Timing is very important when you intend to sell your home. It is crucial that you know the best time to sell your house and what factors can affect the saleability of your property. So, everyone’s question is, is there really the best time to sell your home?
The Local Real Estate Market
Seasonal patterns are important to consider when you are deciding the best time to sell a home. Also, think about the local housing markets. Ask yourself, is it a buyer’s or seller’s market where you live?
Aside from the national trend, real estate is usually localized. For instance, many major urban markets had to deal with stagnant or decreasing property sales following the coronavirus pandemic. Take for example San Francisco and New York. However, suburban markets like those in the Silicon Valley are actually flourishing.
You need to consider the neighborhood your home is in and take into account specific considerations, such as what the appreciation for homes in your neighborhood looks like and how they are comparable to your home.
One of the factors impacting housing supply and demand is the seasonality of your market. Although you might not think the seasons of the year influence the price people may be willing to pay for your home, it makes a big difference. Summer months are the most favorable for sellers, from May to August. And the best time to sell a house tends to be in the month of June.
According to the National Association of Realtors, these months represent 40% of the total sales value. That said, summer is the worst time for the purchase. You also have to consider a sale premium that exists in the summer, so you have to understand how this balance can be achieved if you want to sell your home and then purchase another in the same area.
Due to good weather, daylight savings, and longer days, Summer is the best time for real estate. There are more hours of daylight that will make your home more exposed to opportunities for showings. Families with children also look for homes in the summer months so they can enroll their kids in school by fall.
The toughest month to sell a home is typically December. People are busy during this month, traveling & taking a vacation. Moreover, the weather is not great, and the days are shorter.
Some advantages of selling a home during spring are as follows:
- In the early spring, many people receive tax refunds to undergo retrofitting or repair work as required.
- Additional curb appeal presents itself when your lawn and yard are in full bloom and well maintained.
- There are always buyers that want to get a jump on the busy season and actually start looking for homes a little early.
Advantages of selling your home in the summer:
- A sense of urgency to buy a home to settle their kids before the start of school, thus making a competitive offer.
- Longer days and more daylight mean more time for real estate showings.
- A convenient time to move. The weather is fairly predictable and for families with kids, not having to plan about school activities makes moving to a new home a simpler process.
If you have to sell your home in the fall, the competition and inventory are usually lower. If there are buyers looking for a new home during the fall they are usually more serious about buying one. They might be up against a certain deadline, like having to relocate because of work.
If you need maintenance or upgrades, the chances are that specialists are less busy and cheaper than in the busy spring and summer, so this also gives you a competitive advantage of being able to prepare your home for the market for the lowest price possible.
The seasonality of the real estate market also varies from location to location. There is an interesting difference in the US markets. Wherein selling activities in the Midwest and Northeast get busier in the peak season compared to any other region in the United States.
Keep in mind that there are things to consider before selling a home, there is also no perfect time to do it. Know and understand your market, take further research, then compare. One thing you should always do is meet with a Real Estate agent and enlist them to help you sell your home. This will ensure you get the highest price possible.