Three factors that determine the best time to sell your house
Putting your house on the market is all about timing. You need to figure out how to maximize returns and minimize time on the market. Contrary to popular opinion, there isn’t a universal season, month, or day where you should sell your house. The best time to put your home for sale depends on your location, seasonal sales patterns of homes in your area, and other market-based factors. However, there are three things you should keep in mind.
Seasonality: Trends show that people shop for homes as the weather gets warm, so start prepping your house for sale in the winter. However, summer is also a great season for sellers. The warmer days and the school break make it an ideal time for young families to visit open houses. If your state gets very hot summer days, this might negatively affect the number of potential buyers. Some buyers wait until early fall to buy a house. Buyers scouring the market in the fall are often eager to close the sale before the weather gets too cold. Use this feeling of urgency to your advantage as a seller. Winter is usually slowest for home sales unless the property listing is in Florida or the Southwest.
A seller’s market: A seller’s market occurs when there are more home buyers than there are properties. This means you’re likely to receive multiple offers and sell for full price or perhaps more. If you see the demand for properties in your area going, you may want to consider putting up your property for sale.
Emotional and financial preparedness: There are several personal, lifestyle, and logical reasons to sell your house. Still, it takes emotional work to get to a place where you are ready to let go of a space that has housed all your memories. Give yourself time. Weigh the financial benefits of selling too. If your home has significantly gained equity, the down payment alone can take you to your next destination, whether that’s another house or a retirement cushion.