Whether your current home is the first one you ever bought or it’s just one in a long string of properties you’ve owned, selling it is never an easy decision to make. No one generally purchases their home with the immediate plan to sell it down the line but life situations change and, at some point, you will begin to ponder: “Should I sell my house in California?”
As soon as you ask yourself this question, a flurry of follow-up inquiries arises: “Is it really a good idea to sell it? Do I want to sell this house or do I need to sell this house? Is this even the right time to make a sale?” The mere fact that you’re questioning the rationale of this endeavor means that you’re carefully weighing all your options regarding this planned milestone in your life.
To help you answer these burning questions and make informed decisions on things like the best time to sell a house in California, let this guide to selling a house point you in the right direction.
Table of Contents:
THE SIGNS YOU NEED TO LOOK OUT FOR
Your lifestyle needs are changing
Your life today may be vastly different from the life you once led when you bought your house 5, 10, or 20 years ago. Your interests and hobbies might be vastly different now and you want to move to a location that will allow you to grow and further explore those hobbies. Some of these scenarios may include the following:
- You’ve always been used to the modern conveniences of city life but now, the notion of a more laid-back life and a change of pace has been tugging at you. Living close to the Great Outdoors thrills you more than living close to a mall.
- You want to start your own farm and there’s no way for you to make that happen in your current location.
- You’ve simply gotten tired of how things are going where you are and you need a new environment.
But before you go ahead with selling a house in California based on your need to accommodate your changing lifestyle and give yourself a chance to try something new, be sure that you’ve exhausted all options to try and make your situation work. And when you do come to realize that it’s a good idea for you to make your home elsewhere, this new home should be able to support your lifestyle and be a comfortable space where you can engage in your interests.
You have major life changes underway
Some life changes come slowly but surely. Other changes can hit you when you least expect it. These significant life changes will require you to adjust your finances and living arrangements, and your current home might not be able to support you as you get through them. Here are some instances when the universe itself gives the sign that it’s time to sell.
FROM NEW PARENT TO EMPTY NESTER. When you were young and starting a family, you had to let go of the small studio apartment you and your new spouse used to rent and then you bought a house with just enough space to expand for the kiddies-to-come. The kids came out one after the other, grew up, set out on their own, and now, your home is an empty nest. A large home to maintain means a lot of rooms to tidy up, as well as a huge pile of bills to pay. When you have come to this stage in your life, the most advisable course of action to take is to downsize.
Downsizing is a pretty common occurrence among many empty nesters, especially those who have reached (or are reaching) retirement age. Doing so gives them added flexibility in their living arrangements, brings the bills down to something more manageable, allows them to enjoy more of life instead of spending too much time cleaning up at home, and strengthens their purchasing power so they can enjoy the best years of their lives.
While downsizing is a great and cost-effective concept, it is still a major decision that requires the involvement and input of the whole family. You might be ready for this change but your children might not want you to let go of the house and all its good memories. They’re going through big changes of their own and the family home might just be a steadying anchor for them to turn to when life gets tough. If everyone is on board with the idea, then by all means, get the process started.
CAREER MOVES. Experiencing changes at work or changing jobs could also be a strong indicator that it’s the best time to sell a house in California. Here are several job-related scenarios that may drive you to make that decision.
- Congratulations, you got hired in a new company! It has all the perks you’ve been dreaming about – higher pay, a management position, even a corner office. However, it’s located in another area, and remote work is not an option for you. Whether it’s in the next city or the next state, you’ll want to make sure that you’re near your new office. And with that comes the need to sell your house at the soonest time possible.
- You’re still in your company but the bosses feel that growth is much faster elsewhere. Now, you are given the option to either follow the company to its new HQ and relocate or seek a new job in your present California address. You choose the first option.
- Company layoffs have been a thing recently and, unfortunately, your office joined the trend. With you out of a job, you may want to consider downsizing before the bills and other payables start piling up.
- Your office has welcomed the pandemic-induced concept of remote work with open arms. Even after all the lockdowns have been lifted, it continues to promote remote work as an idea whose time has come. Now that you’re sure you’re officially untethered from your office, you’re considering moving out of the Golden State to some island in the Caribbean for work and leisure – and a margarita to go.
CARING FOR THE ELDERLY. They fed you, sent you through school, made you the person you are. Now, they are in their twilight years and you take it upon yourself to see to their needs instead of sending them off to a home for retirees and senior adults. If you’re living in a different state, you can buy a property that’s near your parents’ home and sell your current residence. They may not appreciate the pampering but they’ll certainly appreciate having you and their grandchildren around more often.
WHEN LOVE ENDS. There’s nothing clean-cut about a divorce. There will always be bickering about who owns or has rights to what, and that includes ownership of the house where you and your soon-to-be-ex spouse raised a family. In the remote eventuality that neither you nor your spouse is interested in keeping the marital home, then selling it and dividing the proceeds between both parties may be the most equitable solution. This must be among the things you need to settle with the advice of a real estate professional and a divorce lawyer to ensure that the proceedings go as smoothly as planned and with the least objection from either party.
O HEALTH, WHERE HAST THOU GONE? You used to be the star player of your high school’s varsity basketball team and then a coach for your kid’s baseball team, but a medical condition has left you with weak muscles, the need for constant care and clinical visits, and a long list of prescription drugs to take. At this point, assisted living may be a good option for you. Letting go of your house will help to increase your cash flow so you can easily make the move and pay the bills.
The location could be better
When you first moved into your home, you fell in love with the community’s tranquil vibe. Suddenly, something changed in the community that had a grave impact on your home’s value and your quality of life. More often than not, it comes in the guise of new urban development.
Major projects like new roads or a mall may usher in commerce, economic growth, and even a boost in the value of homes within the vicinity. However, they also give way to more human traffic, higher incidences of crime, and even noise pollution. The peace and tranquility of home were replaced by honking cars and blaring music even in the wee hours of the morning. And if your home’s windows used to offer you spectacular views of the beach or the mountains, now, these views have been blocked by a high-rise condo built right next to your property.
Other possible situations in your community that may drive you to sell your home fast include a marked decline in the quality of schools in the vicinity and a general slump in economic activity, resulting in fewer job opportunities.
You can afford a new home
This may be one of the most important considerations when figuring out the best time to sell a home in California. You can comfortably let go of your current home and start looking for a new one if your finances are in order and you’re prepared to make an offer and outbid every other prospective buyer. As always, remember to still be judicious during your search for a home and when making an offer. You want to be sure that you still have enough money left over for possible repairs, closing costs, and legal fees, among several other costs.
The market conditions are perfect
Put simply, if it’s a sellers’ market right now, which means that housing demand far exceeds the available supply, then it’s a great time to sell. With a lot of interested buyers, you can price your home competitively and expect to sell your house within a shorter time. You know it’s a sellers’ market if the prices per square foot in your neighborhood are increasing; you can keep track of this by regularly checking online listings or consulting with your local real estate specialist for information. You might also be receiving calls from real estate agents who are asking if you would be interested in selling your house, signaling a hot real estate market in your area.
The market value of your home is also an important factor in helping you decide whether or not to sell because this will determine if you’ve built up enough equity. Equity is calculated as your home’s market value minus the remaining amount on your home loan and any other mortgages. If you sell your home, you want to make sure that the sale proceeds won’t all go toward your remaining loan and mortgage payments. If you barely have any equity in your home, you may want to hold off selling it. The general rule is that you should have lived for at least five years in your house, which is enough time for you to build some equity. This rule can be disregarded if you absolutely need to sell immediately.
The timing is right
Aside from all the life situations that put you in the perfect position for selling a house in California, the time of year is also an important consideration.
Typically, the home-buying season starts in late spring and continues all the way to summer. During this time, properties usually sell for higher prices and the real estate market is awash with properties. Competition is expected to be fierce and you want to make sure that your property stands out. There will also be a greater number of motivated buyers, particularly ones who want to get their move started and finished before the summer months’ end. That’s why you also need to know what the local real estate market conditions are like. Start by checking out listings in your area to see how much other houses are going for and look for recently sold properties, as well. If you’re satisfied with the current prices in your neighborhood, then you can start thinking about selling your house.
It would help to look at historical data to see when the housing prices in your area in California are high and when they are low. For this kind of data and more, you’ll do well to seek the expertise of a real estate professional. Given their experience and knowledge, they can explain to you in layman’s terms the market trends in the entire state down to your specific neighborhood and tell you whether it’s the best time to sell a home in California or not. If you don’t have the luxury of waiting for the best time and simply want to sell your home as soon as possible, this expert will be able to help you achieve your goals quickly and get you the best possible deal for your home.
THE BOTTOM LINE
Conventional wisdom may tell you to always hold out for the best offer and the hottest market so you can maximize how much you’ll be getting for your home. But each person’s situation is different and you may not be in a position to wait until your house fetches the highest price. Sometimes, the best you can do is simply try to get whichever offer is most acceptable to you.
Moreover, selling a home at any stage in your life is always a stressful and emotionally draining experience. After all, selling a home is not just a simple financial transaction – it’s a deeply personal experience. It’s normal to be emotionally attached to your home because of the memories you made there.
All these taken into consideration, you’ll need an anchor to keep you tethered to the business at hand instead of getting carried away by your emotions that you may drive potential buyers away. You’ll also need someone with an established presence as a California Realtor to give you the best guidance and do the heavy lifting in the home-selling transaction. From helping you determine the most reasonable listing price to negotiating on your behalf to facilitating the paperwork, your Realtor can be your best professional partner in the entire transaction, with the assurance that your interests are at the forefront of their work.
GET EXPERT HELP WHEN IT’S TIME TO SELL YOUR HOUSE
The best time to sell a home in California is usually one of the most pressing questions many potential home sellers ask about. Get reliable answers, as well as a complete picture of the real estate market in your area, from a trusted real estate expert.
In San Diego County, look us up to answer your questions! We’re Sean Caddell & Associates, luxury real estate specialists and experts in coastal luxury, equestrian real estate, and new developments. We can help you craft a strategy that will present your property at its best and garner more buyer attention. With the strong backing of the prime brand in real estate, Pacific Sotheby’s International Realty, we have the resources, cutting-edge tools, a massive network of fellow professionals and industry affiliates, and the marketing muscle you’ll ever need for efficiently selling a house in California with the best returns and the least stress.
Contact us at 858.472.1074 or send an email here and start working toward achieving your real estate goals.