When is a good time to sell your home?

Question

It is a condo, and it is in need of repair. I don't have enough money for renovations. I know that now is not a good time, what should I be looking out for?

Answer 1

If your home needs fix ups, it is definitely not the time to sell right now. It is not because it is not a good time regardless, it is because this is a buyers market today and seller are no longer calling the shots.

If your property needs many repairs, buyers will look at it and offer you less money for it. Today's market is when you as a seller wants to entice buyers by making your home worth the money you are selling it for.

You could, like someone said get a second loan to do the fix ups but make sure you plan all this ahead of time because you will have one more mortgage to take care of.

And by the way, the lender (the company holding your mortgage) CANNOT tell you when the best time to sell is. Sorry but that is ridiculous!.

Answer 2

Short term real estate is almost never a good investment because of the cost of sales. Even in a rising market it can be risky, but long term it is almost always an excellent investment.

Any time can be the right time to sell your home. If you’re in a declining market and you want to buy another home in the same general area then it makes little or no difference when you sell since you will be paying less for the new home than you would have during a rising market.

If you’re selling your home to relocate, you have to look at the market that your home is in and the market in the location you plan to move to. The best of all worlds is to sell at or near the peak of the market where your current home is located and buy into a market where prices are still going up. You have to do your homework here.

If you are comfortable with your present mortgage payment and the utility of your home, that is, you have enough space for your family to live comfortably then stay in your current home.

If you must sell with no prospects of being able to purchase another home, contact a REALTOR® and get their opinion on what repairs will give you the best return on your investment. Generally, paint and carpets give the best return, but check it out before you give up hope. Many times payment for repairs can be deferred to close of escrow and be paid out of equity you may have in the home—check with local contractors to see if any of them are willing to do this. Many contractors will put off payment if you are in contract and have sufficient equity.

Many lenders will work with you even when you are in foreclosure, but that is another story…

Answer 3

You might want to go to the company or bank that is holding your mortgage, and ask for a loan to do the needed renovations. That way, you will be able it increase the asking price and get your mortgage paid off and still have some money left for you. They will also be able to tell you when the best time to sell your condo is.

Answer 4

Best time to sell is when its "Ripe"

Equity = Ripe to sell

The extent of repairs neccessary will determine whether or not YOUR "apple" is at the top or bottom of the barrel.

A few cosmetic repairs (in many cases less than a few hundred dollars) may be all it takes to get top equitable dollar for your property.

Buyers Market / Sellers Market is as simple as Supplier affordability and Demander accessibility; don't sell you place at "Boardwalk Prices" if you live in an area where ppl are paying "Baltic Avenue Prices".

Find out what Comparable Homes are selling for in your area; suffice it to say, a Realtor will get you top asking price and will generally price it as high as Market conditions allow (for a commision) it to sell - if the price is too high, be prepared to standby until it sells.

Answer 5

Judy is right. When I buy property I always look for the one in need of repair because I can get it so much cheaper than one in good shape, hire someone to fix it up and still make lots of money on it. Find a way to get it fixed up even if you have to rent out a bedroom to get some money to fix it up.