I’ve been preaching for a long time that it’s a seller’s market, so I wanted to talk about when the best time to sell is. If you’re a seller looking to get your home on the Hoboken market and asking your real estate agent when the best time to sell is, their answer should actually be a series of questions. The agent needs to ask questions to help you find out what your goals are, and then they can give a strategy. If their answer is “right now!” because the market is hot, that usually means they don’t care what your goals are - they just want the listing.
They should be asking the following questions:
1. Why are you selling? It sounds simple, but the strategies will vary by motivation for each type of person. The top reasons people move into our area are job changes, school changes, and cashing out to increase the size of their house or get an investment property. All three have different strategies.
2. Where are you going next? The market today doesn’t matter if you have no idea where you’re going tomorrow. If you don’t know the answer, your agent should help you define in detail where you’re going next and come up with a plan of action, so you can get the most money for you home and the best deal on your next home.
3. How soon do you absolutely need to be there? Depending on the type of buyer, having flexibility will put you on a different time line.
4. Are you looking to purchase or rent a home after you sell your current home? Renting makes you way more flexibility because there’s way more inventory. If you’re buying, the strategy is different.
5. Do you need to sell your current home in order to buy or rent the next home? If the answer is yes, it will require a totally different strategy and skill set from the listing agent to help you with the timeline. That contingency may affect you on the buying side, so the agent really needs to put you in a position on the buying side where you’re very confident and comfortable.
When timing your listing, a lot of people focus on seasons, but I like to focus on reasons.
Next time, we’ll talk about some small renovations you should do when preparing to list. Until then, please give me a call with any questions, comments or concerns.