Selling your home is a big decision and there are lots of factors to consider. Sure, if you’re changing jobs out of state it’s an easy decision to sell. If you’re considering up grading, down grading or just want a change it may not be so easy. If you’re going to lose money on selling your home, it may not be the best decision, but it’s hard to know if that will be the case. Here are 8 signs in the real estate market that will give you a good idea that it’s time to get top dollar for your house.
- Trendy Shops – There’s a theory that if you follow Starbucks, you’ll find increasing property values. While that was true 5 years ago, the theory is sound. Today it may not be the coffee shop, but instead it will be organic food markets and trendy yoga studios. If they are popping up in your neighborhood, there’s a good chance the market is hot and it’s a good time to sell.
- Low Inventory with Short Marketing Times – If there’s not a lot for sale in your area, that may mean it’s a hot market. If it’s a desirable location with low inventory it could mean that houses are flying off the market as soon as they are listed. That means top dollar for the sale of your home.
- Tidal Wave Neighborhoods – If the neighborhood next to yours has blown up recently, chances are high that your neighborhood will be next. That means there will be a lot desire to live in your community and buyers will be likely to pay more for your house.
- High Price Comps – If comparable homes in your area are selling for high prices, you can bet that your house will too.
- Cash Offers – One major indication of a competitive market is when sellers can reasonably expect cash offers for their property. If there are a lot of cash offers being given in your neighborhood, buyers are stating that they are in fierce competition to live in your neighborhood.
- Multiple Offers – If your neighbors are getting multiple offers on their homes, then the community is in high demand. This could result in a bidding war over your home, which means you could get more money for your house.
- Bidding Wars – Bidding wars are another sign that competition is fierce. This is when aspiring homeowners try to outdo each other in a battle over who can make the highest offer. The result is that the seller wins.
- Escalation Clauses – An escalation clause is included when a buyer is willing to raise their price if there are multiple offers. Any time this is happening in a neighborhood, it means that market values are likely rise.
It’s not always easy to tell if you’re in a buyers or sellers market or to follow some of these trends. You can use online market valuation tools to get an idea of what your home is worth, but they don’t always account for all the information. You can use Helen’s here for free which gives you the ability to edit the information. For a complete personal evaluation if it’s a good time for you and your family to sell, call Helen today at 847.967.0022 or email [email protected].