One of the most often asked questions is “When is the best time to put my home on the market?” There are numerous variables that contribute to your decision and some things that are universal. Here are a few things to consider:

*If your home is located in a warm climate (ie: Florida, Arizona) the cold winter months provide an increase of potential buyers, often known as snowbirds, that are, in addition to taking a vacation from the weather, searching for a winter home. So, from the moment the holiday season kicks in November through the onset of spring, you have an additional surplus of potential buyers so being visibly out on the market during that time gives you an advantage over waiting for the typical spring market.  By the same token, the potential buyers may decrease in those markets as the temperature climbs into the “I’ll never go there in the summer” ranges.

*If you have a single family home or in a ‘child abundant” neighborhood, your buyers most likely will be shopping starting around March and into April with the goal of getting under contract and closed by the time the kids get out of school so they can settle in over the summer and get the kids registered in their new schools.

*Another advantage of putting your home on in Spring, especially if you are located in an area with defined seasons, is that your landscaping and curb appeal are often at their peak performance in the spring.

*If you wait until summer to put your home on the market, you will lose potential buyers to scheduled summer vacations which brings you back to the long standing belief that being on the market by April increases your odds of getting sold.  This way the closing can be scheduled around their vacation and be a positive experience for you and your buyer.

*Serious buyers (moving due to job relocation, family and financial issues, health situations, etc) shop year round so if you need to sell for your own specific reasons, putting it on the market to meet your needs and not the specific market time may be best for you.

*Interest rates have started to increase, so taking into consideration that buyers may be shopping sooner than later is something for you to consider especially if you are also going to become a buyer.

It is not uncommon when selling your home to want some guarantees that you’re not wasting your time showing your home to or being tied into a deal with a buyer who ultimately cannot afford your home. There is nothing wrong with noting in your advertising and letting buyer’s agents know that you will only show your home to pre-qualified or pre-approved buyers. Also, if you’re a buyer, you have a lot more negotiating power if you present your offer as a qualified buyer. BUT it’s important in both roles to understand the difference between pre-qualified and pre-approved.

DEFINITIONS:
Pre-qualified: Based on what you report for income, assets, liabilities and credit rating, it appears that you can afford a specific price range home.
Pre-approved: Based on verified data regarding income, assets, liabilities and credit rating you have been approved for a mortgage by a lender.

IS IT WORTH DOING AS A BUYER OR REQUIRING OF BUYERS AS A SELLER?
Absolutely! Being a pre-qualified or pre-approved buyer allows you to take advantage of the best rate for your needs, enables you to know your spending budget, and makes you much more desirable to the seller. If you want the best deal, become the seller’s best buyer!

OBTAIN THE BEST RATE                                                                                                              Just like the internet has made it possible to research available properties for sale, it also allows buyers to explore rates, benefits and offerings of multiple lending companies allowing you or your buyer to obtain the best possible rate based on their qualifications.

WHAT CAN YOU (YOUR BUYER) REALLY AFFORD?
Taking the time to get pre-qualified or better, pre-approved allows you to realize what you truly can spend so you won’t waste time viewing/bidding on properties you wouldn’t be able to get a mortgage for. It’s just like the old saying; “don’t try on a wedding dress you can’t afford because surely it is the one you’ll fall in love with”.  You can be pretty assured that when you look at homes above your true price point, you will find yourself with the feeling of settling for something less than your dream home instead of being excited about your new home owning adventure.

This really is a common sense factor of home selling or buying. If you’re a buyer, put yourself in the seller’s shoes. Would you tie up your home with someone who isn’t willing to prove they can qualify for a mortgage? Doubtful! If you’re the seller, it certainly makes sense to choose a buyer who provides proof that there is no risk that they won’t get a mortgage and complete the transaction. Bringing strength to your negotiations allows you to reap the greatest result!