Looking to buy a home in new home developments next year? First you need to sell home, which you already have. But when is the best time to sell a home? Every salesperson has different life circumstances. You will not be able to act against your own interests. But taking into account the needs of the market will also be wise. Sometimes it’s better to wait or, on the contrary, to accelerate. In any case, all costs must be calculated before starting the process.
To analyze the market, it is enough to make a request to Google “property for sale near me”. This will allow you to properly evaluate the available homes for sale. Now you can start calculating the value of your home, looking for additional funding to buy a new one and looking for a realtor. It’s always a good idea to research the sellers’ offers in advance. For example, on a real estate website, it is enough to filter the results by new construction homes in California. Experts advise not to neglect all options. For example, if you are looking for a single-family home, you might also find a well-maintained townhouse in a lovely area. As a bonus, you will receive a refined area that does not need to be looked after on your own.
5 factors that affect the speed and profit from a sale
In fact, there may be more or less such factors, depending on the personal situation. The main indicator is considered to be the season. In late spring and early summer, houses are usually bought faster. Also, buyers are willing to pay more. But even these numbers are not true for all states. Also, one cannot ignore the cyclical nature of the market. In some years, there is still a general decline in prices. We will also talk about the additional 5 factors in real estate pricing.
1. Life circumstances
Different people move to a new home, neighborhood, city, or state for different reasons. Sometimes circumstances force them to rush. Top reasons for buying a new home this year include:
• Selection of a more comfortable option in connection with career development and income growth;
• The appearance of a child in the family and the need to expand the living space;
• The need to take care of elderly relatives;
• Moving due to job change;
• Deteriorating financial situation and the need to save on housing and payment utilities.
2. Pre-sale preparation of the house
Usually this term means minor repairs. Most sellers do not want to invest a lot of money and time in renovating a home before selling. They can be understood. But if you’re not in a hurry to move, a quality renovation can be a great investment. Competent redevelopment, designer renovation and new furniture will help you sell your home for more than you once bought it.
3. Analysis of the local real estate market
In addition to seasonality, you should consider how your area and the city as a whole are developing. If you want to sell a house in an area that is still at an early stage of construction, then perhaps in six months the prices will increase at least 1.5 times.
4. Calculation of total sales costs
The cost of closing a home sale varies greatly from state to state. In some states, the law prohibits real estate transactions without the participation of expert appraisers, realtors or lawyers. With more lenient legislation, many people decide to deal with all issues on their own. The standard list of expenses includes:
• Placing ads on specialized sites on the Internet and in local newspapers;
• Printing and posting of paper ads;
• Cleaning of the house and adjoining territory;
• Removal of personal belongings of former owners to the hotel or new house;
• If you have not bought a new home yet, you will need to rent a home for this period.
Also add real estate agency fees and sales tax to this list.
5. The total cost of buying a new home
The services of a realtor, appraiser or lawyer should be added to the value of the house. Also, if you are not buying with your own money, add mortgage interest and insurance. Don’t forget to pay tax on the purchase of real estate.
The best time to think about buying a home is when you have enough money to close the sale and purchase.