When a house no longer feels like home, homeowners are left with a big financial and emotional question: renovate or real estate? Love It or List It helps fed-up homeowners decide.
If you’re thinking about selling your home, among the many factors to consider timing is a big one. According to Love It Or List It realtor David Visentin, there are several times during the year when you can sell your home faster, and for a better price, than other times. Visentin thinks that spring is often the best time to put your house on the market. Home sales tend to peak in the spring, perhaps because of spring fever, and a desire to clean house, and renew. During the summer months parents take advantage of summer vacation to move their kids in order to avoid uprooting them during the school year. This means it may not the best time for buyers who must compete for available houses, but sellers may find the increase in demand will get them a better price for their house.
As spring and summer turn to autumn potential buyers thin out, though research says there are still good reasons to sell at this time. For those buyers who haven’t bought yet they may become a little more anxious as the summer ends, and could be willing to buy quicker and spend more. If you put your house on the market between Halloween and New Years’, chances are you’ll sell quicker and get closer to your asking price. This is because autumn buyers have waited out the busy season, hoping for a better deal and often tend to be more motivated to buy at this time.
Almost no one shops for a house around Christmas, although some home buyers will look for winter bargains, and then try to sell their homes during the spring hot time. Aside from seasonal considerations, other factors impact how easily your house will sell. When interest rates are lower house sales go up, as buyers are willing to borrow larger amounts of money and can therefore meet your asking price. However, if the overall economy is depressed, buyers may become more cautious, and selling could be difficult.
- In spring and summer, your house could get a higher price because parents are trying to move before school starts again.
- Between November and January, your house will probably sell more quickly, and closer to your asking price as buyers may be more serious and want to close the deal quicker.
Falling interest rates make it easier to sell you home because buyers are more likely to borrow money.
- A depressed economy makes it a good time to buy - bad time to try to sell your home.
Love it or List it airs Wednesdays at 9PM E/P
When a house no longer feels like home, homeowners are left with a big financial and emotional question: renovate or real estate? Love It or List It
helps fed-up homeowners decide.
In each hour-long episode realtor David Visentin and designer Hilary Farr compete for the homeowners' final decision to stay or go. David's insider perspective on the real estate market helps target listings to prospective buyers, but Hilary is determined to show homeowners that, within their budget, she can transform their worn-out house into a castle they can love. If the owners decide to list it, Hilary's hard work adds to the home's resale value. It's a tough decision either way. Which choice would you make?
Love It Or List It