When it comes to taking the leap of finally selling a home, the idea of waiting for the “right time” is a pervasive myth. Many sellers hesitate, hoping to find that golden moment when the stars align for the best deal of the year. However, the truth is, there is no perfect time to sell. Instead, it is a personal decision that should be based on the demand and inventory of the market.
The busyness of a market can significantly influence selling decisions. During periods of high activity, a busy market means a larger pool of potential buyers, which leads to quicker sales, and in return, higher prices. Sellers can then take advantage of competitive bidding, which will drive up the value of their homes. In a slower market, finding interested buyers becomes more scarce, and leads to longer times in between closing deals. Prices become lower, and sellers may need to be more flexible in their negotiations.
Inventory levels go hand in hand with the market’s busyness. Low inventory means there is a shortage of properties available, which can lead to higher prices and quicker sales. This is considered a seller’s market, where demand exceeds supply. This can be tricky, however, because there is always a reason for a low inventory market and it is crucial to understand why this is occurring.
Beyond specific market conditions to consider, the right time to sell is mainly personal. It depends on the individual’s financial goals, timelines, and personal circumstances. Depending on where each person is in their life, it might not be the best time to sell, even if it is a perfect seller’s market.
Ultimately, the notion of a ‘perfect’ time to sell is a fallacy. It doesn’t come at a specific time every year. The ideal time to sell all relies on when personal finances align well with a low inventory, high demand market.