When it comes time to sell your home in British Columbia Burnaby you have a lot of decisions to make, not the least of which will be when to put your home on the market. Many first-time sellers go into selling their home blindly without knowing the vital information that will help them sell their home faster and get the best price possible. One of those pieces of vital information is the best time of year to put your home on the real estate market, and it might make the difference between selling your home quickly and waiting several months to get the price you want. Before we discuss the seasons in detail, there are a couple of factors that you should get right before you even decide when to list your home, because without taking care of these issues, you could choose the best possible time of year to sell and still not have any results.
The Condition of Your Home Matters
Remember that you need to ensure your home is in the best condition possible before you list it. If you want to sell your home in three months, you should begin working on it right away. Even if you want to move out in six months, you should start immediately because you want to give buyers the impression of a home that is ready to move into. That means that maintenance and repairs that you have been putting off should be done as soon a possible so that the buyer doesn’t have to think about the work that they will have to do if they buy your home. In addition, your home needs to be stripped of your family’s identity before you start showing it to potential buyers. That means giving every single surface the white glove treatment, removing personal items and furniture that clutter up a room and possibly even bringing in different furniture to make a room look larger or to accent it better.
Pricing is Very Important Too
If you don’t price your home right, it won’t matter what time of the year you list your home because buyers aren’t going to be interested when there are many other competing homes that are priced correctly. Your real estate agent is your best source of information when it comes to pricing. They can tell you what your home is valued at, what similar homes in your area have sold for and which price range is the “sweet spot” for customers in this market. Remember that if you overprice your home at first, even if you lower the price later, buyers will wonder why the home was on the market so long without selling.
Spring & Fall Season
Spring has traditionally been touted as the best time of year to sell your home, but that is a generalization that might cost you because new market research has shown that your best time of year to sell depends very much on where your home is located. May and June are both great months for peak prices, in general, but if you’re in British Columbia Burnaby homes sell year round. So, while Spring is general is what most people think is probably the best time to list your home, you should also include your location in deciding when to list. However, fall is also a great time to list, as prices are at their peak and you can take advantage of the seasonal theme and show off your fall colors.
Experts estimate that most people who use a Realtor will pay as much as 10% of your selling price in costs associated with selling. The cost of selling a home yourself can range from 4% to 8% of the selling price of your home. When you're estimating your expected gains, remember that the cost of selling a home can be deducted from that figure for tax purposes.
To give you an idea of what the costs of selling a home in the current market are, take a look at the information below. We've included estimated costs based on a $250,000 home sale, as well as some tips for lowering or eliminating them to lower your overall cost of selling your home.
If you list your home with a Realtor, expect to pay 4 to 6% of the sales price, or $8,000 to $12,000 in real estate commission.
Tip: Shop around. Real estate commissions aren't written in stone. A Realtor may be willing to accept less of a commission in a slow market, or you may be able to save money by contracting with a Realtor for specific services only rather than a contracted listing.
The cost of moving from one home to another are included in the cost of selling a home. It may be as little as $1000 to as much as $12,000 for a cross country move. Let's be conservative again - $3,000
Other relocation costs
You may need to replace appliances, pay off school transfer or gym fees, or pay storage for your furniture. There are many unexpected costs of selling a home which may amount to nothing, or add up to a good chunk of change.
Even without adding in other relocation costs, you can see how the cost of selling a home can reduce your final cash gain. The good news is that most of those costs are deductible on your taxes.
Summer & Winter Season
Sales tend to be best in spring and fall, but they drop off during the summer. This could be for any number of reasons, but it is important to keep in mind that while not as many homes are sold in the summer that could be a good thing. You will have very little competition if you choose to list in the summer rather than the spring and that could mean that you sell your home more quickly than if you had listed a few months earlier.
Winter is also one of the low points in selling homes. Buyers tend not to want to house hunt during the winter but if you decide to list during the coldest season anyway you can always take advantage of holiday decorating to make your home sell faster and at a better price.
Selling A House When Out of Town
Selling a house is difficult, but what's more difficult is selling a house that's far away like another location. The reason this situation happens is sometimes an unexpected thing occurs like you have to move out of state because of a new job or maybe you inherit the property from a love one that lives far away. If this ever happens and you decide to sell this far away property there are some things you should know. One thing you should know if your selling a house out of state is how much a property of that size and kind sells for in that area.
A property in one state may be price way more or way less than an exact property in a next. The recommended thing to do is get an estimate of market value from more than one real estate agent. This is a good way to see how much the house will go for. Another thing you should know if you're selling a house out of state is what repairs need to be done to the property. The best way to do this is take some time to travel and see the property. When you do this take some time to write down what needs to be replaced. If you can't travel get a friend or a family member you trust to do this for you.
One last thing you should know if you're selling a house out of state is the housing market in the area. If it is a slow market it is wise to get someone to look after the house until it sells. This person or company can make sure everything is good with the house from the outside, like is the junk mail picked up, is the grass cut, and if it is a place that gets cold is the snow cleaned up from the property's sidewalk. Selling a house out of state is not an easy thing to do, but if you use the information you read here it will make the process easier.
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