Friday, September 9, 2022 / by Laura Larson
May used to be the ideal month to sell a home, but in more recent years, March has replaced May as the ideal month. Homes advertised between March 11 and March 18 in 2019 sold the fastest. Remember that we have left out the anomalous data from 2021.
Aim for the week of April 22 if you want to sell for more than you've asked for. Additionally, attempt to list before September, when families are starting to settle in for the start of the school year.
The best day to put a house on the market
To maximize the likelihood that your home will sell more quickly and for more money, list it on a Thursday. All things being equal, homes listed on a Thursday typically go pending faster than any other day of the week. In a market where properties routinely sell within seven days, the difference is noticeable.
Compared to homes listed on Thursday, homes listed on Sunday typically stay on the market for eight more days. Only slightly better than Sunday are Saturday and Monday; on each of those days, it normally takes home seven days longer to sell than on Thursday.
Seasonality influences the timing of home sales
The best season for listing a home for sale is often spring, at least in the years before the housing bubble caused by the epidemic. It's when buyers usually emerge from their winter hibernation and swarm the market.
Whether that sense of normalcy will return in 2022/23 is still up in the air. Even if the fluctuations from season to season are less drastic than in the past, seasonality in the housing market is likely to persist in some form.
Springtime real estate transactions
As you can see from the aforementioned tendencies, individuals start looking for homes as the weather warms up, thus preparing your home for sale in the winter usually makes sense. It is understandable why spring is often the busiest season for buying and selling because people have their tax refunds in hand, it will be nicer to move in the coming days, and the kids will be out of school for the summer.
Summertime real estate transactions
Warm weather, school breaks, and simply having more daylight hours to visit open houses and take home tours are many of the same factors that influence buyers' decision-making when they browse for a home in the spring. Obviously, the summer season is when most people take their vacations, so that may be the cause of the slight slowdown. Additionally, some regions of the country experience a decline in real estate activity during the summer since it is simply too hot to go shopping.
Fall real estate transactions
Early-fall purchasers may be rushing to move in order to settle down before the start of the school year or the weather turns inclement, which can be advantageous to sellers. The fact that many off-season buyers are relocating due to a job transfer, layoff, short sale, or family difficulty, however, may make them more price sensitive.
Winter real estate transactions
Although the winter months are often the slowest for house sales, if your region has a warm temperature all year round (like Florida or the Southwest), your window for selling may even be stronger during the winter as snowbirds go to the sunnier climates.
Sell when demand is at its highest
Of course, seasonality isn't the only consideration to evaluate when determining the ideal time to list your home for sale. The condition of the housing market in your community should also be taken into account.
In a buyers' market, selling
When there are more homes offered for sale than there are buyers, a buyers market is present. When there is a lot of inventory on the market, sellers should anticipate that it may take longer for them to receive an offer, and you might even need to lower your asking price or make further concessions to the buyer.
In a sellers' market, selling
There are more potential house buyers than there are available homes in a sellers' market. The best time to sell your house is when there is a sellers' market since you can anticipate it to sell more quickly, receive more offers, and sell for more money.
When mortgage rates decline, sell
Mortgage interest rates have been historically low for the past four years or so. The further a buyer's budget has to stretch to get the desired home, the higher the rates. However, first-time buyers are more likely to purchase when interest rates are low.
When you're ready, sell
In the end, the ideal moment for you to sell is also the best time for buyers. Your decision to sell may be influenced by a variety of personal considerations, including changes in your employment or family as well as a general feeling of readiness. Consider the following elements:
Changes in lifestyle: The most frequent causes for selling include downsizing, a growing family, relocation, and job changes. While family-related relocation can occasionally be scheduled to benefit from advantageous market variables, job-related moves frequently require a stricter timeline. No matter why you're moving, it's crucial to make sure you're emotionally ready for the transition. It might be challenging to let go of the memories connected to your family home, even if you're moving for a rational reason—for instance, you're a recent empty-nester downsizing after your kids are grown. Adapt your schedule.
Financial advantages: If your property has built up a significant amount of equity, you may be able to use that value as a down payment for your ideal home or as a cushion for retirement.
When does a house go on the market?
Before officially advertising their home for sale, sellers spend an average of seven months just considering selling. Additionally, they usually do at least a few home renovations. U.S. homes typically sell 55 to 70 days after being listed, including the typical closing time and the 25 days on the market (a record low in 2021).
To prepare for a sale, you should plan to set aside at least two months. This will give you time to investigate the local market, select a trustworthy agent like Laura Larson, properly clean your house, and finish any little repairs.