Timing the Market: When Should I List My House?
Creating a listing plan with your Moving Made Easy® Personal Relocation Manager and your vetted real estate agent will save time, money, and stress in the long term. There are several factors to consider when listing a home for sale, especially if you, the seller, are still living in the space when it is on the market. Here are a few things to discuss with your Personal Relocation Manager.
- Seasonality of the local Real Estate Market
Weather affects us all and depending on the city, it could affect when potential buyers are looking to buy. In Illinois, December tends to be slower than April but in Florida, the winter months are not affected and attract more buyers. While there are always buyers out there, some months will be more competitive, leading to potentially higher prices. What months are most active in your market?
- Average Days on Market
Days on Market refers to the time it takes to sell the home. It is calculated by the number of days between the list day and the day the home enters into a contract. If your neighborhood has a larger number of Days on Market (DOM), then consider listing sooner rather than later. For example, if it takes 50 days on market, then the home needs to be listed at least 50 days before a potential move date. 60-70 days before moving would be a safer option. Days on Market can also help determine if it is a buyer’s market or a seller’s market. Ask your Personal Relocation Manager for the most updated market data on your area.
- Economic Factors
A stable economy can have a positive impact on the real estate market. Factors such as job growth, low unemployment rates, and favorable interest rates can contribute to increased buyer confidence and higher home prices. Determine if the average buyer in the area will be using a mortgage to purchase a home or buying with cash. Cash sales can be transacted much faster, and a home sale can be completed in just two weeks, whereas a home sale with a mortgage will typically take 30-45 days after mutual acceptance to close. So, if the prospective buyer of your home will likely need a mortgage, then your house should be on the market 30-45 days plus an additional 2 weeks at least to ensure that enough buyers have had a chance to tour the home. In such a case, the ideal listing time could be 60 days from the potential moving date in this scenario.
Determining the best time to list your house for sale involves a combination of careful consideration and informed decision-making. While seasonal trends, market conditions, and economic factors play a crucial role, it’s essential to align your listing with your property’s condition and your personal circumstances.
By leveraging the expertise of your Moving Made Easy® Personal Relocation Manager and staying attuned to market trends, you can position yourself for a successful sale and a seamless transition to your next chapter of life.