Timing the Market

By Emilio DiSpirito, Realtor with the DiSpirito Team of HomeSmart Professionals

Should I sell my house now, or wait to list until spring? Figuring out the right time to sell can help you maximize the sale price of your home and take some stress out of the process. However, what many realtors fail to tell you, is the reality of a home sellers transaction process and the steps that it takes to get you to the finish line. Let’s answer some of your frequently asked questions so you have a better understanding of the timeline of your upcoming transaction.

What are the most simple phases of a transaction?

1. List
2. Pending
3. Close

Seems simple enough right? Wrong. There are several steps before, in-between, after and dozens of professionals involved in just a single transaction. This won’t happen overnight. Approximately, there are 185 steps that comes with selling your home and approximately 52 parties involved that a real estate agent takes on for you.

How long will it take to receive an offer on my home?

According to MLS when looking at single family homes, In Rhode Island, the average days on market (DOM) upon getting an offer is roughly 53 days. No, your home isn’t closed yet! This is just the beginning of the process to close.

What happens next?

IF everything goes as planned you have 45-60 days out in addition to those 53 days for the buyer to get their financing and other items fully approved. Let’s do the math… You’re looking at about 3.3 months. Now, you’re probably freaking out saying “THAT’S A LONG TIME”. Let’s find out why! Here is what needs to be done after an accepted offer:

• Home Inspections
• Repair / Negotiations
• ACTUAL repairs
• Re-inspection
• Financing
• Appraisal
• Potential Appraisal rebuttal
• Mortgage Approval
• Title Search
• Final Walkthrough
• Closing

Now imagine if you go through half of those steps, just to find out you have more repairs than you thought, or the buyers decide to back out? What happens next? You put it back on the market… and start all over.

How can I make sure I have a successful transaction?

Anything can happen when you put your home on the market with the wrong advice. But, listening and taking professional advice from a local, reputable, trusted realtor can increase the sale price of your home in addition to a faster timeframe with fewer days on market.   

Invest in your transaction

• Pre-List Home Inspection
• Stage Your Home
• Curb Appeal
• Make your home available for showings
• DON’T overprice

So Why List in the Winter?

• In the Spring, more homes on the market and equate to more competition for your home.
• Homes that are prepared, listed and marketed properly this winter, in this market will sell quickly and for an excellent price
• Buyers are motivated in the winter and serious about buying
• Relocations start in January after the holidays

Bottom Line:  

Want to sell your home by spring? You need to list and allow yourself the time. If you plan on listing in FEBRUARY – expect to be closing around the START-MID May! Now is the time to get ahead of the listing chaos. Selling a home can be very stressful, especially as it requires so much work on the front end.  So, use these quiet months to your advantage so that you’re not rushing to complete your pre-listing checklist in the middle of peak real estate season.

Emilio DiSpirito –

If you would have asked me what I wanted to be growing up, little Emilio would have told you “an archeologist” or “an architect” despite the fact that at age 8 I had my first lemonade stand, landscaping business and was recording my first “news show” on my boombox!  Well, I never was much good at trigonometry and did could not see myself traveling for months and possibly years at a time, so becoming an architect or archaeologist clearly did not happen!

Fast forward 26 years later and I’m running a team of the finest residential real estate professionals, own a media company and host my very own radio news show about real estate!

In September of 2017, I married my best friend, Jaclynn, and we have two wonderful children, Destinee and Emilio, V.  We have 3 dogs, one of which is a rescue and live in lovely Rhode Island. Jaclynn owns a high-end hair salon in addition to an on-location hair and makeup business!

For 7 years straight it seemed that I had put in more hours than the day had to give on my real estate business. 7 days a week, 14 to 16 hour days, without a break! Why? My friends and family did not understand the sheer magnitude of moving parts and services we offer to our clients during a transaction! One slip up or one missed call could mean make or break for someone’s dream home or even a lost deposit!

Running a team of like-minded, highly qualified and capable professionals has allowed me to offer a very streamlined, simplified and efficient approach to the sales process for our clients and allowed me to earn personal time again with my family while not missing a beat for my clients!

When I’m not working, I’m with my family, riding my mountain bike, eating at a number of local restaurants, enjoying live entertainment, hiking, skiing or reading!