Navigating the housing market is not easy. Timing can make all the difference when you’re out to sell your house. Wait too long and you could end up with a short sale. Jump the gun when it’s too soon and you’ll be a few days too early to benefit from the upswing.
Mortgage lenders can prepare you for buying a house by checking your credit history, savings, and monthly income. But when you want to sell your hme, nobody can make the decision for you. However, these tips from residential real estate agents in Fayetteville can help you know when the time is right to sell the house. Here’s when you should sell immediately.
Time to Sell
Seizing the opportune moment when your house is worth more than what you paid for it requires experience. Get a sense of the housing market and see how the property prices are behaving. Check out the inventory of house sales across the country. Sellers have an advantage when the market drops lower than three months’ worth of properties listed on the market. Command a higher price and make a profitable sale.
The Case-Shiller national index and 20-city composite index are great for gauging metro- and national-level price trends. Real estate appreciates over time but that doesn’t guarantee that the prices will be favorable at any point in time. Prices fluctuate tremendously and it’s wise to sell when you’ve seen positive growth in the property prices.
Time to Wait
Slow Housing Trends
It can take indefinitely long to find a buyer whose offer meets your asking price if the housing market is sleepy. However, listing your house on the market in a period of lull depreciates its value. The longer it sits on the market, the lower its value goes. If the odds are stacked against you, you should wait before putting your property on the market.
Most home buyers get a loan to buy property. As long as you owe money to your lender, you don’t fully own your house. Home equity is the part of your property that you actually own. Until your debt is paid off, the lender has a share in the homeowner’s property which lowers your equity. Selling with low equity is not advisable. Wait to build your equity.
Are you looking for a realtor who can guide you about the housing market and when is the right time to sell?
Phillip Fehler is a real estate broker at Fathom Realty who has extensive knowledge and experience in the real estate industry in North Carolina.
He can guide you best about real estate sales and help you acquire wealth through property investments.