A good time to buy and a good time to sell
The first thing that came to my mind when I read a post by a local real estate agent on social media saying that we were in a “hot market”, was to take my sign down. I still had a lot of packing to do. Downsizing could take a while and I can not get out that quick. Real estate markets vary by location and are driven mostly by economic factors in an area that influences supply and demand.
Here are my tips to make it easy for you to know how your area is performing and if it is the right time for you to buy or sell.
- Real estate agents in your area have ready, willing and able buyers just waiting for a new listing to hit the MLS, due to very low inventory
- The list price is generally the starting price and buyers bid up
- Quick closings, as buyers are mortgage ready or have cash, closing within 30 days
- Buyers are scouting the neighborhood and when your sign goes up they leave a note on your door with an offer
- Your agent will hold a “public open house” and state a time and date that you are open to review offers
- Buyers will make an offer without coming into town or viewing the home
- Homes sell at list price
- Prices are stable or increasing
- Buyer incentives paid by the seller are added onto the list price
- Seller offers few repairs only if necessary to obtain financing and may ask the buyer for a contribution
- Low inventory
- Start of the selling season, defined by your local area trends
- Average days on the market are less than 60
- Prices decreasing in an area
- Average days on the market are more than 60
- Sellers are advertising price reductions
- Sellers are offering buyer incentives such as loan closing fees without increasing the price
- Sellers are offering other incentives such as new appliances, repairs, and cosmetic updates
- Homes are on the market at the end of a selling season, like late fall or the beginning of a school year depending on your area trends
Working with a real estate professional and having a market analysis prepared for the area you are planning to buy or sell will easily give you this information.
Happy home buying and selling 🙂 It’s a piece of cake