As fears of inflation and increasing interest rates begin to fade, many homeowners are considering putting their house on the market. Before you do that, you should consider the best time to sell a home.
The best time depends on what your goal is. If you’re a homeowner who wants to sell quickly, March is traditionally the best time. If you’re looking for the most profit, the best time to sell is July.
Here are some selling tips to consider no matter what your goals are.
Timing is everything
There are a few things to consider when timing the sale of your home. While there may be particular local market considerations, there are a few key times of the year that benefit sellers.
First, if you’re thinking about selling your home in the summer, list it before families start settling down to begin the school year in September. Homes listed in October often sell below asking price. If you’re hoping to receive more than the asking price, it’s best to list your home toward the end of April.
If you’re looking for the best day to list your house for sale, pick Thursday. Homes listed on a Thursday sell faster than any other day of the week, particularly in markets where homes sell within seven days. Homes listed on a Sunday are more likely to sit on the market longer, and those listed on Saturday and Monday are only slightly better.
Home sale seasons
Spring is historically the best time of year to list your home for sale. That’s when people are ready to leave the confines of their home after winter and look for something nicer, newer and bigger. That’s also when many buyers get a bump from tax refund checks and when families begin preparing for summer. Before warmer weather sets in, you should prep your home for sale in the spring.
Summer is also a good time to sell as schools let out, the sun stays up longer and open houses draw more crowds. If you live in a warm climate, sometimes the heat can keep people from venturing out. Make sure to list your home as early as possible in the summer to avoid any dips in sales that may occur due to family vacations or preparations for returning to school.
As fall arrives, it may become more difficult to sell your home. But don’t forget about those off-season home shoppers who may be moving because they got a new job or they are hoping to find less competition in the market. However, some of those buyers may have greater sensitivity to price because of their unexpected need for a new home, like a change in their family situation, a layoff or a job transfer.
If you decide you want to sell your home in the winter, you have chosen the slowest season in the real estate market. That means fewer buyers, less chance to sell at or above asking price, and more competition with others who are trying to sell at the same time. Unless you live in a warm climate area like Florida or Arizona, you may want to consider waiting to list your home until spring.
Best market conditions to sell
You should also be mindful of the market conditions that can cause booms and busts in the local housing market.
A common consideration for people trying to sell their homes is how much demand exists in the market. Strong demand often means there is a sellers market, meaning there are more home buyers looking than there are homes for sell on the market. This is the ideal time to sell a home because the supply is low and the demand is high. It’s also more likely that you will receive multiple offers to buy your home and you will receive offers at or above your asking price.
Another thing to consider is trends in mortgage rates. When the interest rates on mortgaging are rising, this can discourage potential buyers who may not be able to afford the additional cost. When interest rates are dropping, more buyers will jump into the market.