With a low supply and high demand for home purchases, Miami real estate is white hot and expected to soar in 2018. According to statistics from CoreLogic, sales prices for homes nationwide climbed by 7% annually during November of 2017.
Traditionally, most real estate agents have understood that spring is the best season to put houses on the market, specifically May.
Selling your home does require a bit of footwork if you want to get the best price for its value. Between the overvaluation of the real estate market and negative equity still attached to many homes, the real estate market has not completely forgone its volatile nature. This means that most people still remain skeptical when it comes to real estate and it truly is a buyer’s market.
Sell During the Spring
Historically, the spring season usually kicks off the real estate season as houses hit the market. Knowing this, most homeowners purposefully wait until April and May to put their house on the market.
Of course, there are caveats. Buyers are incredibly skeptical and the supply does inflate ever so slightly. Consider that during the off-season (winter and fall), home sellers can still find dedicated buyers and get their house sold in a timely manner, at asking price.
Yet, the spring season also means longer days and more temperate weather, making it the prime season for house hunting. Consider that homes for sale in Miami will be even more attractive to potential buyers during the spring because of the weather and temperature than the winter. Since more houses are being sold during the spring, it gives your house a more accurate valuation. With so many buyers saturating the market, you also have a greater chance of receiving the asking price you want for your home. Better yet, you may even encounter a bidding war.
Knowing When to Sell
Just because home sales increase during the spring season doesn’t mean it’s the best time for you to sell. Generally, you should only sell your house when it’s financially profitable for you. I recommend conducting a market analysis to see how your home equity holds up.
Factor in both seasonal and macroeconomic factors when determining the appropriate time to sell. Look at local foreclosures and the job market to determine how the economy is doing and how long your house would stay on the market. Location is one of the biggest factors affecting price and metro cities are actually seeing some of the highest pricing climbs across the nation.
The state of your home will also affect its price. I never recommend starting any major renovations to raise the value of your home as external market factors will bare a greater influence over price.
I recommend talking to a real estate agent who can help determine the best time and price to sell your home. I wouldn’t disqualify the idea of selling during the off-season, especially if any major maintenance or local market factors will adversely affect the price of your home during the spring.
Fortunately, the overall job market is growing and home prices are expected to soar. Barring another recession in 2018, this spring may be the prime season for you to sell your home. Sometimes the best move is to wait. Real estate value is always climbing and will eventually rebound in the event of a collapse.