Did you know that people are strongly inclined to assign a higher value to things that they themselves own than they would to identical items in the market?
Also, investing in renovations can also increase what is termed as "the endowment effect" and distort a homeowner’s or investor’s ability to valuate a property.
Click here to read a very insightful article about some of the most common cognitive traps that afflict homeowners and investors alike.
This is one of the most common questions we get asked as Realtors. Your objectives would certainly need to be considered here. There really is no simple answer.
There are many factors to consider when deciding to sell your home. Of course, market conditions are a key factor but sometimes the timing is not within your control. Life circumstances may necessitate a move - regardless of the market conditions. Marriage, divorce, birth, death, illness, relocation, financial, down-sizing, up-sizing, these are all factors that will affect the timing of your decision.
Regardless of the timing, proper pricing generally leads to a successful sale. Regardless of the amount of inventory available, you must make sure your home is priced realistically for the current market.
Spring is generally the most popular time of year for residential real estate activity. More homes traditionally go on the market at this time of year than any other. Spring fever seems to kick in and buyers are out and about looking for that perfect home to settle in before summer's end. As a seller, this time of year exposes your property to many buyers therefore increasing your chance of a succesful sale. However if your home is over-priced and not showing well against the competition, you may find that no amount of marketing will help in selling your home. This also holds true for selling at any other time of year.
Just as there are factors that affect the timing of selling your home, there are factors affecting the timing of buying a home. There are buyers looking throughout the year regardless of market conditions. If there aren't many comparable properties on the market at any given time this may increase the chance of your home selling, regardless of the timing or market conditions.