When Is the Best Time of Year to Sell a House?
The US real estate sales market is currently worth a staggering $156.2 billion, and it’s only the beginning of the year. Real estate is always booming in the country, and the new year presents the perfect opportunity to sell your home.
Unfortunately, selling a house isn’t as simple as listing it online and receiving cash from a buyer. There’s a lot that goes into selling a house successfully, but our main focus today is timing. Everyone knows that timing is everything when selling a home, but when is the best time of year to sell a house?
Most real estate agents will tell you that spring is the best time of year to buy/sell a house, but that’s far from a great answer. You’ll need a much more comprehensive answer if you want to get the most cash from selling your house, and that’s where we come in.
In today’s post, we’ll be looking at when is the best time to sell your house and why so.
Try the First Month of Summer
The first month of summer, particularly June is the ideal time to sell your house. That’s because June attracts a seller premium of about 9.2%. This figure is according to a data analysis report by ATTOM on over 28 million single-family homes.
ATTOM Data is an authorized real estate data solution company that caters to real estate markets countrywide. They arrived at that conclusion via a systematic process that involved comparing the median sale prices with purchases on closing day and the automated valuation model at the time of sale. They then ranked each month from the highest median price, and June came out on top.
This seems like the perfect place to conclude the article, but we’re just getting started. Let’s look at why the beginning of summer is the best time to sell a house.
Why Is Early Summer the Best Time of Year to Sell a House?
You’ve heard from the pros that the beginning of summer is the best time to sell property fast, but why is this so? Is it because of the good weather, or because most people take a break from work or school during summer? Well, here are a few reasons why late spring or early summer is the best time to sell a house.
The Weather
Believe it or not, early summer is the best time to sell your house because of the weather. Spring weather makes house buyers go house hunting because of the cool breeze and sunshine. It’s also the time when flowers are in full bloom, and everything feels like rainbows and sunshine.
Spring is also the season with longer days and shorter nights. That means house buyers have more time to look at houses and make a purchase.
Greater Potential for Offers
With the influx of house buyers comes a wave of offers to entice the house buyers. A bidding war and competitive offers are just what any house seller wants to outshine the competition.
These competitive offers give you a chance to make a name for yourself with the house buyers. A potential buyer will be on the lookout for decent homes with a cash offer.
Buyers Want to Move in Time for School
Most buyers are looking to buy their new homes a little while before the new school year begins. That way, they can acclimatize to their new home before the children get back to school. Late spring or early summer presents the ideal opportunity to get used to the neighborhood and the general atmosphere.
Mortgage Approval
House buyers must make sure they’re in the right financial situation to qualify for a mortgage. Part of this involves checking their credit and their debt-to-income ratio for their mortgage approval.
Buying a house in June gives house buyers ample time to put their financial situation in order. By the time it’s crunch time, they’ll have figured out what loan amount they qualify for. This helps house buyers narrow down their options.
What’s the Worst Time to Buy a House?
Late fall and early winter are the worst times to buy a house, at least according to ATTOM Data, possibly because Late fall and winter register a meager seller premium of only 3.3%.
Most house-buying and even house-selling activities grind to a halt during winter. This doesn’t start instantaneously. Instead, there’s a steady decline in seller premiums starting from the beginning of September.
Part of the reason for this is that many families with kids who attend school will have already found a home. What’s more, most individuals take time off in December to unwind, travel, and spend time with their families. House buying takes the back seat because no one has the time to go house hunting.
However, if you’re lucky, you may nab one or two house buyers who are relocating for work or business reasons. Just don’t get your hopes too high because such home buyers are rare.
More Home Selling Tips
Now that you know the best time of year to sell a house let’s look at a few bonus house buying tips.
Hire a real estate: It’s always a good idea to hire a real estate agent to handle everything from marketing to the negotiations. Real estate agents are definitely worth your time and money.
Know your buyer: Have a firm idea of the type of buyer that would likely buy your home and appeal to them.
Emphasize photos and staging: Never underestimate the power of good photos and staging when it comes to house selling. Take professional photos and conduct proper staging for the best results.
Spring/Early Summer Is the Golden Time
No doubt the best time of year to sell a house is late spring or early summer works for the best. Apart from selling your house during that time, there’s still a lot you have to do for your house to sell as fast as you want it to. A great start is hiring a real estate agent to do your bidding.
For more informative real estate tips, check out the other pieces on the site.
