Knowing when to sell your home is just as important as knowing how to price your property when listing it on the market. While you may be able to sell your home at any time of the year, not every day or month in the year is a great time to sell. The market you live in will also dictate what the best month or season will be.
In most cases, the fall months will have lower competition. On the other hand, many buyers are in the market during the spring and summer months, which may make it easier to deal with the increase in competition. This guide offers a comprehensive overview of the best time to sell a house.
If you want your home to be sold as quickly as possible, consider listing it on Thursday. In markets where homes are sold in an average of 7-8 days, listing on Thursday is the best. Homes that are placed on the market on a Sunday usually remain on the market for at least eight days longer than ones listed on Thursday, which matches Zillow research.
While Monday and Saturday are somewhat better when compared to Sunday, homes still remain on the market for an average of seven days longer when compared to homes that are listed on Thursday. In most cases, Thursday listings sell for slightly more than the asking price. In the other hand, Saturday or Sunday listings sell for slightly less.
Over the past few decades, May was the top month for selling a home for many years. However, this has changed in recent years to March. In fact, homes that were listed in the middle weeks of March sold quicker than homes that were sold at any other time of the year in 2019. If you want to sell your home for a higher amount than the initial asking price, you should consider listing your home in late April.
In general, homes should be listed at some time before September. During September, many families will be settling down for the school year, which means that you may want to wait until Spring of next year to list your home. October is oftentimes the slowest month of the year. In fact, homes that were listed in October of 2019 were the least likely ones to be sold above asking price.
Keep in mind that the trends mentioned above don't correlate with every market. Local market influences and circumstances may lead to another time of the year being preferable. Some of the local conditions that can play a part in determining when you should sell your home include the weather, tax incentives, job growth, and mortgage rates.
As mentioned previously, the best time of the year to sell a home is typically between March and May. When you list your property on the market in the initial 14 days of May, your home can sell nearly 19 days faster when compared to any other month.
|The days are longer and the weather is warmer, which leads to more buyers searching for homes||If you live in an area that experiences an ample amount of rain during the spring, it may not be the best time of the year|
|Tax refunds are provided during the early spring, which can accommodate||Competition can be high among sellers|
|Your home's curb appeal will improve from the trees and flowers blooming||If your home sells quickly and you have children in school, they may be disrupted during the move.|
|You will avoid dealing with summer competition|
The summer months are the most competitive of the year. In fact, more homes tend to close in June when compared to all other months of the year.
|You'll have more hours of daylight as well as more predictable weather||Temperatures can be exceedingly hot and humid|
|Buyers are looking to purchase a home before the school year starts||Buyers tend to demand more concessions during the competitive summer months since more homes are listed|
|You can use home sales from the spring to effectively price your home||Many buyers take vacations during the summer and may not be searching for a home|
|Buyers may provide you with better and more competitive offers since the school year is about to begin||You'll need to constantly maintain your yard during the warmer summer months, making sure your home is presentable at all times|
|Finding contractors and landscapers is more difficult during the summer|
Even though fall isn't considered to be the best time of year to sell a house, it may be ideal if you live in an area that experiences uncomfortably hot temperatures during the summer. If the area you live in is more scenic during the cooler fall months, you might find it easier to sell your home at this time of the year.
|Lower competition and inventory from people who are selling homes||Buyers are more demanding when there isn't as much competition|
|The costs associated with repairing and renovating a home are lower||The market can be slower since school has started|
|Any serious buyers who were unable to purchase a home during the spring and summer months will likely be motivated to do so before the holidays||The weather is often wetter and colder|
|The photos you use for your listing should be more vivid and beautiful with the addition of fall foliage||Your curb appeal may worsen as the trees and flowers begin to wither|
|Landscapes are more difficult to maintain|
Selling your home during the winter may be a good option if you live in a warmer location like Southern Nevada, Florida, and Arizona.
|Any buyer in the market is likely extremely motivated to buy a home before the end of the year to benefit from annual tax breaks||If you live in a warmer climate, you'll likely encounter more competition during the winter|
|Lower inventory leads to reduced competition||A high number of buyers during the winter are searching for the best deals|
|You can make the interiors of your home feel cozier and more welcome with holiday decor||Curb appeal is reduced considerably|
|Snow can cover up some of the worst features and aspects of your yard||Days are colder and shorter throughout most areas in the country|
|Making repairs or renovations becomes more challenging|
This guide is designed to help you understand what time of the year is best for selling a home. However, this doesn't mean that you can't sell your home at at anytime of the year. While the cold winter months are oftentimes unkind to sellers, you may live in a market that facilitates winter sales. If a change in your family or financial situation requires that you list your home immediately, there's are always buyers for every season. If you're wondering "Should I sell my house now or wait?", call us today to speak with one of our agents.