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Timing is everything! Real estate is no exception, especially when moving to a senior community or apartment. In this year of uncertainty, many of my clients have asked me if they should postpone their move and wait to sell their home until the market picks up. My answer of course depends on their individual circumstances, but in most cases I’ve advised them to go ahead with the move and make sure they plan ahead to take advantage of market cycles. Traditionally the spring and fall markets are the most prolific sales periods of every year and I’m sure this year will follow the same pattern. Buyers tend to get cabin fever during the winter months, and plan to move from their apartments or houses in the months of March-June. They want to be in their new home for the summer and settled in the school system for their children. We then have a slow down in July and August, with activity increasing in September and October once the kids are back in school. The law of supply and demand tells us to sell when there are more potential buyers to attract the best possible price for our homes.
Using the timing just discussed, you would want to plan your move in date to time the real estate market. If you are intending to sell in spring, May-June would be an excellent time to have occupancy in your new home. Then you could put your home on the market in the busier months and know that you can move to your new community within the buyer’s time frame. Most buyers want to close the transaction within 30-45 days from the accepted offer date. We as Realtors can work out an overlap occupancy where you can stay in your home up to 60 days after closing, and pay a daily occupancy charge (usually 1/30th of the buyer’s monthly payment). If you are timing the move for fall, you could have a move in date of October or November so you could sell in the busier months of September and October.
It is important to know that we don’t have a crystal ball as to what real estate prices will do. They are currently moving slightly lower and we do not know when this trend will end. Therefore, waiting may only lesson the amount of equity you will have in your home. You also don’t want to risk waiting for a health change to determine your move because you will then be at the mercy of a quick and chaotic move with your children involved in worst case scenario. You can also take advantage of the lower stock prices and use your equity to leverage your stock positions with the funds your receive from your home sale. Another positive factor currently is the lowered cost of funds relating to lower mortgage rates. This will probably be a boost to this year’s real estate sales activity.
There is a saying, “you will never leave where you are until you decide where you want to be!” This is true for many aspects of your life. So if you know it’s time to make that move, have faith that all will work out and go with your instincts rather than fear and procrastination. You will be happy you made the move and probably ask yourself why you didn’t make the move sooner!
Living in Wisconsin presents both beauty and diverse weather patterns. Our past winter and the rains of June have been challenging especially to home owners. We’ve seen problems such as leaky walls and roofs from the ice build up in winter. The flooding rains in June have caused other problems such as leaky basement walls, floors, and window wells, as well as sewer backups. Combine this with the angst due to the current real estate market and you have a seller who is reluctant to even attempt to put their home on the market! (more…)
