If you’re interested in selling your Redwood City home, you may be wondering if there’s a right time to do it. While the answer tends to differ from person to person, market trends and real estate developments certainly have a big impact on when you should list your home for sale. All things considered, the best time to sell Redwood City homes will vary, but with me by your side, we’ll figure out if now is the right time. Here are a few things I’ll take into consideration.
The Bay Area housing market
Now might be the ideal time to turn a high profit on your Redwood City real estate. Prices in the Bay Area continue to rise
and the lack of supply and continued demand means they’ll continue to climb. This type of market leads to heavy competition between interested buyers and many sellers receive multiple offers on their homes, sometimes resulting in a bidding war. On average, Redwood City homes are selling for 7% above their asking price
, and hot homes can go for up to 15% above the listing price. That’s excellent news for sellers! Though the Redwood City real estate market will not cool anytime soon, sellers should be encouraged to strike while the iron is hot.
Historically, the best time to sell Redwood City real estate was in the late spring and early summer. Buyers typically want to get into their new house before their children’s school starts in the fall and many buyers have time off during the summer months. However, in the current market homes are selling quickly regardless of the season.
Mortgage interest rates
In recent years, mortgage interest rates have reached historic lows. Many highly-qualified buyers of Redwood City homes have been able to get rates below 3%, saving them hundreds of dollars on their monthly mortgages. However, rates have begun to rise and the Federal Reserve has announced
they plan to raise rates three times in the coming year. If you’re on the fence, now is the time to sell. Buyers will be clamoring to make purchases before the rates go up, and you’ll be able to take advantage of these low rates when you purchase your next home.
Your reasons for selling
Not all sellers have the same reasons for listing their Redwood City real estate. It’s always wise to take into consideration your motivation for selling prior to starting the process. Some sellers, due to relocation or financial needs, don’t have much choice and need to sell regardless of the market. Others may have started to consider up or downsizing to other Redwood City homes, and have ample time to decide when they should commit.
The circumstances under which you’re selling can impact your listing process as a whole. For example, if a homeowner wants to sell in a price range that’s in high demand, but they have yet to find a new residence, it may be best to hold off on listing until they’ve made a successful offer on a new home. This will prevent the seller from ending up in a tight spot if their home sells within days and there are no other houses on the market to meet their needs.
Your next step
It’s vital to think through the entire home selling process before making a commitment. Sellers should take the following into consideration before listing their Redwood City homes for sale.
Whether they plan to scale up or down in size with their next home.
Where they plan to move after selling their home.
Whether they plan to purchase a second or vacation home elsewhere. This may impact the price of your new primary residence.
Whether they can afford to purchase a new home before their current one sells.
Where they will live in the event their home sells before they have found a new one.
Of course, none of these issues have to make or break a deal. If your current home sells before you’ve found a new one, a leaseback agreement
may be a good option. Additionally, a bridge loan or HELOC
can help clients with a down payment on a new home if they have yet to liquidate the equity from their existing home. In any case, it’s best to consider all of these scenarios before listing and selling your Redwood City real estate.
Ready to list a Redwood City home for sale?
The decision to sell your Redwood City home is a personal one, and I will help you feel informed and confident in your decision. If you’re ready to take the next step in selling your Redwood City home, contact me today
for local expertise, keen negotiation, and the best customer service in the Bay Area real estate market!