Spring is in the air, and prime time for home buying and selling is in full swing. Spring is the most popular time to sell a home, by-and-large, but there are disadvantages to selling in the spring, too.
How Does Your Home Measure Up?
Everyone has to do some kind of prep work to get their home ready to sell. If yours needs major work, it may be better to wait until it’s done, instead of rushing to sell.
If your home is about the same age, condition, and has similar amenities to others in your neighborhood, it may be easier to sell in the spring when there are lots of buyers. Under those conditions, homes sell faster, and buyers often put in a competitive bid on homes to get into the neighborhood of their choice.
There’s More Competition
This can be a good thing or a bad thing: On one hand, your home could sell quickly at a profitable price, but on the other hand, it means you’ll also become a home buyer in a sellers market. Either way, it can create stress for both buyers and sellers. Buyers get outbid or have to submit bids on several homes before they get accepted. Sellers often benefit from having multiple offers but may have to leave their home sooner than they would like, find temporary living arrangements, or have problems finding another home quickly.
Will You Be Able to Find Another Home?
You have to live somewhere and your financial situation and ability to relocate has to be a consideration. Statistically speaking spring is the best time to sell. But ultimately your financial situation, ability to relocate and emotional readiness may be bigger factors.