Real estate has its seasons. One of them is spring, when everyone is through with the holidays and ready for a change. June is also a popular month for sellers, which is why you’ve probably noticed a lot of “For Sale” signs in your neighborhood recently. Even though summer escrows might not affect those without kids, families with children are making every effort to time their sales and moves so they’ll be in their new homes when school starts. Typically, that’s shortly before or after Labor Day. So if you’re planning to relocate, across the street or across the country, make sure your agent helps you strategize the timing properly.
By way of example, let’s say you put your house on the market early in June. The time on the market might be approximately 60 days. With an escrow period of about 30 days, you may be moving close to Labor Day. If you buy your new home when yours sells, simultaneous escrows will only go smoothly if you have a team of qualified professionals coordinating your two transactions.
If you find yourself tempted to look for a bargain, such as selling your house yourself without professional help, you might want to revise your plan. Proven statistics indicate that properties For Sale By Owner (FSBOs) can earn up to 16% less than those that have been handled by an experienced agent. So much for the bargain. Your house may also take longer to sell, because you can’t be an expert on everything, nor do you usually have the necessary time to do the vast amount of legwork required.
In a top market, when every property for sale is snapped up instantly for its asking price or more, FSBOs can work. That is not the case at right now. Supply is increasingly meeting demand, and the competition is getting intense. Buyers can be pickier, and delicate negotiations must be handled by those with appropriate training and expertise. The bottom line? Get in touch with your real estate professional when it’s time to contemplate a sale or purchase. You’ll be glad you did.