In 2021, US homes sold at their fastest pace in history. More astonishing is that 35% of sellers got more than they asked. But if you are selling, how can you find the right time to do it?
The most popular time may not be the best for your individual needs. Read on as we discuss the best time of year to sell a house.
Selling a House in Spring
Between February and March, listings will start to fill and home sales begin to pick up. The promise of a year ahead incentivizes many people to start their search for a new home, or put existing homes up for sale. Increasing daylight hours also make it much easier for people to arrange viewings and place the property in a much better light.
If you have a good-looking yard or land around the property, the blooms of spring can also vastly increase your curb appeal. This is a term used by real estate agents to describe the view of your home from the outside. As many people make decisions based on first impressions, this becomes very important.
Unfortunately, many other people decide to make improvements in the spring. That may mean if you want tradesmen and contractors, they become hard to find.
Selling Your Home in Summer
The summer is the peak time for real estate sales. This peaks in June, though May and August are also busy. Prices will rise and property will be on the market for less time.
Many families also want to move in the summer vacation. This avoids the hustle and bustle of doing so when children are back at school. Moving in good weather is also an attraction, knowing that you won’t get rained on or have to contend with cold weather.
With so many daylight hours, you also have lots more time to get viewings in. Peak daylight also means your home will look light and airy for longer.
The only major downside is the increased competition. If you are in a dry climate, you may also need to tend the garden more to maximize curb appeal.
Selling Your Home in Fall
Fall is when sales start to slow down, though they can still be plentiful. You still get the daylight hours at the start of the season to maximize the look of your home and get more viewings. In addition, you also get a rush of people who are eager to move before the dark winter days and the bustle of the holidays arrive.
As many homes have been sold in the summer months, you also have less competition. In some states, home sales in the fall bring higher than average prices.
There are some downsides. Most of the sales have been made in spring and summer, meaning fewer buyers are on the market. As the foliage begins to fall from trees you also need to do a lot more maintenance to increase curb appeal.
Selling Your Home in Winter
Winter brings the end of the year, and at this point, the last thing most people want is a house move. This means it is the slowest time for real estate sales. You can expect homes to spend a long time on the market.
One advantage is that buyers who are looking during the winter months are serious buyers. They also have less market choice, giving the seller an advantage. While you may not have the summer sun to make your home bright, you can start to make it look snug and cozy with holiday decorations.
The other downsides are that keeping the curb appeal attractive can be harder in winter. Bad weather may put many people off coming to view the home. You will also need to tend to paths and driveways if visitors are coming to the property.
What Is the Best Day to List a House?
Tuesday, Wednesday, and Thursday are statistically the best days to list a house. They tend to bring a higher value and get more viewings. Part of this may be down to people wanting to book viewings before the weekend arrives.
Buyers and Sellers Markets
One factor that could totally turn these seasons on their head is if you are in a buyer or seller’s market. Both of these have advantages and disadvantages, regardless of the seasons they take place in.
A seller’s market is when there is an abundance of buyers, but few properties on sale. A buyer’s market is the opposite when there are a number of properties but few buyers.
As a seller, the most advantageous is a seller’s market. By being one of few properties, you have the power when it comes to a sale. You can take your choice of buyers, often having contract stipulations weighted in your favor.
In this type of market, be ready to move fast. You may get a cash offer for the home and the sale can go through extremely quickly. You will want to have somewhere you can go within a few weeks.
You should also prepare for mortgage offers that have appraisals in place. If the appraisal is lower than that which you have asked for, you have three choices. These are to either ask the buyer to pay the difference, drop your offer or reject it outright.
Best Time of Year to Sell a House
In summary, many believe that spring and summer are the best time of year to sell a house. Of course, this all depends on your individual needs. You may list it out of season and get a great offer, or benefit from a seller’s market.
One way to get a quick sale in any season is with We Buy Houses. You can get a cash offer for your home in the Memphis area from our expert service. Contact us to book a free consultation.