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Should I Sell My House Now Or Wait? A Guide | Bankrate

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Key takeaways

Late spring and early summer are generally considered the best times to sell a house.

Traditionally, low mortgage rates and short supply make it a good time to sell.

While today’s rates are relatively high, low inventory is still keeping sellers in the driver’s seat in most markets.

If you’re considering selling your home, it’s critical to understand the current real estate market dynamics. The volatility that dominated the market amid pandemic-related pressures may have eased, but there are still serious challenges.

For one thing, mortgage interest rates shot up recently, reaching highs not seen in more than 20 years. While they have backed down from the 8 percent threshold seen in October 2023, Bankrate’s weekly survey of large national lenders shows that, as of late May, the average 30-year fixed mortgage rate was 7.17 percent. That still-high reality makes mortgage payments more expensive and is driving more than a few potential buyers to the sidelines — certainly not ideal if you’re on the selling side of the equation.

Complicating things further, home prices are very high as well. April 2024’s nationwide median sale price was $407,600, a record high for the month of April and very close to the National Association of Realtors’ highest-ever monthly median of $413,800, recorded in June 2022. While high prices are typically good news for sellers, they obviously require buyers who can afford the purchase, and the high interest rates are making that harder. Regardless of pricing trends, though, with housing inventory still at a low 3.5-month supply, the nation overall is still solidly a seller’s market.

However, if you were wary of a home sale last year, that may have been wise. ATTOM Data Solutions’ 2023 U.S. Home Sales Report shows that, while prices did rise throughout last year, they did so at the slowest pace in more than a decade.

So, amid all these mixed signals, is now a good time to sell your house? Here are some insights to help you sort through the question.

Should I sell my house now?

There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. If popular opinion is any guide, now may still be a good time to sell despite the evolving market. According to Fannie Mae’s April 2024 Home Purchase Sentiment Index, about two-thirds of respondents — 67 percent — feel it is a good time to sell.

Local market dynamics also play a large part in whether it’s a good or bad time to sell, says Katie Severance, a Realtor with Douglas Elliman in Palm Beach, Florida, and author of “The Brilliant Home Buyer.” Some markets may be riding high, while others remain sluggish. “In some areas, selling now is the right thing to do because prices are still climbing,” Severance says. “In other markets, it might be best to wait to sell until interest rates come down and stay down, which will spur sales once again.”

When is a good time to sell a house?

Historically, spring and summer are usually the best times of year to sell a house. But beyond seasonality, there are many factors that might make selling your home a wise decision. Often the reasons are based on financial calculations, cost of living expenses and other considerations, but there may also be other factors that make selling your home the right choice. These include:

If rates are low
This is not the case currently, but low interest rates entice more prospective buyers to enter the market, which is advantageous for sellers. An increased number of buyers shopping for homes often leads to bidding wars and drives up home prices, meaning you can likely sell your home for a solid profit.

If supply is short
A shortage of housing inventory — which is the case currently — also drives up demand and prices for available homes. What’s more, when housing supply is low, homes on the market tend to sell faster.

If you’re ready to downsize
Downsizing may be a more budget-friendly choice than continuing to maintain a larger, costlier home. For older homeowners, downsizing may even be a necessity: “If you can’t handle the stairs anymore, or if there are more repairs than you can manage, it may be a good time to sell,” says Rick Albert, a broker and director of business development for Lamerica Real Estate in Los Angeles.

If you need to relocate
If you’re relocating to a new state for a job or want to enjoy your retirement in a new area, and you need the profits from the sale to put toward your next place, selling may be unavoidable. “The time to sell is when you need to sell,” says Severance. “It’s a no-brainer to sell if you have somewhere to go.”

When is a good time to wait?

Here are some common factors that might make prospective sellers hold off on listing their home for sale:

If rates are rising
Rising mortgage interest rates often mean a smaller pool of buyers who can afford the price you want. Selling a home isn’t free, so if you can’t maximize your price, you might want to wait.

If you’ve recently refinanced
If you recently refinanced your mortgage, it may not make financial sense to sell just yet. You may actually lose money by doing so, when considering the closing costs and other fees typically paid as part of the refinancing process.

If you’re upsizing
The cost to purchase a new, bigger home may be unaffordable, particularly in a hot market. Don’t get in over your head — take the time to be sure your finances can accommodate the type of home you want. Bankrate’s home-affordability calculator can help you crunch the numbers.

If your home is in poor condition
Got a long list of repairs waiting to be completed around your home? You may want to postpone selling until some of the work can be done. It’s important to show your home in its best light in order to land the most favorable offer possible. If the home is in disrepair or there’s unfinished work, you are less likely to get a good price.

If you have no game plan
If you’re simply trying to time the market to make a profit and have no plan for after your home is sold, it may be best to wait. “It doesn’t make sense to sell if you don’t know what your next play is,” says Albert. “Where are you going? Where is that money going to be spent? If you don’t have a plan, then you shouldn’t sell.”

What about the NAR lawsuit?

There are also upcoming commission changes to consider when deciding whether to sell now or wait. New rules are set to take effect at the end of the summer as a result of a federal lawsuit settlement involving the National Association of Realtors and several large brokerages.

Longstanding tradition has held that a home seller paid the commission fees for both real estate agents in the transaction, their own and their buyer’s. But under the new rules, a buyer might be responsible for paying their own agent, which could save the seller money. However, these changes have not yet received final court approval, and waiting for them to take effect could be risky — and would mean missing out on prime selling season.

What if there’s a recession?

According to Bankrate’s most recent Economic Indicator Survey, the U.S. economy has a 33 percent chance of entering a recession by early 2025. While that is very far from a sure thing, it’s worth asking: Should you sell your house during a recession? Or even just before one?

The answer really depends on your personal circumstances. “If you’re concerned a recession is coming, it’s generally better to sell now instead of waiting,” says Jade Lee-Duffy, a San Diego–based broker. However, “selling during a recession might be beneficial if you’re looking to downsize or rent. This could cut your overall costs, and you could put the proceeds into a retirement account, go on vacation or invest.”

Remember, recessions typically bring with them job losses and general belt tightening, which can severely limit the number of house-hunters looking to buy. More buyers will be able to afford a home, and qualify for a mortgage, before a recession than after.

Tips to sell your home

If your answer to “should I sell my house now?” is yes, here are some steps you can take to get the best deal possible.

Find a good local agent: Advice and guidance from a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing market. Take the time to interview several candidates in your area, and ask friends or family members to recommend agents they’ve had a good experience with. “A Realtor can help you create a game plan to get your home organized and in shape to present it in the most favorable light,” says Jen Horner, a Realtor with Masters Utah Real Estate.

Make repairs if needed: To land the best offer for your home, know what needs fixing first. “Sellers need to understand that they only have one chance to make a first impression,” Horner says. “Your Realtor can walk the property with you and make suggestions for preparing your home to hit the market.”

Declutter and stage the interior: You should also make an effort to tidy your home, allowing prospective buyers to see the spaces clearly. “Less is always more,” she says. “The fewer items in a room, the larger it will feel. Remove any personal items and unnecessary furniture.” If tidying is not enough, consider hiring a home stager. “Staging can help show the buyer how to optimize the space.”

Add curb appeal outside: Your home’s exterior is another part of making a good first impression, and it’s worth freshening up the curb appeal before buyers see it. That can include upgrading landscaping and walkways, or even something as simple as a fresh coat of paint on the front door.

Alternative ways to sell

If you need to sell your home quickly and don’t have time for the often-lengthy process of a traditional sale, iBuyers and cash homebuying companies may be worth considering.

An iBuyer — Opendoor and Offerpad are two of the biggest — typically makes an offer on homes within 24 to 48 hours. If you accept it, the entire process can often be completed within a few weeks or less. Cash homebuyers also allow you to sell a home remarkably fast, sometimes in as little as one week, and they usually buy as-is, meaning there’s no need to make repairs at all.

Before proceeding with either method, though, it’s important to understand one major downside: While you gain speed and convenience when you sell to these companies, you sacrifice profit. They usually offer much less money for your home than you could get through a traditional sale. And iBuyers may charge steep fees as well, so be sure to read the fine print before signing anything.

Bottom line

Deciding to sell your home, whether now or later, is a major decision that requires careful consideration. Your future plans and goals should be a significant part of the equation, as well as your financial needs and the realities of the local market in your area. If you decide to proceed with listing your home, working with an experienced real estate agent who knows your community well can increase your chances of a smooth (and lucrative) sale.

FAQs

Is it a good time to sell a house?

Deciding whether to sell your house depends on your personal circumstances and the specific dynamics of the market in your area. “It depends on where you are selling,” says Katie Severance, a Florida Realtor. “Interest rates are up, causing prices in some markets to go down, and yet in other areas, prices are still climbing. It’s all geographically driven.” If you need to sell now, whether it’s a good time or not, an experienced local agent can guide you through the process.

What are the hardest months to sell a house?

Typically, spring and summer are considered the best times to sell, when there’s the most activity from buyers and the most listings entering the market. The worst times to sell are typically the dead of winter, when bad weather keeps people off the roads and holiday planning occupies their minds. December, January and February are probably the hardest months for home sellers — but activity picks up again in the spring.

Should I sell my house now, before there’s a recession?

Recessions mean belt tightening and potential layoffs. If your area is hard-hit by job losses, the number of qualified buyers will be severely limited — if you’re concerned, it might be best to sell before that (potentially) happens. However Bankrate’s most recent Economic Indicator Survey shows only a 33 percent chance of a recession.

Do I pay taxes when I sell my house?

If you make a very substantial amount of money on the sale of your home, you may be subject to capital gains taxes. The exact tax rate you’ll pay is impacted by various factors, including how much of a profit you make, how long you’ve owned the home, your marital status and more. You’ll also have to pay any outstanding property taxes still owed at the time of sale, and many states have a real estate transfer tax that may be owed as well.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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To Get the Best Offers, List Your House During This Exact Week

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The real estate market is a beast to navigate. From constantly shifting interest rates to flip-flopping from a buyer’s to a seller’s market, it’s rare for the industry to be predictable. However, there’s one fine detail that seems to occur in the same few months each year: the best time to sell a house. Each spring, real estate companies like Zillow and Realtor.com estimate the exact week that will yield the best results for sellers if they list their home right then.

Owners who listed their house during this year’s peak week could expect it to get 22.8 percent more views compared with those listed during an average week, to sell 17 percent faster, and to have listing prices $34,000 higher than at the beginning of January, according to Realtor.com data.

Of course, people rarely have the flexibility to prepare their house to go on the market during an exact month or week. Inspections, repairs, cleaning, photography, and appraisals take time—keep reading to find out exactly how long, on average—but we’ve noticed a pattern in the predictions, and we’re sharing it along with real estate experts’ insights so you can be ready to pounce and get the best deal possible next year.

Related Stories:Best Time to Sell a House

The best time of year to sell a house always falls in the late spring and early summer. That’s partly due to pent-up demand. Potential buyers who’ve been waiting out the slower winter market are likely to have their paperwork in order and be ready to go when they see a great listing.

Soumi Sarkar

Data source: Realtor.com

Best Week to Sell a House

This year, the best week for a quick and profitable sale was in mid-April (the week of April 14, 2024 to be exact). “The third week of April brings the best combination of housing market factors for sellers,” Hannah Jones, Realtor.com senior economic research analyst, says. “The best week offers higher buyer demand, lower competition, and fewer price reductions than the typical week of the year.”

That’s earlier than in years past: In 2023, the best weeks to sell a house were the first two weeks of June.

The Best Month to Sell a House

It may have been April this year, but historically May has been the best month to list a house. Homes listed before Memorial Day and during the best week sell an average of 17 percent faster than those listed during average weeks. That’s nine days faster than usual! “Inventory levels and price reductions climb later in the year,” Jones explains. “But buyers eager to buy soon may find success earlier in the spring as the market starts to pick up.”

Why Is It Best to Move in the Early Summer? May Marks the End of a School Year

May is a month historically associated with the beginning of summer and the end of the school year. That timing makes it more convenient for families with children to move without interrupting education requirements or adjusting to a new school midyear.

Renovations Are Easier to Complete

Renovations are best completed in the summer and fall months, after the heavy rains of spring but before the frost and snow of winter. Summer renovations ensure the weather is pleasant enough for outdoor work. While interior renovations can be done year-round, landscaping, exterior painting, and structural changes should happen during the summer. That way, homeowners who sell or buy during the best month have ample time to complete work before winter hits.

Can I Sell My Home During the Off-Season?

Yes! We understand that due to a myriad of life factors (job loss, family obligations, extenuating circumstances) it may not be possible to wait until the exact spring week when selling a home is best. Besides, listing your house during this week is just a suggestion, not a must. Selling in the winter is typically the slowest for selling your home due to holidays and weather, but it’s still possible. We recommend consulting a trusted real estate agent and preparing for a slightly longer listing period.

How Long Does It Take to List a Home?

According to both Zillow and Realtor.com data, it takes two months to hire a real estate agent, complete any minor repairs needed, clean, and appraise your home prior to listing, on average. This means that in order to sell during the peak month, you’ll want to start planning no later than the end of February. After the listing goes live, it usually takes another two months before the closing is complete and the keys are passed over.

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This article was originally published by a www.housebeautiful.com . Read the Original article here. .

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Selling A House In Massachusetts | Bankrate

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Atlantide Phototravel/Getty Images

In a hurry to sell your Bay State home? The odds of selling relatively quickly are in your favor: Homes here spend much less time on the market than in most parts of the country, according to Redfin data.

But everything is relative, and if you need to relocate for work right away, for example, or need the proceeds from the sale ASAP, you may be hoping to speed the process along. There are a variety of ways to do just that, including working with one of the many cash-homebuying firms in the area. Here’s what you need to know to sell your house fast in Massachusetts.

How fast can you sell your home in Massachusetts?

The Massachusetts housing market is quite robust. Home prices here are high and getting higher: February Redfin data shows that the state’s median home price was $576,000, a nearly 10 percent jump from February 2023. And homes typically spent a median of 28 days on the market before going to contract — five days less than last year and a much quicker timeline than the national median of 48 days on market.

Your Massachusetts home won’t necessarily sell in this exact amount of time, though. A variety of factors can impact how fast a home sells: The time of year, your home’s size and condition and your exact location in the state all factor into the equation.

Need to move faster?

If you want to sell your home even faster, here are some options to consider that can expedite a sale:

Cash homebuyers: For maximum speed, your best bet is forgoing the traditional listing process and selling directly to a cash homebuying company, whether it’s a nationally known name like We Buy Houses or a smaller, local firm. These operations can often close a sale in just a couple weeks, or sometimes even faster. However, you will likely make less of a profit than you would on the open market.

iBuyers: Online homebuying firms known as iBuyers operate in a similar manner and with similar speed. Opendoor, one of the biggest, buys homes in the Boston area.

Listing as-is: Selling your home in as-is condition makes the process move faster because you don’t waste time on back-and-forth negotiations over repairs — the buyer knows upfront that what they get is what they see.

Flexibility: You can still sell relatively fast by listing your Massachusetts home in the traditional way. Be direct with your real estate agent about your need for speed, so that they can market it accordingly. This may require a bit of flexibility on your part, like being willing to price the home slightly lower to attract buyer attention or offering seller concessions to sweeten the deal. Your agent will know what is likely to work best in your specific market.

Selling your home fast for fair market value

If you want to ensure your home sale brings in the highest price possible, but you’d still like to move relatively fast, work with a local real estate agent. Look for someone who has experience in your specific area — and ideally, in your specific neighborhood — so you’ll have the best possible idea of your home’s market value. And discuss these topics before you list:

How should you price your listing?

Your agent will be instrumental in developing your pricing strategy. While you can take steps on your own to estimate what your house is worth, a pro agent will walk you through detailed local comps to understand what area buyers have recently paid for properties similar to yours.

Is it worth upgrading before you sell?

If you’re thinking about investing in a big renovation project, keep in mind that it could cost a pile of money, which you aren’t likely to fully make back — and take a long time, which you are trying to avoid. Rather than delay your sale with a major undertaking, consider quick and inexpensive upgrades, like a fresh coat of paint or upping your curb appeal.

What should you repair before selling?

As you think about what to repair versus what not to bother with, take a simple approach: Are there any glaring issues that would turn you off as a buyer? Put those at the top of your priority list. They will likely be worth the investment. If you’re anxious about potential problems, you might even want to consider a pre-listing inspection. Essentially, you’ll hire a home inspector to identify any issues, which gives you the option to address them before a potential buyer finds them.

Should you pay to stage your home?

First impressions are crucial in real estate. If you have the interior-designer touch, your home might already look open-house-ready. But if not, or if you’ve already moved out and the place is totally empty, it might be worth hiring professional stagers to help it shine. This can really make a home come to life and impress potential buyers, which in turn can help you sell faster, and maybe even for more money. Ask your agent whether your home could benefit from staging.

What do you need to disclose to the buyer?

Unlike in many states, which require home sellers to fill out lengthy property disclosures, Massachusetts law requires that you share just two pieces of information: whether the home has lead paint in it and whether it uses a septic system. If the buyer asks you a specific question, though, you must be honest. For example, if you know there have been problems with the plumbing in the bathroom and the buyer asks about it, you must tell the truth.

If you live in a property that belongs to a homeowners association, you will also need to hand over documents detailing the association’s financial health and the bylaws that a buyer will need to follow.

Closing day

Once you start preparing for closing, the deal is almost done — but it’s important to understand how much it’ll cost you to get to the finish line. Here are some common closing costs for sellers in Massachusetts:

Realtor commissions: The way real estate commissions work will change in July 2024, thanks to a major lawsuit that was recently settled. Until then, at least, the seller typically pays commission fees for both their own agent and their buyer’s. This expense usually comes to around 5 or 6 percent of the home’s sale price — for a median-priced $576,000 Massachusetts home, 5 percent is $28,800.

Title insurance: There is no law or set standard for who covers this cost in Massachusetts, but it’s customary for sellers to pay for title insurance in many states. The cost varies depending on the home.

Transfer taxes: The seller also usually covers the cost of real estate transfer taxes in Massachusetts. The rate depends on several factors but is typically $2.28 for every $500 of value. On a $576,000 sale, that adds up to around $2,626.

Escrow and wire-transfer fees: You may be charged nominal fees to cover the cost of the money being held in escrow and any money that needs to be wired in payment (for example, if you are paying off your mortgage with part of the sale proceeds).

Attorney fees: A lawyer must be present at real estate closings by Massachusetts law. This is often the lawyer representing the buyer’s lender, though — you as the seller are not required to hire your own lawyer. However, it’s smart to do so anyway when dealing with legal contracts and large amounts of money. Attorney fees will vary for each transaction.

Find a real estate agent

Massachusetts real estate can be complex. Selling to a cash homebuyer makes it simple, and fast. But if selling for top dollar is more important to you than sheer speed, working with a knowledgeable local real estate agent is your best path. To find the right agent, interview multiple candidates. Look for an agent who not only has experience, but has a working style that makes you feel comfortable.

FAQs

What’s the fastest way to sell my house in Massachusetts?


The fastest route to a sale is to work with a cash-homebuyer or an iBuyer. These companies can make offers within 24 hours, or sometimes even more immediately, and most can close the entire deal within a couple weeks. Keep in mind, though, that in exchange for this speed, you will likely make less money from the sale.

Can I sell my house without a Realtor in Massachusetts?


Yes you can. Selling your home without a professional agent is called a for sale by owner or FSBO transaction, and while it saves you from having to pay a listing agent’s commission, it is also quite a lot of work. Any tasks that would normally be done by a Realtor, including creating and marketing the listing, coordinating showings and negotiating with buyers, fall on your shoulders as a FSBO seller.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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How To Sell A House By Owner In Colorado | Bankrate

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Key takeaways

You don’t have to work with a real estate agent to sell your house in Colorado. However, doing so can make the process much easier.

If you take the “for sale by owner” route, you won’t pay a listing agent’s commission, but you’re still on the hook for the buyer’s agent’s fee.

Without agent representation, it’s a good idea to hire a real estate attorney to review the contract and other important paperwork.

Realtor fees are one of the biggest expenses homeowners face when selling their home, no matter what state they’re located in. If you’re trying to cut costs, you might have considered not hiring one and instead taking the “for sale by owner” or FSBO path.

There are pros and cons to this method: Owner-sellers are responsible for all the work a listing agent typically handles, which is significant. On the other hand, you’ll have more control over the process and won’t have to pay the commission for that agent. Here’s an overview of how to sell by owner in Colorado, so you can decide if going it alone is right for you.

Selling a house without a Realtor in Colorado

When you sell your house without a real estate agent’s help, you take on all of an agent’s usual duties yourself. This includes everything from creating the listing to preparing the closing paperwork — and everything in-between. Here are some of the main responsibilities you’ll assume with a FSBO sale.

Create your listing

Putting together a listing is one of the first things you’ll need to do to get the word out about your home. This involves writing a compelling description of your property that covers:

Basic information about your house: Its age, lot size, square footage and number of bedrooms and bathrooms are all important to include.

Special features: Got a hot tub for post-skiing soaks, or an impressive mountain view? Be sure to play them up.

Other relevant details: You’ll also want to add information about the neighborhood and local school district. Distance to amenities, shopping or main roads might be important in smaller towns, too. And if your property is part of a homeowners’ association (HOA), go into detail on that, too.

To bring your listing to life, include high-quality photos — taken by a professional, if possible — depicting both the inside and outside of the house. Buyers will see your listing online first, and if they aren’t impressed, they’ll keep on scrolling and never bother to come see it in person, so photos matter more than you might think.

But of course, the most crucial part of your listing is the asking price. How much is your home worth? To determine the answer, you’ll need to research local comps, or how much other, similar homes in your area are selling for.

Try to set aside your feelings as the owner and be as objective as you can when setting your price. The median sale price of a single-family home in Colorado was $548,950 as of January 2023, according to the Colorado Association of Realtors (CAR). However, prices vary widely across the state, so prices in your area may be lower or higher.

Market your property

When your listing is ready, your next task is to get it seen by prospective buyers. Start by putting it on your local multiple listing service (MLS), a database of for-sale properties in your area. Usually, only real estate professionals can access the MLS, but there are local and national services that will list it on your behalf, usually for a flat fee. In Colorado, these companies include Home Savings Realty, Flat Fee Group and Houzeo. Some firms have multiple packages to choose from, which might include yard signs, photos and more.

On top of that, you can promote your property in local community groups, on websites like Craigslist and on social media. Be mindful about how much personal information you share online, though — you don’t want to attract scammers or compromise your safety.

Next up: Scheduling open houses or private viewings to get home shoppers onto your property. Ask interested buyers to include their mortgage preapproval letter with their offer so you can confirm that they have the financial means to back it up.

Close your deal

Ideally, you’ll bring in a few offers so you can compare them and pick the best one. This part of the process often involves negotiating pricing, contingencies and seller concessions, so be prepared for some back and forth with the buyer’s agent.

Once you’ve agreed on a price and other details, you’ll draft a purchase and sale agreement. It’s a good idea to have a real estate attorney review this legal document — or even better, draw it up. An attorney can also look over other important paperwork to make sure your interests are protected.

Required disclosures for Colorado home sellers

As a home seller in Colorado, you must complete the state’s seller’s property disclosure form. In it, you’ll describe any previous or current problems with the house, including the building itself or its appliances and major systems (such as electrical and water). If the property is part of an HOA, you’ll also need to disclose that, and provide the buyer with information about its rules, bylaws and finances. Other required forms may include a green disclosure, which details your property’s energy-efficiency features, and a lead-based paint disclosure.

Do I need a lawyer to sell my house in Colorado?

No, you don’t need a lawyer to sell a house in Colorado. But hiring one anyway is a smart idea for all sellers, especially those who are going it alone. Navigating a real estate transaction can be tricky, with a lot of paperwork and complex contract language, and any misstep can have serious implications. A local real estate attorney will know your area’s laws, look after your interests and ensure the deal is completed correctly.

Pros and cons of selling a house by owner in Colorado

If you’re on the fence about selling without an agent, consider the benefits and drawbacks as they apply to your situation:

Pros

You’ll pay less in commission: Without an agent representing you, there’s no need to pay their commission. Agents typically receive between 2 and 3 percent of a home’s sale price, so based on the median price in Colorado, you’d save between $10,979 and $16,468. You’ll still have to pay the same amount to the buyer’s agent, though.

You call the shots: With a FSBO listing, you’re free to do things however you’d like. From pricing to marketing to negotiating, it’s all up to you.

There’s less back-and-forth: Real estate agents usually have multiple clients at the same time, so there might be delays in scheduling and communication. You don’t have to worry about this if you sell independently.

Cons

It’s hard work: As licensed professionals, agents know the ins and outs of the Colorado housing market and have extensive experience with creating listings, attracting buyers and managing the closing process. Without this knowledge, selling a home can be challenging.

You might earn less money: There’s a lot of money at play in a real estate transaction, and a negotiation misstep or mistake in your paperwork can be costly. In addition, according to NAR data, you might not earn as much on your home sale: In 2023, they say, FSBO homes sold for a median of $310,000, while agent-assisted properties had a median sale price of $405,000.

It can be harder to find buyers: Agents work hard to promote your property, and they often tap into their network of fellow agents to do so. Without these connections, you might struggle to attract buyers. In fact, NAR data shows that 57 percent of FSBO sellers sold to someone they already knew.

FAQs

Can you sell a house in Colorado without a Realtor?


Yes, you’re free to sell a home without hiring a Realtor in Colorado. But a FSBO sale require a lot of work, including creating and promoting your listing, showing your home to buyers and negotiating a deal, so make sure you’re ready for the time commitment.

Do I need a lawyer to sell my house in Colorado?


No, Colorado does not legally require you to hire an attorney to sell your house. However, it’s advisable to do so anyway to protect your interests in such a big financial transaction — especially if you don’t have an agent guiding you through the process.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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The Best and Worst Time To Sell A House | Bankrate

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Key takeaways

Broadly speaking, spring is generally the best time of year to sell your home.

Many families need to be in their new home by the start of the school year, and house-hunting is easier when days are warmer and longer.

Fall and winter typically see the lowest amount of homebuying activity.

During the height of the pandemic, normal seasonal patterns all but disappeared from the housing market. There was so much demand for homes that any time was a good time to sell. But now that the market has settled back into a more normal cadence, timing is once again becoming an important consideration for home sellers.

Some patterns and trends usually do hold true throughout the year, and one is that late spring and early summer are the best times to sell. Sellers can net thousands of dollars more if they sell during the peak months of May, June and April compared to the three slowest months of the year, October, November and December, according to a 2023 report by ATTOM Data Solutions.

Best month to sell a house

Spring — specifically, the month of May — is the best time to sell a house. Homes sold in May net a 12.8 percent seller premium (the amount above the home’s market value), based on ATTOM’s analysis of single-family home and condo sales over the past 10 years.

Best and worst times to sell a house, by month

To determine the premium or discount sellers realized on a given day, ATTOM compared the median sale price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same properties at the time of sale. Here’s how each month of the year ranked for the best time to sell a house.

May
$220,000
$195,000
12.8%

June
$228,000
$206,000
10.7%

April
$215,000
$195,000
10.3%

March
$210,000
$191,357
9.7%

July
$227,500
$207,537
9.6%

February
$200,000
$184,000
8.7%

August
$225,000
$208,000
8.2%

September
$223,504
$207,000
8.0%

January
$200,000
$186,000
7.5%

October
$220,000
$206,000
6.8%

December
$220,000
$206,000
6.8%

November
$220,000
$207,000
6.3%

The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

June edges out April for second place, with a 10.7 percent seller premium compared to May’s 12.8 percent. March and April usher in prime homebuying season with premiums of 9.7 percent and 10.3 percent, respectively. By October, seller premiums have tapered off, falling to 6.8 percent.

These stats underscore the conventional wisdom about selling a home: Spring and summer attract the most buyer attention. Conversely, that can be a challenging time to buy, owing to high prices and more demand.

Seasonality is important

While all regions experience seasonality, it is more or less pronounced depending on where you are in the country.

For example, in the South and West — where temperatures are largely more moderate — there’s less discrepancy between the peak and slow seasons, according to the National Association of Realtors. However, there’s more disparity between summer and winter in the Midwest and Northeast.

These seasonal patterns can help give sellers an indication of what to expect throughout the year.

Spring and summer are the best seasons to sell

Typically, sellers list their homes in the spring and summer because the weather is good, especially for people in colder climates. In addition, families want to buy their next home before school starts, says Realtor Liede DeValdivielso, one half of the DeValdivielso Team with the Keyes Company in Coral Gables, Florida.

Daylight savings time might also play a part in why the warmer months stimulate buying activity. “One of the reasons buyers are more eager to view properties during spring and summer may be due to the longer days,” says Marilyn Blume, a real estate agent with Sotheby’s International Realty in New York City. “By getting more exposure for your listing through more traffic, you increase the chances to receive more offers.”

Homebuyers on a deadline — for example, those who want to acquire a house before the school year begins — should make sure they’re in top financial shape before spring. That means checking your credit score and debt-to-income ratio to ensure you’re in a strong position to get a mortgage preapproval. Otherwise, your efforts might be delayed.

“April is plenty of time to get a house before school starts, as long as your financing is in order,” DeValdivielso says. “The best thing to do is shop around for a loan before you start looking for a house. This will give you a good idea of what you can qualify for.”

Fall and winter are the worst seasons to sell

The decline in seller premiums typically begins in September, when the average premium drops to 8 percent — significantly less than the peak in May. By then, many buyers with school-aged kids have likely found a home, so the sharp drop is no surprise.

Combine the new school year with the start of the busy holiday season, and homebuying goes on the back burner during the latter part of the year. Just like in the warmer months, the weather plays a factor in the winter months, too. As the days get dark earlier and temperatures drop, people tend to stay closer to home. This means less foot traffic for sellers.

November is the worst month to sell

The worst month of the year to sell a house is November, with a 6.3 percent seller premium, according to ATTOM. And those premiums stay pretty low in ensuing months. Homebuying activity typically comes to a near-standstill in December, when people tend to travel and are busy with holiday celebrations.

Of course, if you’re a buyer, the opposite holds true: The cooler months can actually be a hot time to house-hunt. There’s less competition from other buyers, and antsy sellers might be more willing to negotiate on price or offer other concessions.

The best day of the week to list your home

Want to get even more specific? If you really want to maximize your profits and sell quickly, list your home on a Thursday. Data from Zillow suggests that Thursday is the sweet spot for new listings to appear on the market, as both house-hunters and real estate agents tend to plan their weekend showings toward the end of the week. Friday is a good bet as well, per Redfin data. Avoid listing at the beginning of the week, as that raises the likelihood that the listing will sit for a few days before most buyers are ready to look — newly added listings look fresher to buyers.

What if there’s a recession?

As happened during the pandemic, the possibility of a recession might see established housing-market trends fly out the window. Recessions can be a dicey time to sell — or buy — a home. When the economy contracts, unemployment rises and potential buyers may experience a decline in income, making it more difficult for them to be approved for a mortgage.

In addition, selling a home requires paying real estate commissions and closing costs that will likely total tens of thousands of dollars. So it’s only worth doing if you really need to. If you’re worried about a recession and can afford to hold off until the economy stabilizes a bit, that could be the smarter financial option.

More tips for sellers

Here are a few more suggestions for homeowners hoping to maximize their selling success:

Real estate is very localized, so speak with an experienced real estate agent in your market who understands local sales trends. Agents can give you neighborhood-specific information to help you make the most strategic decision about when to list your home.
Keep prep time in mind. Sellers should consider making key repairs and updates to their homes to maximize their return, but this can be a lengthy process. Even simple decluttering can be time-consuming, so plan accordingly and finish these projects before putting your home on the market.
Make sure you get expert, professional-quality listing photos taken. All homebuyers search for homes online these days — a full 100 percent, according to National Association of Realtors data — so it’s important to put your home’s best foot forward right from the beginning.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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