Is This A Good Time To Sell My House/Condo?

The right time to sell a house can help you maximize the price at the same time take

some stress out of the equation. According to a recent ATTOM Data Solutions that analyzes

14.7 million house sales starting 2011 until 2017, the best month to sell a property is May.

During this time, the biggest premiums above estimated market value at an average percentage

of 5.9 are being reaped as compared to any other month.

Daren Blomquist, senior vice president at ATTOM Data Solutions, says that May is

considered an early bird when getting the worm since a number of home sellers wait from June

until July to list these houses. However, he added that sellers who have opted to list a little

earlier will face less competition from other sellers. This means that for a house to actually sell

in May, it should likely have to be listed a month before.

New Buyers Are Still Entering the Market

As interest rates increase, several buyers may hesitate to make an offer on the house or

apply for a mortgage. Thus, occasional drops in buyer activity must be anticipated. If the house

is nearly at the higher end of the price range in the market, you expectation must include less

interest of buying than before. The bottom line is that while there are still houses that remain

on the market for a few more days on average compared with 2017 when the market was at

white heat, buyers remain active as well as the possibility to profit from the house price.

High Equity

Homeowners who bought during the recession or immediately after they benefitted

from historically low interest rates, lower property prices are still in recovery mode. This means

that the higher your equity in your property, the more you net from the sale, which can easily

be used as the down payment to your next house purchase. The higher the down payment, the

better impression you have to the lenders, the lower your interest rate will be, and the less likely

to require an increase in monthly payments from private mortgage insurance.

Selling in 2019 vs. 2020

Whether you think the process is imminent or a long way off, the current real estate

patterns illustrated a sudden activity upswing or unlikely fluctuation of prices in the near future.

Since real estate markets operate using their own cycle, the length of the recession varies from

market to market, between 10 and 16 years. These has become the flow from a seller’s to a

buyer’s market considering a period of balance in between.

The growth of house prices slowed during the second half of 2018. With lesser buyers

entering the market, others are due to increasing interest rates issued by the Federal Reserve.

In 2019, consumers are discouraged to expect homebuyers to flood the market again, however

it’s not foreseen to experience a crisis for property sellers as well. So if you bought your house

in the last year or two and still don’t want to depart from it, then go ahead and wait for another

five years before reconsidering the thought of selling. But if you’re pushing the option to sell,

consider selling it this year or maybe a year after. Thus, don’t play the waiting game anymore.