Imagine you are a homeowner who is looking to make a home sale and move into a new home. However, with the current competition to buy a home, you probably need to offer around 3% above the asking price.
Luckily for a current homeowner, 2022 is very much a sellers’ market. However, the problems here can be buying the next home in a timely matter plus being aware of the maximum value of your current home.
So, how do you know when to sell a home? Here is your guide for selling your home.
Knowing Your Home Sale Market
The first thing that you should do as a homeowner is to figure out how much money homes in your area are selling for.
Let’s use the St. Louis real estate market as an example. In 2021, the average home spent 39 days on the market in St. Clair County. The average selling price was 102% of the listing price, and the average home price in St. Louis Hills increased by 9.4% in 2022.
This means that a seller is able to get more money than in past years and that you should at minimum be able to get your listing price and then some as a seller. Determining what your listing price can be would depend on what neighborhood your house is in, the condition of your home, plus how many square feet and how many bedrooms your home has.
Take some time to research the sales statistics in your city and look at similar homes by design and location.
Time of Year
Next, time of year may play a factor in how quickly and for how much you will sell your home. Common sense will tell when it is more desirable for somebody to move.
An example would be that people are not as interested in buying a house in December and January due to the holiday expenses and commitment to family, plus the weather that would complicate a potential move.
In contrast, looking for a new home in spring and moving in the summer would be more ideal for families. This is because the weather would likely be more cooperative for a move, plus kids would be able to finish the school year in their current location.
Buying Your Next Home
Most people who are selling their current homes are likely to be looking for their next home while they are doing so. This can be a problem in the current market due to competition to buy houses.
One solution would be downsizing your home; that way you know that you will have extra money to cover your costs. Other solutions could be selling your home at a less popular time of year or temporarily renting in another location before you buy.
Get Help With Selling Your Home
These are just some of the things that you should know about selling your home. If you get the right time of year and know your market well, you should have a smooth transition.
Do you need help with your home sale? Contact the Sara Bernard Realty Team today for expert advice and guidance in the St. Louis and St. Charles real estate market.