Timing is key to any real estate market; which is why one of the most common questions that we get from homeowners is when should they sell their home.
1. Selling Your Home During A Buyer’s Market
A buyers market occurs when inventory is high. When inventory is high, buyers have more options. Sellers can expect their home to stay on the market longer because of the high inventory. Because homes tend to be on the market longer, you may expect to receive offers below asking price. Also, multiple offers tend to occur less frequently.
2. Selling Your Home During A Seller’s Market
In a sellers market, there are more potential home buyers than there are available properties. A sellers market is the ideal time to sell your home, because when inventory is low, buyers must move faster. As a result, you can expect it to sell more quickly and you’re more likely to receive multiple offers.
Inventory in the Coachella Valley has been low for the past few years. This summer, the Valley has had an incredibly strong market which has kept inventory low and sales strong. It has been a seller’s market.
3. How Mortgage Rates can impact selling your home
Mortgage rates have been historically low. When rates are low, buyers can afford more house or lower payments. First-time buyers are especially apt to buy when rates are low.
4. What’s make it the right time for you?
When to sell your home should be when it is the best time for you.
Keep the following factors in mind:
- Lifestyle changes: Job changes, relocations, a growing family, and downsizing are the most common reasons people decide to sell. Right now, the Coachella Valley is seeing a whole range of buyers who are moving because they no longer have to live where they work. The COVID-19 pandemic has opened up where people can live while working from home.
- Emotional preparedness: What is your goal for selling your home? Why do you want to sell? Understanding the bigger goal will help you when the emotions kick in and they will! Make sure your benefits of moving outweigh the negatives. Prepare yourself for the stress of showings, negotiations, paperwork, and the move itself.
- Financial benefits: If your home has gained substantial equity, the value you’ve built will come in handy. For instance, you may gain enough to get you a healthy down payment on your dream home or give you a comfortable cushion for retirement. If you have a certain number you need to make to make it worthwhile to sell your home, find out what your home is worth by clicking on the button below.