Nov 19 2008
Selling now vs. next year
Last year we considered selling our Sunnyvale home. Neighbors were getting $50K or more over their asking price with multiple offers. We decided to wait until summer, thinking the market would improve with a new school year forthcoming. Did we make a mistake and miss the market? Do you think if we wait until summer 2009 that will be a better time to sell?
The real estate market is adjusting to economic factors, and the most difficult decision you may make is whether you wish to adjust your expectations to meet the terms of the economic changes. While you may not receive the plethora of offers that your neighbor got last year, in reality all that is needed is one strong offer from a qualified buyer. The bottom line is buyers are heavily considering price, and if you want to sell you need to be willing to meet the market.
Spring to summer is traditionally the best time to sell as people tend to relocate after the school year ends. Sellers position themselves then to list their houses for this peak season. Statistically, you may have more buyers shopping in the peak season, but usually you'll have more competition as well. Many sellers sign a six-month listing agreement, so the unsold homes that were listed in May or June are coming off the market now. Listing your home prior to the peak season very well may position yourself among fewer competitors.
