When is the Best Time to Sell a House?
Once you feel ready to move house and start life somewhere new, your first step is to put your home on the market. While it may seem that it’s best to list a house for sale as soon as possible, this isn’t always the case. Provided you’re not in a rush to sell your house fast, there’s more to consider before listing a property on the market. By choosing the right time, you can achieve a faster sale and even a higher resale value.
Keep reading to learn when is the best time to sell a house.
When is the Best Time to Sell a House?
Selling a house should be done at a time that’s right for you, and many will argue that there’s never a “perfect time” to. However, if you’re not in a rush to sell a house fast, or you want to get the highest price for your property, evidence suggests there is, in fact, a “better time” to sell.
According to data by HomeLight, the best time to sell a house in the US is during May. During the first two weeks of May, properties sold an average of 18.5 days faster than at other times of the year. They also made an average of 5.9% more on resale.
The exact reasons why May is the best month to sell are largely unknown. However, among realtors, we know a few reasons why this tends to be the most popular month for property sales. The most common reasons we experience are related to school terms and tax refunds.
For example, buyers with school-age children often look to move into a new home over the summer, so their children are settled by the time the semester begins. Also, because tax refunds tend to come in during the late winter/early spring, some people have more money to spend, making them more likely to make a purchase.
Remember, this is the best time to sell a house, not the best month to list a house. Ideally, you want your property already on the market by the start of May so you can reap the benefits of a faster sale. Therefore, it’s best to prepare a house for sale and start the selling process in early spring, between February and April.
How to Find the Best Time to Sell: Top Tips
As a real estate company with over seven years of experience, we know a trick or two about finding the best time to sell. Read our top tips on how to find the best time to sell.
1. Avoid Christmas Time
Putting your home on the market as you head into the festive period is a surefire way to ensure you receive very little interest in your property. The holidays are perhaps the most universally expensive time of year for families everywhere. This means buyers aren’t looking to buy or, if they are, they aren’t feeling generous with their offers.
Listing your home on the market at this time won’t necessarily cause any issues, but it may be a slow run to a sale. Most people avoid looking to buy a new property at Christmas because of the holiday festivities. Therefore, inquiries and showings will likely be at a minimum.
Buyers generally start (or stop and start) looking to buy once Christmas is over and the new year begins. So, it’s best to wait until the new year before listing a property if you’re not in a rush to sell.
2. Take Care of Home Improvements First
Before putting your house on the market, ensure you’ve carried out any necessary home improvements that may put people off. The best time to sell a house is when the renovation work is completed and your house is fully staged for an open house.
Attempting to sell a home with glaring issues will be noticeable to potential buyers. This will lead to your house taking longer to sell or, if a buyer is interested, the offer will likely be far less than expected.
It’s best to have every issue fixed within your home before you put it on the market. Most fixes won’t typically add value to a property (although they can do), but unfixed things can decrease value.
When conducting repair work, consider any other home improvements that could be made to increase your resale value. Even small, inexpensive refreshes can make a big difference in how much your property is worth. For example, repainting a living room, tidying up the garden landscaping, installing a new shower, or replacing kitchen cabinets.
3. Keep an Eye on the Housing Market
Finally, keeping an eye on trends and changes within the housing market in your area is a good way to determine whether it’s a good time to sell.
For example, if the homes in your area are selling for much higher prices at a particular time, it may be a good time to capitalize on this and put your own home on the market, too. However, a market rush such as this could mean there’s more competition within the housing market, too. This can make buying prices higher than normal.
Keeping your ear to the ground and routinely checking the housing market in your area will leave you better informed. This can help you feel more confident about the time when you do eventually decide to put your home up for sale.
A great way to stay in the loop about property trends is to contact a local real estate company. Call or schedule an appointment to discuss your property, its value, and the current selling/buying market.
Overall, knowing when to sell a house comes down to being ready to sell. You, your family, and your property must be ready before you list a property on the market if you want to get the best price. Considering external factors (like what the selling market is like and the season) is a bonus.
If you need to sell a house quickly because of code violations or a failing rental, selling to an investor can be an excellent choice. At Brotherly Love Real Estate, we buy and sell houses fast. We can close your property sale in as little as 21 days.
Call us today to get your cash offer at (215) 769-9875 or contact us online to learn more.