Your Daily Real
Estate Blog
From
Supreme Manor
Real Estate Services
The Best Times to Buy or Sell a House
Home sales and
prices continue to rise nationwide, while interest rate remain at all-time
lows. Both buyer and sellers are thinking more about wading back into the real
estate market. These are still the best times to buy and sell houses. Here are
some timing tips that can save home buyers and sellers money:
Tip 1: The best month to make an offer on a house is January.
Fewer buyers are
willing to house-hunt during cold weather, so there’s less competition and few
bidding wars. Sellers also tend to be more motivated than they will be in the
spring for they may have just received their credit card bills that reflect
Christmas spending and may be feeling financially insecure.
Tip 2: The best day of the month to make an offer on a house is the first
Tuesday.
Why early in the
month? Because the homeowner just wrote a mortgage check for a house he no
longer wants and he doesn’t want to write another one. Why Tuesday? Because by
Tuesday he’s starting to worry that he won’t get any offers from house hunters
who saw the house the weekend before.
Tip 3: The best time of the year to sell a house is the spring.
Buyers come out
of the woodwork during the spring, and with tax refund checks in the bank,
spring buyers more often pay full price. In fact, sales peak in the spring. And
don’t price your house with a zero at the end. Real-life sales show that one
zero at the end of an asking price lowers the final sale price by .72% and two
zeros lower it by .73%.
Tip 4: The best day of the week to list your house for sale
is Thursday.
If you list your
house for sale on a Thursday, it will be available right away for weekend
showings and by Saturday — the most important day of the real-estate week —
your house will have shown only two days. That’s important because the fewer
days on market, the better chance the home will attract a full-price offer.
Tip 5: The best time to stop renting and buy a house is when it costs less
to buy than to rent.
Find two similar
houses – one for sale and one for rent – and divide the asking price by the annual
rent. The difference is called the rent ratio. A rent ratio of 20 or more
usually means that it costs considerably more to own than rent. It makes
financial sense to buy when the rent ratio is a lot closer to 10 than to
20.
I hope this information is useful.
Should you need assistance with any of your real estate needs,
please contact Supreme Manor Real Estate Services 773-881-9224. Feel free to
visit us on our website or any of our social media sites.
Have a Supreme Day!
Sheila M. Wilkinson-Sanders
Managing Broker/Owner - CPA, GRI, CNC
Supreme Manor Real Estate Services
1840 West 95th Street
Chicago, IL 60643
(773) 785-0127 Direct
(773) 797-9640 (fax)
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