Many Chandler homeowners that I talk to are still wondering about when is a good time to sell their homes. I get asked questions like “am I going lose more equity, or will prices start to go up again?” Another common question is “what time of the year is best to put your home on the market?”
It’s a truism in the housing market that real estate is local. In general, with a “normal housing market” the length of time it takes to sell your home often boils down to your ZIP code, location, and the nuances of your local market. If you are in a great location, such as near a major employer like Intel or Chandler Regional Hospital, or are you located in a distant suburb like Queen Creek.
Next up, if all things are equal (considering location) to your neighbor’s home down the street that is up for sale, how does your home stack up in terms of condition compared to theirs? If your home is in stellar condition versus theirs then your home is likely to sell more quickly than theirs. If yours doesn’t present well from the curb – you should take steps to improve your home’s look if you are really serious about selling.
If you are asking the question about your home’s value and the market value of homes for sale around you it will be important to know what your mortgage balance is if you have one. No matter whether you have a VA loan, FHA mortgage or a Conventional mortgage if you owe more than market value – you will have to look at a short sale or a foreclosure if you are in a position where you have to sell.
If you are in the fortunate position to have a VA mortgage you may be able to do a streamline va refinance because this refinance may not take home value much into consideration if your credit and mortgage payment history are in tact.
If you don’t have a VA mortgage the only other option for getting rid of your home besides a short sale or foreclosure may be a bankruptcy. In any of these cases, it is important to speak to a real estate attorney to help you assess your best option.
On the topic of when to market your home, early spring is one of the better times to get your home on the market. A lot of buyers plan for a summer move because of their kids’ school break, so they start looking then. Since a lot of buyers have to sell their homes before they can move, it’s a good idea to get your home on the market early.
If you have any questions about the above drop me line by clicking this link: Questions about selling my Chandler home.