Seven years ago, Kyle was a first time home buyer…
I remembered him as being very level headed, knew what he was looking for and went about the home buying process with a cool head and a firm idea of exactly where he wanted to land.
One quality he was adamant about…would the house he bought be easy to sell when it was time to move up?
When we found a brick ranch on a large fenced lot, with a small footprint…And a 2 car garage for his “toys”… we knew we’d found a winner.
Six weeks later, Kyle became a homeowner!
Over the years we touched base a couple of times…once when he got married, then again when his family started growing.
Each time, we’d take a look at the market, what he wanted to accomplish and his financial situation.
Each time we decided it would be in his best interest to wait.
Last November we touched base again. Was this a good time to list? His wife was pregnant with their third child and they were starting to bust out the seams of there little brick ranch.
Here’s how it came down…
In Kyle’s usual determined fashion, we worked through the process, one step at a time.
Know Why You Want To Sell…
It’s the best time to list if you have a big enough “Why”.
Knowing you “Why” to start out will not only help motivate you to do what needs to be done, it will keep you focused.
- You current home has become to small.
- Your current home has become to big.
- You are facing a job relocation.
- You want more features and/or amenities in your home.
- You want to live in a different location.
- You are facing life changes – divorce, death, marriage, sickness, additions
Kyle knew his “Why”… he and his family had run out of space. With a new child on the way, and the other two growing rapidly, he had no doubt there simply wasn’t enough room for another human being.
He HAD to get more room.
Know If It Will Work Financially…
It’s a good time to list if it works with your finances.
Depending on your goals, you’ll will want to know if the sale of your home will net you enough cash to reach them.
- Get a professional Market Analysis to determine your home’s value.
- Deduct the cost associated with a sale
- Figure in any costs of repairs or updates that may be required to get the best price.
Finances had stopped Kyle in the past. He had purchased his first home right before the market crashed, and up until now, the equity he needed to make a move simply wasn’t there. After a careful analysis, he knew the money he would have to work with…and this time, it fit.
It was time to talk to a Lender about his next home.
With a pre-approval in place, it was time for the final step
Know Your Time Line…
If the timing is right, it’s the best time to list.
You can work see if the timing is right for you if you know these things:
- Your goal date
- What months do the most sales occur in your market
- What is the average days-on-market (DOM) for homes comparable to yours
- How long it will take to prepare your home for the market
- How many competitive homes are currently available.
There was no doubt about the goal date for Kyle. With his wife due in May, he wanted to be in his new, larger home no later than the end of April.
Since we were talking in November, this seemed like plenty enough time…until we started counting backwards.
We have the largest amount of sales in our area two times a year…
The biggest volume of sales occur in April and May, with October – November a close second.
Average DOM is 17 days with the time from accepted offer to the closing table averaging 45 days.
Time to get ready – by his estimate, 21 days to get his home de-cluttered and show-ready
=>>>We’re up to 83 days.
December would be lost due to the holidays – 31 days down
=>>>With 114 days already gone, getting the price on target would be a priority to attract a quick sale. We’d only have a week if we were to meet his goal on time.
Everything Falls Into Place
It turned out to be the best time to list for Kyle.
So far, it is going as planned. Kyle has accepted a full price offer just one week after listing.
And it’s full steam ahead to hit his goal.
While every home and situation is different, from one seller to another, Kyle has found out this formula works.
Curious if it’s a good time for you to list?
- Find your “Why”…
- Check your finances (and your home’s value) for a good fit
- Know your timeline
Then give me a call or contact me here…it could just be the perfect time to reach your goals.