When Is The Best Time To Sell Your Home
When Is The Best Time To Sell Your Home? by Kurt Wannebo So a question I get a lot from sellers is Kurt, you've been in this business nearly 20 years. You've sold thousands of properties. When's the best time to sell my property? So my answers are always the same. And I have three of them. And the first answer is always when it's best for you. Why? Because I understand that there's a lot of life variables when it comes to actually selling your property and moving your family. Whether it's down the street or out of state, you have to spend time getting the property ready. There might be job variables that are in place. The school year might be something that affects your timing. So in the end, you want to line up all of these life variables, which is most important, and do it when it's best for you. Now, my next answer is: If you are in control of those variables and you can decide to sell at any time. I tell people, Put your home on the market when the competition is at its lowest, meaning you're not going to be competing with a lot of other sellers in your neighborhood or around your area. When the inventory is low you can at many times get better pricing and you don't need as many buyers in those instances. So when is that? Well, as soon as the end of September traditionally hits here in San Diego, we start to see homes come off the market. Why? Some of them get sold. A lot of people aren't wanting to put their homes on the market during the holiday season. So we see the inventory start to trickle down all the way through December. And if you can capitalize on that, meaning maybe you put your home on the market during the holidays, but you're not going to decorate, you're not going to have people over. It can be very advantageous for you in regards to finding a buyer and getting a good price. Now, my third answer is: Putting your home on the market. When the inventory is at its lowest and when the demand for buyers is at its highest. Now, when is that? While already mentioned that the last quarter of the year that home start coming off of the market and a lot of home sellers aren't preparing their homes to go on the market during the holiday season. So if you're able to put your home on the market the first week or two of January, you're beating the spring rush and you're getting your home on the market when the others haven't prepared theirs. So the inventory is traditionally still very low in January. But the other thing that's different is as soon as New Year's is over, buyers come out of the woodwork. They start looking online, they start looking at price properties many times because they're anticipating buying in the spring, but they want to get an early jump start. So January is a great time where the inventory is at its lowest, but buyer demand is at its highest. So those are my three answers to the questions. When people ask me when's the best time to sell?
What To Do If Your Home Doesn't Sell The First Time?
What To Do If Your Home Doesn't Sell The First Time? by Kurt Wannebo What do you do if you tried to sell your home and it didn't sell? The market slowing down and I'm seeing properties all over the market come off the market and they don't know what to do. So I get the calls. So the first thing I want to walk you through are the three reasons why a property doesn't sell and make sure that you understand these things so that you can make improvements the next time. There are only three reasons why a property doesn't sell, and it could be one of them. Two of them. Or it could be all three of them. So it's important to understand each one. The first one's pretty obvious. Why is your pricing accurate? How do you determine if your pricing was accurate, especially if it was in line with the market when you put it on? Well, the first thing you need to do is discover what is all of the buyer feedback on your property. Every buyer who came through their home, your home should give you feedback in regards to what their thoughts are. Was it too high? Was it too low? Was it just right? If they didn't move forward with an offer, it's important to understand what would have they have paid for it? So you want to get that feedback from every buyer to understand Was the price incorrect or not? The next thing you want to do is ask all of the agents who are representing these buyers who came through your property. What did the agents think of the pricing and understand that. Next thing you want to understand what all of your competitions doing? You want to understand all of the competing properties in your area and look at those and see what they sold for recently. But if some of them are sitting on the market as well and not selling, you want to understand did they received offers and where did those offers come in at? That's the market speaking to you and all of your neighbors and you want to understand those numbers. Next thing in regards to assessing prices, you want to understand what has the market been doing while you've been on the market? You and your agent may have come up with a great market price when you started it, but has the market moved or changed on you and have you been paying attention to that each week or on a monthly basis and made adjustments since then? So understanding all of those pieces of information to understand if your pricing was correct or not is very important to know. The second thing you want to know is was it your property and its condition? Now, how do we determine that? Same thing with the buyer feedback. Every buyer who comes to your property, we want to understand what they didn't like about it, not the positive feedback, we want the negative feedback. Was there something about the property? Why? In regards to why they didn't move forward, why they didn't write an offer? Is there anything they would change about the property in regards to its condition? If they didn't write an offer on your property but did write one on another one, why that one and not yours? You also have wanted to walked all of your competing properties that you're your listings that you're competing with to understand. Do those one show better? Are they in better condition? Are those ones staged? And you're not? Understand how your property compares to all of those. You also want to take into consideration all the advice your agent gave you to help get you the property prepared before you went on the market and decide did you elect not to do some of those things and revisit them as well. The third thing you need to be aware of is what was the marketing plan and negotiating tactics that were employed on your property? Were you given a full accounting of all of the marketing that was done for your property and was anything missed? Is there anything that could be added to? You also want to know what buyer demographics where your was your agent targeting? And did you do the marketing reach them? Did they come out and actually look at your property? You want to understand how did the marketing of your property compare to the other ones in your neighborhood that did sell and understand if it was better or worse, or if there's something more you need to do. So from here, if you still want to sell your property, you need to know which of these three factors prevented you from selling and change them the next time around. And if there's one more than one factor, the more you change, the higher your probability of getting your property sold the next time. If you don't have this information, we do offer a free five point no sale analysis to help you discover and gather this information and provide you with insight in regards to why your home didn't sell and what changes you can make next time. And if you're interested in that, give us a call. Thank you so much for watching.
3 Tips To Sell Your Home in a Slow Market
#3-tips-to-sell-your-home-in-a-slow-market-jan-2023# 3 Tips To Sell Your Home in a Slow Market by Kurt Wannebo I just wanted to share three quick tips. If you're selling your home right now in a slower market. First tip: Offer a buyer rate down, meaning you as the seller, be willing to pay for the buyer's loan rate by down by 1.1 and a half points, maybe even two points, if that's a possibility. Put this in all of the marketing that you're doing for the property everywhere that it is. This is important. You have to understand that buyers right now are concerned and aren't taking action because they're scared of the interest rates. They're scared of the payments that they're going to have to be facing compared to last year. So by helping out the buyer and offering a rate by down just makes your property more appealing and it's important to understand that many other sellers out there are already doing this. So if you're not, it makes your property less appealing. Now, what does that cost? Well, it traditionally costs about 1% of the buyer's loan in order to buy it down one point. And so you have to understand, in contrast, when I'm talking to sellers and we're talking about making a price adjustment. Most of the time I'm telling my clients that you're not going to see a big difference in offers coming in on your property unless you adjust your price by 3% or more. So by offering the buyer rate down of only 1% of the loan amount, you're coming out ahead and saving a lot of money. The next thing I recommend is right now in this market, offer a shorter escrow, be ready to move out of the property as quick as you can. Buyers right now feel like they're in the driver's seat, so when they find a property and they're actually going to move on it and write an offer, they many times want to get into it as quick as they can. Gone are the days where sellers were in the driver's seat and they'd want to stay in their home as long as they could with a long escrow or a several month rent back. We, in fact, just closed three properties last week, and in each of those instances they were all two week escrows were shorter. And the way we got buyers to write those offers was offering a shorter escrow. The last thing that you should consider is if you've owned your home for a period of time and you have substantial equity in that property, but maybe you don't need all of that equity after you sell your property, Maybe you don't need all of that cash in your pocket. Be willing to offer seller financing to a buyer. Banks right now are offering interest rates in the seventh, eighth or ninth. And if you are willing to offer something more reasonable, like a five or 6%, it becomes a win win for everybody. You can also make additional money by becoming a bank and in collecting that interest rate over a period of time. You can do it for short term or a year or two, or you can do it long term. Now it takes a sophisticated agent with resources to be able to set this up for you, but it can make you stand out amongst the crowd of other homes that aren't selling. We actually have several other tips that we're recommending for sellers to help get our property sold quickly in this down market. If you're interested in hearing more, please reach out to us or feel free to look for the information of our upcoming seller webinar on how to get your home sold in a slow market.
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