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When are people typically putting their house on the market before residency? Aim high in February or after the match in March and lower the price closer to residency?
When to sell your house
- Thread starter chuck84
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I imagine many aren't in this situation. I would recommend putting it on the market sooner rather than later and make it clear when you'll be able to make the sale. In my experience, the process always takes longer than originally anticipated so better to start early.
Depending on your financial situation, it might not be a bad idea to hold onto the home and rent it to other medical students. This is especially convenient if you have family or a SO who can handle minor issues while you're busy in residency.
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This is what I would recommend if you can swing it. You'll have pretty reliable tenants if the property stays in the medical student community - both with respect to paying rent and not destroying your property. And if you live in an area where property values are growing, this is essentially free money to you in the form of equity.
This is exactly what my husband and I plan on doing. Medical students for the most part rent and if you are in a desirable location and can cover expenses then you are essentially just building equity. If you do plan on selling I would also agree sooner rather than later with a sale stipulation that you will be there until graduation.
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To clarify, the reasons I do want to sell is that my house is that it isn't close to campus, I should make a large amount of money to pay off all loans and have a cushion to help during residency/buy a new house. Yeah renting would give me a source of income but don't want to manage it living in a different state and I couldn't pay off my loans.
I guess my concern for selling too early is making a stipulation that I'll be there til graduation (3 months) and the buyer gets scared off or continues shopping around.
I guess my concern for selling too early is making a stipulation that I'll be there til graduation (3 months) and the buyer gets scared off or continues shopping around.
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Finding a buyer and closing takes months, you'll be fine.
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We listed about a week after match day. It entirely depends on the market in your area. Typically Spring is the best time to sell, so that helps. And it still gives you a few months to sell before moving. We started house hunting at the same time and put in an offer with the contingency that we needed to sell our house before we closed on the new one. If it hadn't sold, we were planning on renting it out (even though it's not close to campus).
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You have nothing to lose and everything to gain by listing it early. Say things fall through with every single person who shows interest early - so what? You will be in the same position as you would have been had you decided to wait to list it when you are ready to move. On the flip side, if you get an early buyer who agrees to your terms, it can be one huge load off your back. Just make sure an early buyer is risking something (i.e. a deposit) so you don't end up holding the house only to have them back out at the last minute.
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List early, negotiate a lease back if you close early.
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Depends entirely on the market, how much housing inventory there is in your area, the desirability of the area. Some markets are exceptionally hot where things stay on the market for just a few days. Others are not. It is the latter where timing is very important. In these markets, the problem with putting your house on the market too soon, is that you don't have the same cadre of buyers as you would in the spring. Houses stay on the market too long and then become stale. For some reason, stale houses last even longer on the market than they would have were they listed a few weeks later and in a mediocre market may not even sell. When we looked, we were often surprised that a very nice and well priced house didn't sell and it was often because they put it on the market in the winter and the house becamse stale.
In very hot markets, you should put on 60 days before you want to move. In the vast majority of markets you should probably place the home on the market In early March. This is when many housing markets pick up and when spring is starting. You will catch those right after the match and as others have said, you might be able to do a lease back.
FYI I recently sold a house in a bad market (Cleveland) in 3 days and made a large profit and also recently bought a house in a much hotter market so I have seen both sides in the last 6 months.
In very hot markets, you should put on 60 days before you want to move. In the vast majority of markets you should probably place the home on the market In early March. This is when many housing markets pick up and when spring is starting. You will catch those right after the match and as others have said, you might be able to do a lease back.
FYI I recently sold a house in a bad market (Cleveland) in 3 days and made a large profit and also recently bought a house in a much hotter market so I have seen both sides in the last 6 months.
