Location is the key that determines basic price ranges for all homes. If you are looking to maximize the selling price of your home; however, don’t overlook the importance of timing. Your home may be in a part of town that brings good price. Your selling price, however, could vary depending upon the existing supply of homes for sale and the number of buyers wanting to invest in our area.
The general economy of your area may be very strong at a certain time. A strong economy in the general area does not necessarily guarantee you a high selling price. You must still evaluate the general real estate activity in your neighborhood. In an area of existing homes, some of the events affecting your immediate market are zoning or taxing decision, changes in the rating of the school system, or an influx or outflow of job opportunities.
If you own a home in a subdivision that is still being built, timing plays a vital role. If you were one of the first homeowners, you may be able to compete with the builder for customers because you might be able to sell your home at a profit and still be below the builder’s current price for new homes.
The only way to know the facts about your situation is to ask a local real estate agent to provide you with a competitive market analysis. This report is a very informative service that real estate agents offer. It gives specific data on homes that have recently sold in your neighborhood, including the number of days that each home was on the market. Homes currently for sale also are listed with the asking price and features the home offers. Opposed to a computer generated value like you might find or Zillow or Trulia, this market analysis can give you current/accurate information you need to decide if you should sell your home now or wait for better timing.
ADVICE: Do your homework in advance, the time you spend to determine whether to sell now in the future will most likely payoff in the long run. Always consult a Realtor® first and then move forward with confidence.