When Should I Sell My House?
Homes for Sale LaBelle • Mar 16, 2020
These are the Best (and Worst) Times of Year to Sell Your House
Most of us purchase our house with the belief that we’ll stay there forever. However, time changes everything and you might just find yourself having to
sell your house
to move elsewhere.
In case you’re interested in selling your home but have no prior experience with such stuff, you might not be aware of the best time for doing so. There are numerous factors at play here.
Firstly, you need to consider your family’s requirements. You can choose to move when your children finish their school year, which means a sale during the summer or spring makes much more sense. You must also account for the housing market conditions and list your house during a season that’ll net you a decent price and attract numerous prospective buyers to your place. For instance, in case your neighborhood’s housing market tends to peak during April, try selling it around that time.
In this article, we’ll discuss the pros and cons of listing a house at various times of the year, which can help you determine the right time for listing it.
Best Time to Put Your house on the Market in Florida
The beginning of summer happens to be the most perfect time for selling a house as it nets sellers a premium of 9.2% on average. This data was obtained from the analysis of over 28M condo and single-family house transactions during the last 8 years.
August, July, June, and May are the busiest months for the housing market, accounting for over 40% of annual housing sales volume. Over 2.1M housing purchases transactions take place during these months, as per data released by the
NAR.
May comes in as the second busiest month with sellers receiving a 7.4% premium in their favor compared to July, which has a 7.3% premium for sellers. The months of March & April also have above-average market returns at 6.1% and 6.4% respectively. However, August marks the decline in buyer interest, with seller premiums falling to just 5.8%.
Spring
When he flowers are in full bloom, the weather is perfect, and the winter is over – spring has an air of hope and optimism to it. People are mentally prepared to remains outdoors more and they often begin their quest for a new home around this time of the year.
Gardens tend to look amazing during the spring season. You’ll be able to receive a better price if you take care of your outdoors and brush it up before listing it. Since the weather is not too cold or too warm, this is the best time for listing houses that suffer from issues during the winter or the summer.
Additionally, families with kids prefer moving to a new home at times when they’re sure that their academic activities won’t be disturbed in any manner, which happens to be the summer. However, the entire process of purchasing a house can take anywhere between 30-60 days from start to finish. As a result, families looking to change houses during the summer season typically hunt for new properties several months ahead of time.
Summer
The benefits of listing a house during the spring and the summer are actually quite similar. Since the weather is often mild across the country, there are more interested buyers in the market. Additionally, families who don’t want to disrupt their children’s school schedule may scout for new houses during the first part of summer and move before September arrives. Many people also have to handle less work during the summer, which offers them more time to spend property hunting.
However, since the summer is usually reserved for travel by most Americans, the number of active buyers in the market may not be that large. In some places, the heat may dissuade interested buyers from heading out to open houses in August and July. If you live in a place that has extreme summers, you should select another season for listing your house.
Fall
Competition is actually quite low during the fall season, thus helping you bargain for higher selling prices, especially if the buyer is someone who wants to shift immediately. Families that don’t have children in school don’t need to be worried about school schedules blocking their move as well. Therefore, expect a decent number of buyers to check out your house before the winter season begins.
However, families with kids are not interested in switching homes during the fall season, since American schools usually start at around this time. Overall buyer interest is likely to be lower compared to other seasons. Additionally, if your home’s key selling points include the availability of good public schools in your area, you can market it as such and pocket a better price.
Winter
Considered to be the worst time for a seller on the market, winter does have a silver lining to it.
Since markets are unusually quiet during this time, any buyers who search for properties at this time are likely to have only a limited number of choices at their disposal. For instance, a buyer could have already disposed of their house, thus requiring them to move into a new house immediately. They may even be prepared to pay more if it lets them secure your house faster.
Additionally, houses with features like a cozy, warm atmosphere and open fireplaces do well during the winter season since buyers are attracted to such features. But ensure that there’s maximum sunlight inside your house on the day of the visit. Preheat all chilly spaces within your house as well.
Be Aware of What Region You Live in
Although every region experiences seasonality to some degree, it differs significantly based on your location. For instance, the Western and Southern parts have largely moderate temperatures, thus minimizing the difference between demand during slow and peak seasons.
However, the Northeast and Midwest zones see a significant difference in the market between the winter and summer months. Such seasonal patterns will help sellers form a better idea about the housing market.
What is Next?
As real estate listings require some expertise, consult experienced
real estate agents
who understand the trends in your area. They’ll offer neighborhood-specific data that’ll aid you in making strategies decisions regarding the sale.
Account for prep time as well. For maximizing their returns, sellers must be prepared to make
key updates and repairs to their houses. However, they can get outrageously lengthy – even simple reorganizations can take weeks. You need to be done with such projects before the house gets listed.
Remember that the price of your property can fluctuate by thousands of USD either way, depending on what time you list your property for sale. You can work with a real estate agency for timing everything properly, which will help you achieve your objectives.
