating to a new state for a job or want to enjoy your retirement in a new area, and you need the profits from the sale to put toward your next place, selling may be unavoidable.
When is a good time to wait?
If rates are rising
Rising mortgage interest rates often mean a smaller pool of buyers who can afford the price you want. Selling a home isn’t free, so if you can’t maximize your price, you might want to wait.
If you’ve recently refinanced
The cost to purchase a new, bigger home may be unaffordable, particularly in a hot market. Don’t get in over your head — take the time to be sure your finances can accommodate the type of home you want.
If your home is in poor condition
Got a long list of repairs waiting to be completed around your home? You may want to postpone selling until some of the work can be done. It’s important to show your home in its best light in order to land the most favorable offer possible. If the home is in disrepair or there’s unfinished work, you are less likely to get a good price. This may be a good time to consider a cash offer for your home. I can help you find the best cash offer for your home.
If you have no game plan
If you’re simply trying to time the market to make a profit and have no plan for after your home is sold, it may be best to wait. It doesn’t make sense to sell if you don’t know what your next play is. Where are you going? Where is that money going to be spent? If you don’t have a plan, then you shouldn’t sell.
Tips to sell your home
If you’ve considered the pros and cons and decided to put your home on the market, here are some steps you can take to get the best deal possible.
Find a good local agent: Advice and guidance from a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing market. Take the time to interview several candidates in your area, and ask friends or family members to recommend agents they’ve had a good experience with. “A Realtor can help you create a game plan to get your home organized and in shape to present it in the most favorable light,” says Jen Horner, a Realtor with Masters Utah Real Estate.
Make repairs if needed: To help land the best offer for your home, make necessary repairs. “Sellers need to understand that they only have one chance to make a first impression,” Horner says. “Your Realtor can walk the property with you and make suggestions for preparing your home to hit the market.”
Declutter and stage the interior: You should also make an effort to tidy and declutter your home, allowing prospective buyers to see the spaces clearly. “Less is always more,” she says. “The fewer items in a room, the larger it will feel. Remove any personal items and unnecessary furniture.” If tidying is not enough, consider hiring a home stager. “Staging can help show the buyer how to optimize the space.”
Add curb appeal outside: Your home’s exterior is another part of making a good first impression, and it’s worth freshening up the curb appeal before buyers see it. That can include improving or upgrading landscaping and walkways, or even be something as simple as a fresh coat of paint on the front door.
Bottom line
Deciding to sell your home, whether now or later, is a major decision that requires careful consideration. Your future plans and goals should be a significant part of the equation, as well as your financial needs and the realities of the local market in your area. If you decide to proceed with listing your home, working with an experienced Realtor is a smart move. A real estate agent who knows your community well can help you price a home effectively.
Book a free strategy call with me today to find out if now is the right time to sell your home.
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