If you read our article last Wednesday, you're probably in the know that Boston currently ranks at No. 10 in TIME Magazine's list of the Top Cities in the U.S. for real estate. Specifically, Boston bests other key metropolitan cities in terms of the number of days it takes for a property to be taken off-market. Currently, the average DOM (Days On Market) for Boston listings is pegged at 47 days - that's almost half of the national average of 86 days.
What does this all mean? Well, if you've been holding out on selling your property over the last couple of years, months, or weeks, then it's perhaps time to reconsider. All available data, facts and figures show that now is really the best time to ride the real estate wave and sell your property at its maximum value. But beyond the numbers of selling your home, there are of course extraneous factors that are attached to your decision. Given all these, how do you exactly determine if you're in fact ready and willing to sell?
While it's true that the decision to put your home on the market shouldn't be made in haste, it's also true that you can't wait forever and drag it out. Economic uncertainty and rising mortgage rates are causing potential home sellers to flip flop in their decision making. One guiding principle we always give our clients is to stick to their guns - trust us, being hot and cold with regard to your decision to sell will hurt your property's selling price.
In fact, it has become more commonplace for homeowners to put their homes on the market, but choose not to make the updates or repairs likely needed to more easily sell the home. In some cases, people are still unsure of whether selling is the right decision and might be emotionally attached to the home, which then hampers any improvements efforts and investments difficult.
There's no set formula to decide if you are ready to hang the "for sale" sign, but experts identify four signs that hint it's time:
You Have a Game Plan Serious sellers typically have an idea of where their next home is going to be located. Having a game plan, at least generally, as to where your replacement home will be, greatly helps determine the future of your selling decision. Studies have even shown that a game plan "is a serious motivating factor to some sellers."
What's more, having a general idea of the next neighborhood hinges on having an estimated listing price of how much home you can afford. You don't want to find yourself in a situation where you sell your house and can't afford the new one, or you can't secure a mortgage because you don't have a large enough down payment.
You're No Longer Emotionally Attached to Home Some experts says that if you have any emotions about the home, you are really not ready to sell. If you are still connected to it, you are not going to listen to your Realtor and you are not going to do what it takes to sell. Sellers must see their home as a product, no longer their home. Viewing it as such makes you focus even more on the objective at hand: disposing of it for the highest possible value it can fetch.
You are Financially Ready to Make the Leap Sellers ready to hit the market have usually perused real estate listing websites, checked out mortgage calculators and, in some cases, been pre-approved for a new mortgage.
"The first sign that homeowners are ready to sell is that they are financially ready," says Pajon. "The next sign is that they evaluate and determine they are financially prepared for the costs associated with purchasing a new home: taking into account the down payment, closing costs and moving expenses."
You are Ready to Make Changes Sellers who are still emotionally attached to a home will likely resist major changes or upgrades, whether it's a new paint color or kitchen upgrades, which could compromise asking price and a quick sale. This is especially the case these days, when buyers are really particular about properties on the market. Sellers really have to invest the time and energy to do a little renovating to attract more calculating and conscious buyers. That then follows that a big tall tale sign of you not being ready is if you aren't investing the time or energy to getting it spick and span for open houses and potential broker and buyer visits.