When we sell a home, we want to make sure we get the most bang for our buck—and not miss anything too evident during the selling process. Not surprisingly, many statistics surround the question, “When is the best time to sell my house?” and in some cases, it may be wise to wait, while certain circumstances can bring you to sell immediately.
Here are some essential tips to remember while determining the best time to sell a home:
All Signs Point to Late Spring
According to Zillow, statistics show that the first half of May is the best time to sell a home universally across the US. The first two weeks of May (the 1st-15th) sellers on average sell their homes two weeks faster than usual. There are many factors at play during this period, especially when a family with children is purchasing the home. May is the start of when people get their tax returns (perfect for helping put down a down payment!), and families start looking during this month because it’s right before school’s summer break. Depending on the area, however, it may differ slightly.
When to Start Preparing
Now that we know when the best time is to sell, when is the appropriate time to start preparing your home? It’s important to give yourself at least a couple of months ahead of time to fix potential problems, get the house staged properly, and start the process of packing up and putting things into storage so your home can be as welcoming as possible for potential buyers.
Another less obvious factor is Spring. This season works well for selling since the foliage will be very green. Many sellers play up the fact that healthy bright flowers surround their yards and front doors, which is a welcoming first impression. However, the viability of a Spring aesthetic will vary depending on the region.
Other Seasons That Work Well Too
Besides winter, all the seasons have a time and a place for selling big. For instance, although spring gets the initial boom of families with children, it should be treated as a kick off for summer when many people are looking to buy during the warmest season. In early fall people are pressured to purchase homes as well, due to the school year starting up or a job transfer into the area.
Buyer's vs. Seller's Markets
We’ve all heard of a “buyer's market” or “seller's market” but what does it mean for those of us trying to sell as soon as possible? If there are many options available in the area, the prices tend to be very competitive. That means inventory is high, and you can expect your home will stay on the market for a while. If you need it sold quickly, you may have to take a price cut.
When it’s a seller's market, however, there is likely not enough houses for sale while people are looking to buy. When this happens, your home will sell quicker than usual.
Predicting The Future with the News
Besides getting a tax return, staying in tune with the news will help you determine a good time to sell your house. For instance, did your area get a recent job boom and they’re just starting to hire new employees? Are they planning to build a school in your neighborhood? Consider factoring in the latest neighborhood news in your decision to sell your house.
Don’t Forget About Your Needs
In spite of May being the best time overall, what time works for you? It’s important to look at your current life circumstances as a good measure of when it’s best to sell. Are you relocating your family to a new city or state? Are you trying to downsize into a smaller space? If so, you may also be selling furniture, getting rid of old items, and reorganizing your life drastically. Statistics may point to spring, but be sure to factor in a timeline that works best for your life too.
Winter, spring, summer or fall, any time is a good time to start thinking about selling your home. Between creating a checklist of what needs to get done, to giving yourself time to create a plan that works for your family’s needs, selling is no easy feat. Giving yourself plenty of breathing room is the best way to ease the stress of moving while celebrating a successful sale.