Home Selling in 30345>Question Details

Jim, Both Buyer and Seller in Atlanta, GA

Would like to close in June. When should I list?

Asked by Jim, Atlanta, GA Wed Jan 16, 2008

We will be selling our current home and moving into a home that is currently being renovated. The renovations will be complete at the end on May. Assuming we price it fairly, and it is in a good in-town neighborhood, when should we list it? Too early, and we may have to turn down an offer. Too late and we carry it too long. Advice?

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17
Days on market do not always reference back through expired and withdrawns... so a home could show up as 73 days on market when reality is 173 days... I am not saying that is the case here but I would recommend you listing the home no later than mid February. Are your agents days on market 73? And is she going to guarantee you 73 days on market? There are so many uncertainties in the market today. 2008 is going to feel like a better market than 2007 because most of the mortgage fall out is behind us (we hope) but reality is that 2008 is still showing correction and big competition. Atlanta is still one of the better markets and rates are coming down.

You would rather list earlier and negotiate a lease back or a later closing then to list late and carry the expensives or two homes.
2 votes Thank Flag Link Wed Jan 16, 2008
The best answer is the one that is also self serving from a Realtor's perspective. That is to get it on the market asap.

However, in reality you should look at your situation. Which would be more painful?

1. Selling too fast and having to lease back the home, or find short term living arrangements

OR

2. Not selling the home and carrying the cost for several months, possibly missing the market and carrying it into Fall?

No matter how carefully we strategize your marketing plan and when you enter the market, you will never know when that great offer will come in. Either scenario is equally plausible.

My advice is look at which scenario you could deal with (paying on the mortgage longer than you want or selling the home too quickly) and decide based on that.

Remember, you can list the home now and not accept offers if they don't have the terms you need. You might miss out on an opportunity to sell it this way, but you have the final say over the offer.

If you'd like to talk directly about strategy and market timing, please call me at 770-374-4667
1 vote Thank Flag Link Sat Jan 19, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
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Feb at the latest sounds good to me. I also agree that our market is picking up & people are looking up!

One question is why would you have to turn down any offers that are the right price?
1 vote Thank Flag Link Wed Jan 16, 2008
Check with a good local Realtor. Questions revolve around how hot or cold the market is for your specific type of house in your specific community, amount of inventory/days on market, and other factors.

Having said that, my gut reaction is to say: Put it on as soon as you can. Just as it's impossible to time the market, it's impossible to to know how long something will take to sell. You list some of the "too early...too late" considerations. Another "too late" consideration: Someone is looking for your type of house and is willing to wait. But your house isn't on the market yet, so they buy another one.

There are a number of ways to address your concerns. None is perfect, but: The listing should indicate that you'd prefer a June closing. Not that you require it, but that you'd prefer it. That actually may help; someone interested in your home may well need to sell one of their own. A June closing gives them more time to sell. Also, for families with children, many/most don't like to move during the school year. Wherever your new buyers are coming from, if they've got kids, they might well prefer to wait until June, as well.

Second, you could do a rent-back if the closing must take place sooner.

Third, you could like in a rental for a couple of months. Not an ideal situation but it'd be a lot better to sell your house for a price you're happy with and have to live in a rental for a month than to miss the opportunity to sell and be paying for two houses simultaneously.

So, discuss those options with your selection of Realtors.

Hope that helps.
1 vote Thank Flag Link Wed Jan 16, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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Congrats on selling your home. Good luck with your move.
0 votes Thank Flag Link Wed Jul 10, 2013
UPDATE: I ended up listing the house near the end of February, getting serious (Price, condition) in April, and now have a contract with a closing date at the end of June.

SO: If you price right, and make the place look great, you CAN sell!
0 votes Thank Flag Link Thu May 22, 2008
Get your real estate on. This Buyer's Market will favor you if you are priced right and staged right and ahead of the inventory rush in your submarket. If you need temporary accomodations in between moves, then that is a much better situation than the double jeopardy of being on the market at the wrong price in February, making a price adjustment in April, and competing against smartly priced, perfectly staged neighbors.

If you do not have a really good real estate agent who has submarket authority then hire one. The investment in professional help will be worth it
Web Reference: http://intowninsider.com/
0 votes Thank Flag Link Thu Jan 17, 2008
Jim...

I would get it on the market immediately. It is a great time to purchase with interest rates being this low. As we crest into February the inventory will be increasing and it would be best to have less competition. Now is gives you time to price it properly, have less competition, market it and close the escrow.

It will be far less stressful to have it sold and close and if necessary you can even negotiate a little rent back time. Good luck.
0 votes Thank Flag Link Thu Jan 17, 2008
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
Contact
Jim:
I would list the home as soon as possible--or as soon as it is ready to show.

If an acceptable offer comes in sooner than you expected, count your lucky stars. You may be able to negotiate a later closing or move-out date with the buyer. If not, you may be able to store furniture and move some place else on a temporary basis.

Good luck with your transaction!
0 votes Thank Flag Link Wed Jan 16, 2008
Roberta Murp…, Real Estate Pro in Carlsbad, CA
MVP'08
Contact
You Go Lorie....in a market that is difficult to look at historically...Now and a possible lease-back if necessary could do the trick
Web Reference: http://lantierrealty.com
0 votes Thank Flag Link Wed Jan 16, 2008
I'd like to tell the one-word answer is "yesterday", but I have to post more than 25 letters.

Although your home could sell in one day, the likelihood is it won't. If it does you will be extremely lucky. If, as you say, it needs renovations, price it right and list it now or you are going to be paying taxes, electric, etc on two houses once you move.
0 votes Thank Flag Link Wed Jan 16, 2008
Hi Jim. In the Atlanta market the average days on the market is 92 days. If you look just at the days on the market average you would be looking at listing the home in February. To get a better idea of the average days on the market in your neighborhood you should have a qualified Realtor put together a detailed market analysis for you. The Market analysis should show you the recent activity in your area for a maximum of the last six months. If there is enough data it should be narrowed down to 3 months.

I grew up in zip code 30345 and went to Lakeside High School. If you would like I will be happy to help you with the market analysis. Feel free to contact me.
0 votes Thank Flag Link Wed Jan 16, 2008
Thanks everyone. To clarify: The home we are selling does need renovations. We are renovating a different house that we will move into. Our realtor is saying the average home takes 73 days. Who knows. Ours could sell on day one or day 212. I am leaning towards listing in mid February.
0 votes Thank Flag Link Wed Jan 16, 2008
I agree with both Don's... I would list now...sooner than later. This would also depend on the level of renovations underway. If there are significant renovations underway a buyer may not be able to see the potential to pay the asking price.

You might want to consider hiring the agent now and have them network and market the property for buyers now but wait to place the home in the MLS until the renovations are complete if the renovations are excessive. This way you do not become a "stale" listing in the MLS with no offers if you could in fact have a hot property once the renovations are complete.
0 votes Thank Flag Link Wed Jan 16, 2008
Jim,

First off I would suggest contacting a realtor. You need to find out for your specific neighborhood and surrounding area and within your price range how long things are taking to sell. We take a look at the average days on the market for your area and that should help a little.

It is no guarantee that it will sell within that time. I myself would say to list now and when you get an offer have your realtor negotiate closing dates on your behalf. You may find a buyer that is not ready to move in until that time anyway.

There are also other options out there that a realtor can discuss with you.

Good Luck!
0 votes Thank Flag Link Wed Jan 16, 2008
the short answer is ...NOW
Web Reference: http://lantierrealty.com
0 votes Thank Flag Link Wed Jan 16, 2008
I would list in March. Sales are a little slow in Atlanta right now, but picking up. My opinion is that someone that wants to buy your home and thinks they are getting a fair price will be willing to wait some as long as they know they have it secured by a binding contract and earnest money. March is when the we should get SOME warm days and that is when people look at houses.
0 votes Thank Flag Link Wed Jan 16, 2008
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