A few years back, there was an easy way to figure out a good time to sell your home. You sat down, looked at your watch, and said "How about now?" With how the market was at the time, any time was the right time. You didn't have to wait very long for your sale to be completed, and you wound up making a good amount of money depending on how long you owned your place for. But now with the market cooling off in most places, you have to have a little more tact in deciding when is the best time to sell.
Researching the home sales in your immediate area will give you a good general idea of how the market is for your city. Figure out how long homes are staying on the market for, and how much they're selling for in the end. When looking at comparables, compare your house's attributes to theirs, and see just what makes them set their prices high or low to see how you can maximize your profits.
After taking a look at home sales in your area, if you notice any downward trends in the time it takes to sell a home, the amount they sell it at in the end, or anything that would deter you from making the most profit possible, you should not choose to sell your home. Selling your home, especially selling it FSBO, can be a profitable experience, but it can be so much more profitable in a upturning market. You can also sell your house with less stress this way, as you can sell your home quicker with more of a profit.
If there is new home construction in your area, and the demand for it isn't as strong as it once was (such as job growth numbers holding steady or declining), you need to look out for over-saturation of the home supply. That will make things harder on you to sell your home for what you want, and you can avoid that by having patience.
Another main decision you want to make is if you will be selling your house FSBO or with an agent. Selling your house yourself will allow you to keep all the profits to yourself without giving an agent their cut, usually 6%. Factor this in, and see if you can make the time investment to save the money in the end.
Don't forget the personal issues surrounding your home sale. Do you have a place to move after you sell? And will it be worth it to buy a home somewhere else and move? Also, keep in mind schooling for your kids (if you have any), the job market where you will be living, and other particulars that you need to remember.
Selling a home is a large event in your life, and you need to treat it as such. Do your research, study up on local market trends, and figure out just how you can maximize your profits by either selling now or waiting for a more opportune time.
