The Best Time of the Year to Sell Your Home
The best time of the year to sell your home depends on the location of the property. It is a common knowledge among homeowners that the fastest time of the year to sell a property with the most ROI is during spring, but it’s not true for some cities. In places like Florida, Texas, Southern California, and Phoenix, spring home selling is not a very good idea because of the harsh weather conditions like tornadoes, hurricanes, and extreme heat.
So, before you look into the pros and cons of selling in a particular season, take some time first to look into your area and find out the best time to sell during the year.
The majority of home sellers agree that the first two weeks of May is the best time to sell a home. On average, you can expect to sell your property 18.5 days faster during this two-week window. You can potentially make 5.9% more money compared to selling your home at any other time of the year. Meanwhile, other places put April or June as the best time to sell a home.
Late winter or early spring is when tax refunds come in. This means you will have more funds to put towards your downpayment or to use for your home renovations. Also, spring offers warmer and longer days. The weather condition will give home buyers more time to go around and look for homes to buy. Additionally, trees and flowers grow and bloom during spring. These things will add up to your home’s curb value.
April showers bring May flowers. When it is still rainy, you will have a hard time marketing your property. The same thing goes if it is still muddy or snowy. Expect stiff competition from other home sellers. If your home has structural issues, it will likely remain in the selling block for quite a while.
Summer is your next best bet to spring as far as selling a home goes. The month of June is perfect for closing a deal in some regions. Interestingly, June 28 is the date where most people close a sale.
Since there is more daylight our compared to other seasons, prospective buyers will have more time to spare looking around for houses. Moreover, everyone will have the luxury of a flexible schedule because of the summer break.
Though the days are longer, the heat can sometimes become excruciating. The blistering heat of some climates may affect the focus of interested buyers and may even discourage them if the temperature is unbearable. Expect the competition to be cutthroat during this period, much like spring.
Most home sellers do not consider fall as a good time to sell their house. However, some look at the season differently.
There will be lesser competition and less inventory in terms of available houses, particularly single-family homes. Buyers who failed to acquire a home during spring and summer will look to fast-track their closing right before the holidays arrive. This means that you will only need a short time fixing your home.
Since there will be less competition during this season, expect some interested buyers to be more demanding than usual. Also, once school starts, expect the market to slow down. The transition to the cold and snowy weather may also drive away buyers.
Winter is the harshest season for home sellers. With freezing temperatures, buyers may opt to stay at home instead of hunt for houses. However, areas like Arizona, Southern Nevada, Florida, and the ski towns may be friendlier to home sellers.
During winter, you will encounter some of the most motivated home buyers. These are the buyers who missed out on the previous seasons and would wish to take advantage of the tax breaks toward the end of the year. Fewer inventories translate to less competition. You will find another market group composed of people who are relocating in preparation for the upcoming year.
You will also encounter some thrift shoppers who will try to lowball you. As for your property, winter is not the most accommodating in terms of increasing the curb appeal. During this season, some climates may see snow, and this may hide some of the strong exterior highlights of your property. With days being shorter and colder, some people may opt to stay warm inside.
After weighing the pros and cons based on the season, you can identify which is the best time of the year to sell your home. If you need expert advice, reach out to us.