So, when is it a good time to sell your home? Generally speaking, the best time to sell a home to maximize profit and minimize time to market is from March 1st to May 30th. Understanding seasonal trends in the real estate market is an important first step in determining the best time to sell your home. To determine the best time to sell, it is important to understand whether the market conditions you are buying or selling in are in your favor.
When you figure out when is the best time to sell a house in your market, remember that a few months difference can turn into thousands of dollars in profit or loss. Understanding the right time to sell can help you maximize your home's selling price and make the process easier. The market and time of year are not the only things to consider when planning to sell a home.
Spring is generally considered the best time to sell a home, as historically this is the time when most transactions take place and when homes sell the fastest. Winter, especially during the holidays, is generally the slowest time of year for home sales. According to ATTOM data, the worst time of the year to sell a home is December.
Of course, whether you get more or less than your asking price will most likely depend not only on your pricing strategy, but whether you're in the buyer's market or the seller's market and how well you've set up and upgraded your home. It's true that houses sell faster in the spring and close to the asking price, but that doesn't mean that putting a house up for sale in May guarantees a perfect result. Just because many homes sell faster and more expensive during the spring and summer months doesn't mean May is necessarily the best time for you.
"According to NerdWallet's analysis of market trends in 50 U.S. metropolitan areas, in a typical year, homes typically sell for the highest prices in June and July, while the lowest prices are in January and February and August according to the National Home Sales. In the May-July-August period accounted for 40% of annual home sales, with an average of 2.1 million sales during that period, according to the Association of Realtors."
Like clockwork, every May, the housing market is flooded with new offers, and homes for sale immediately follow.
For example, winter is usually the slowest season for home sales, but if you have warm weather year-round, your sales window may extend into the off-season. According to the drop in U.S. for-sale sales shown in the chart above, there are typically fewer buyers on the market as many have already closed their dream homes in the spring. The June peak season is the best time to sell a home, with a seller’s premium of 9.2 percent, according to an ATTM Datas analysis of 28 million single-family and condo sales over eight years.
Generally speaking, a sale in May or June can mean a faster sale of a home at a higher price. In the current market, with home prices on the rise, you can expect your home to sell quickly at the asking price, possibly even higher, and you will likely get more offers. A seller's market is a great time to sell your home because you can expect it to sell faster, and you're more likely to get more offers and sell at full price. Buyer demand during these types of markets usually increase the sales price and increase the demand dramatically.
You'll probably want to avoid buying a house in a seller's market when prices continue to go up. However, if home inventory grows, the extra competition may take a little longer to sell your home. When inventory is plentiful, sellers may expect their home to stay on the market longer before they get an offer, and you may have to sell below list price or make additional concessions to the buyer.
This means sellers need to look at comparable sales to make sure their home is selling at the price. With buyers having more options, sellers need to take steps to make their homes stand out on the market. When there are few homes to choose from, sellers have all the bargaining power, and low inventory levels tend to force buyers to bid on a home's asking price.
Home sellers of properties left on the market in the spring and summer will cut prices to attract buyers. While some buyers may be keen to close before the holidays, others will remain in their homes until it warms up again. Some buyers may be more active in winter because life changes, such as moving to another job, force them to quickly buy a new home.
If you're moving because of a new job or a growing family, it may not be worth waiting until the peak selling season in your area or your home is in top shape. You need to develop a plan, understand local market trends, and make sure you are financially prepared to move from home to your new home. However, before you actually list your home for sale, keep in mind that you will need another home after you sell it.
With these factors and more in mind, you'll want to chew on a few numbers and see how long it makes sense to stay in your home before selling. If, on the other hand, you're less concerned about when you're selling and more focused on getting the highest price, you might consider taking the time to get your home in tip-top shape before listing it on the market. If you're planning to remodel your home to meet your changing needs, consider whether it will pay off when you're ready to sell the property.
Making a decision to sell your current home can be daunting. You can never be guaranteed when the ideal time to sell your home will be. Markets might be the determining factor when the best month would be to sell your home. Other factors may need to be taken into account such as interest rates, the affordability of your mortgage payments, closing costs etc. Either way when the time arises when you decide to sell or list a home on the market, make sure that one of the first things you do is hire a good listing agent and a real estate photographer that can present your home in the best light possible so that you can maximize your selling potential.
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