When To Sell If The School Year is a Factor
I’m starting a series of blogs on selling. Some of my out-of-state family members are going through the process of selling their home and many of their questions have sparked some topics I think many will probably have. Since I have nephews in school and they’re moving out of state, one of their questions was timing. How do you know when to put the house on the market and time it so you don’t have to yank the kids out of school and move them when there’s only a few weeks/months left of the school year?
Here are some ideas and information:
- -The “busy” season of the Spring real estate market starts right about now, but it really picks up in March. The last day of school in Arlington (pending snow days) is June 18-20th (depending on Elementary, Middle and High School).
- Average days on the market were 37 during 2013 (but about 50% of homes in Arlington sell within the first 2 weeks on the market).
- Most loans need at least 30 days to close (some can obviously close faster, but that’s the average), some can close later but depends on the buyers situation.
- If you don’t need the equity from the house to move, you can potentially list the house mid-April, ask for a 60 day close which puts you into mid-June (or adjust as necessary).
- If you DO need the equity from the house, you could do the same tactic, or list earlier in March, and include a rentback period (officially known as a Post-Settlement Occupancy Agreement).
- If you think the house may take a while to sell for a particular reason, I’d encourage you to consider putting it on the market earlier so you don’t miss the window of the Spring market.
- If you want to close quickly and remain in the house, you can wait to list the property until May.
Need to talk through some more options? Feel free to call me at 703-283-6120 or email me.