It is hard to find a perfect time to sell your home. There are so many factors that are at play when it comes to listing your property – the weather, how many other homes are for sell when you list, the condition of your home, buyer demand…But when you take a look at national data, we can see some trends as it relates to sale prices and days on the market. Keep in mind that individual results will vary and you should make the decision to list your home based on your personal timing needs.
When is the best time to sell?
According to nationwide data from Zillow, the first two weeks of May will give sellers both the best return on sale price and the shortest amount of time on the market. On average, homes listed during this time were on the market two weeks less than other listings and sold for $2,500 more than those that were listed at during other months. For an extra bonus, the best day of the week to list is Saturday.
Selling in the spring:
This is the most popular season nationwide for selling homes for a number of reasons – the weather is ideal in most regions, school is wrapping up for most students, and tax refunds should now be on hand and can go towards home enhancements.
Selling in the summer:
Most places still have pleasant weather in the summer and the days are longer allowing for more showings. On the other side, some regions have unseasonably hot weather making it uncomfortable to view homes and summer vacations lead to a many buyers being out of town so showings can slow down.
Selling in the fall:
There is often an urgency with fall shoppers that want to settle into their new homes before the school year picks up or the holiday season starts. Once cool weather starts, showings will slow substantially.
Selling in the winter:
This is historically the slowest time of year for home buying. The weather and holidays play the largest factor here. If you are dealing with a transplant due to job relocation or unforeseen family circumstances, often price sensitivity is an issue.
- Job market – If there are new employers coming into town or the current employers are hiring on new people, then it is a great time to consider listing your home. The local job market is a great indication of the housing prices.
- Mortgage rates – Knowing when the rates are low is also a good indicator of how your home will perform on the market. Buyers want to take advantage of the best deals so when they see low rates, they will often make a move to buy quickly. This is especially true for first time buyers.
- Sellers’ vs Buyers’ market – A sellers’ market happens when the demand for homes exceeds the homes available for sale. This means a shorter time with your home on the market and high sale prices. A buyers’ market is when the homes for sale exceeds the demand of home buyers. This results in longer listings and sellers making price reductions or more aggressive concessions to get their homes sold. Knowing the difference and being prepared for each scenario can help you decide when is the best time to list.
Even if you are able to coordinate the sale of your home with all the variables in your favor, it all comes down to what is best for you and your needs. Factors like job, lifestyle, finances, home condition, and emotional preparedness are all considerations that need to be taken into account. In most cases, it takes two months to get your home ready to go on the market. Take that time to do your research to figure out the best time to list based on your specific market using the tips above and you should see the benefits of your hard work.