As a real estate agent who works in the Bellwood & Berwyn suburbs, I often get this question from a lot of people as soon as the summer is over: “I want to sell, but should I put my home on the market now or should I wait until the spring?” While I hear this a lot from people in these suburbs, this is true for pretty much the entire Chicagoland area. Many people believe that the real estate market will pretty much shut down during the winter, and they will be able to sell for more money if wait until the spring. While it is true that the real estate market tends to slow down during the winter months, it may not always be the best strategy for you if you want to sell for top dollar. Below are a few reasons you may want to sell now rather than wait.
You are also looking to buy a home
If you are looking to sell your home in order to purchase a new home, the best strategy for you maybe to start the process as soon as possible. Most people are afraid to sell during the winter because there aren’t as many buyers, and they won’t be able to get as much money then if they waited. If you are looking to buy a home however, that puts you on both sides of the real estate market. In other words, if you tried to buy and sell during the winter, then your home might sell for less, but you will also be able to buy a home for less money, since there aren’t as many buyers. If you wait until the spring, everything will be more expensive, since there will be more buyers in the market.
You are not currently living at the home
If you already purchased your new home, of the home you are looking to sell is an investment property, you definitely should consider selling now. While the market may cool down with the temperature, the extra expenses will outweigh the benefits of waiting until spring comes back around. You will still have to pay for the extra mortgage as well as the utilities. Also, with a vacant property, you always run the risk of it being broken into and being vandalized, which will then cost you some serious coin.
Interest rate may change
The government have been hinting that they are going to raise the interest rates for some time now. If the interest rates do rises, it will cause the real estate market to slow down, no matter what time of the year it is. Waiting until the spring could cost you if the interest rates to rise next year, because it will lessen the number of buyers who can afford a loan, hence decreasing the demand for your home. If you are thinking about making a move, you should consider doing it soon while interest rates are low.
As always, if you have any questions, or are looking to buy or sell a home, feel free to contact me!