Thinking about selling your San Diego home? Maybe you’re ready to let it go, but you want to be sure you’re set up to receive the highest possible asking prices. Or, maybe the money is important but having it sell quickly is even more important because you’re ready to leave town or move into a new home.
Deciding when to sell your San Diego home depends on a few things. Why are you selling, for example, and what are you hoping to gain?
As we talk about this topic, we’re going to keep things pretty general. We’ll talk about how you know it’s time to sell and when the best time of year is to sell. We’ll also discuss how you can be sure your property stands out on the market and earns the price you’re hoping for.
Should You Sell Now or Wait?
Before you decide when to sell, it’s pretty important to decide why you want to sell. Are you moving out of the area? Have you found another home that better meets your needs? Are you downsizing? Are you unloading an investment property that just isn’t working for you anymore?
You should sell now if you think you can get the asking price you need to make the sale profitable. Examine how much equity you have in your home and what you’ll be looking at in terms of earnings if you do sell. Consider whether you’ll have to put some work into the property in order to get the highest price or if you can comfortably sell it as-is.
Here are some good reasons to sell right now:
The San Diego Real Estate Market is Cooperating
It’s not always easy to get the price you’re hoping for when you list your property for sale, so if the San Diego real estate market is in a position to give you what you want, it’s a great time to sell. When you have a lot of equity in your property and you’d like to use that money for something else, you shouldn’t hesitate; sell the home and re-invest the funds or use them for whatever purpose you need that cash.
Owners who have seen their homes rise in value are in an excellent position to sell whenever they want to. Don’t wait for the next downturn; sell when there’s money to be made.
Sell When You Don’t Want the Property Anymore
If you have some terrible neighbors who have moved in next door or there is a lot of commercial activity moving into the neighborhood or traffic has become a nightmare, you should consider selling the property. When you hear murmurings of a new freeway being constructed across the street or the part of town is deteriorating, sell before it’s too late. The location of your home is not a problem that you have any control over. It’s not a thing you can fix.
Maybe you just don’t want the property anymore. You don’t want to live there and you don’t want to rent it out. You simply want to be free of it. That’s a good time to sell.
Sell When the Home is Hard to Maintain
When the maintenance and repairs required on your San Diego property have become too much to deal with and too expensive, you should sell. If it’s a minor fix that’s needed and you otherwise find your property to be a good investment, make the repairs and move on. However, if the repairs are frequent and the house requires more than you can possibly provide, it is time to move on.
When to Sell: Seasons and Supply vs. Demand in San Diego
Like the local housing markets all across the country, the sales market in San Diego is pretty hot. It’s competitive, and the demand for high quality housing is far outpacing the supply that’s available. That’s good news for you, if you’re trying to sell right now.
Seasons need to be considered when you’re selling a home in San Diego. Luckily we don’t have harsh winters that make it impossible to see properties and prepare them for the market. But we do have buyers and sellers who follow the same seasonal rhythms as people across the country.
There are several factors that contribute to seasonal sales shifts. Generally speaking, sellers have been able to sell their homes faster and for more money in the spring and summer. A lot of this is driven by school schedules. Families with children are more likely to move when school is out. They’ll want to be settled into their new home before school starts again. May and June are excellent times to list your home, especially in San Diego.
In addition to the seasonal factors, you also have to consider interest rates when you’re preparing to sell your home.
Interest rates will always impact the demand for homes in San Diego and whether buyers are willing to take out loans and mortgages. When interest rates rise, there tends to be a slowdown in the number of buyers who are willing to take out a mortgage and close on a home.
Right now, home values are high and interest rates are low. This is creating a unique market that makes it a good time to sell a home in San Diego. Your buyers are still getting excellent rates on their mortgages, so they won’t be put off by the prices that may be higher than they anticipated.
How to be Smart When You Sell
Before you decide when it’s the right time to sell your home in San Diego, you have to decide which is most important to you: selling quickly or selling for the most money. Obviously, you want both of those things. If you want to get your home sold fast and for an offer that meets or exceeds your asking price, you need to know how to manage the market trends.
First, consider the specific market we’re in. Every city is different and in San Diego, it seems that every neighborhood is going to have its own nuances. Pay attention to hyper-local data when you’re listing your home, pricing it, and marketing it to buyers and agents in the San Diego real estate market.
While we have a lot of opportunity in the San Diego market now, it’s not as hot as a lot of other parts of the country. You may have heard stories about competing cash offers, waived inspections, and outrageous bidding wars. San Diego is a bit cooler than that. You have a good chance of selling your home for a high price, but you should be prepared to wait for the right offer from the right buyer.
Speed the process along and set yourself apart from competing properties.
A Comparative Market Analysis (CMA) is your first step in listing and pricing your home. Your real estate agent should provide this analysis, giving you an optimal listing price based on current market conditions and the performance of similar properties in your area.
Think about making some upgrades and updates to your property. You don’t have to invest in a complete renovation, especially if your home has been well-maintained and is in good condition. But, with a few cost-effective improvements, you can ask a bit more for your home and attract good buyers quickly.
Consider making the following repairs and upgrades to your home to attract more offers:
- Put some fresh paint on the walls in a neutral color.
- Paint outdoor trim and consider other curb appeal items like a new mailbox or a freshly painted front door.
- Pressure wash the home’s exterior and driveway. Make sure there aren’t any cobwebs, debris, or trash.
- Upgrade appliances and ensure they all match.
- Change or deep clean stained carpets.
Don’t go overboard before you sell. Simply choose the improvements that will help your home sell faster and for more money. You don’t want to over-invest and not see the return on those investments.
Surround Yourself with San Diego Real Estate Experts
When you’re deciding when and how to sell your property, it’s a good idea to get some professional help.
Partner with a San Diego real estate expert, and you’ll have access to resources and market knowledge that will help you make better decisions. You’ll also be able to maximize your home’s final selling price with all the recommendations that your agent provides. You can talk about timing and whether there are better options than selling right now.
An experienced local real estate agent can be your best option when you’re trying to achieve the best outcome. San Diego agents are experts when it comes to the local market conditions and things you might not have thought about. You can rely on their guidance when it comes to pricing your home and making updates.
We provide ongoing support to buyers, sellers, and investors in San Diego. If you’d like to talk about selling your home, renting it out, or something else, please don’t hesitate to contact us at Chase Pacific Property Management & Real Estate Services.