The answer depends in part on when you want to move. Its a given that many prefer to move when the weather is optimal. For us in Ohio, that is certainly anytime between April and October. The weather gets a little less predictable in November through March. In addition, many families prefer to move during the summer months when the kids are out of school, and the pace may slow a bit. So does that mean that I just wait until June to list my house? Not necessarily! In fact the answer is usually no, that is too late! For my clients I like to do a real estate timing analysis. This is a basic guideline that I use to decide when would be the best time to list the house. It is a fantastic tool that I can use to show people how long it really takes to sell a house so that they will know when to list and not miss the prime time in this market. The Real Estate Timing Analysis begins with todays date. I speak to my clients about different pricing methods such as retail vs. wholesale pricing. If they want to sell the house very quickly, they may want to price it below market value. If time is no issue, and money is more important, I may price it higher, but factor in extended time. I then add in the cumulative average days on market for that particular home’s neighborhood based on sales within the past year. I generally add time to that to account for homes that sold “for sale by owner” that are not included, and usually take much longer to sell. I throw out any “anomalies” that I see that don’t fit the market, maybe one strange house that threw off all the numbers to get an average number. I add in the processing time once the house goes into contract. In this market, many lenders and title agents are backed up and it can take 45 days or more to move the process of inspections, appraisal, remedies, etc. before close. I add to that number the possession time (when will tenants move out based on a lease agreement?, for example). All of these numbers added together can give me a true picture of how long it will take for a house to sell. I add that number to todays date if we listed today, to get a number of days from today that they will likely be moving from their home if all things in the market stay the same. It may come as a shock to many sellers to see how long the process may take from start to finish! It is also important to bear in mind that the market may change at any time! It could slow down if interest rates rise, thus prolonging this period. Before you sell your home, its important to speak to your local real estate agent about a real estate timing analysis.
Jenny Ryan Fusco, HER Realtors
The Jeannine Ryan Smith Team