The Best Time to Sell Your House
During the past few years, the real estate market has been particularly hot. There have been a lot of prospective homeowners looking to buy and a low inventory of available houses. This provides sellers with a strong leveraging opportunity that allows for faster sales at higher prices. However, regardless of the state of the market, timing plays a big role in the success of a sale. When you choose the right time of year—and in some situations, the day of the week—you may be able to net more money and enjoy an easy, expedited process along the way. To give you a better understanding, consider the following information on the best time to sell your house throughout the year.
7 Tips for Determining the Best Time to Sell a Home
When you start looking online, there are several reputable websites that say, “the best time to sell your home is in…” Some websites say March, others say June. So, which one is it? Trying to determine timing when you’re putting your house on the market is frustrating, but it can also be a dynamic factor. Each year, the market follows a different pattern and the best time for selling can vary. The nationwide average isn’t always the best determinant, as every state, city, town, and neighborhood are different. For some guided direction, use the following tips to determine the best time to sell your home.
1. Consider the Month
According to Zillow, the best month to sell a home in 2022 is March. However, other sources say April, May, June, etc. This can be confusing and downright frustrating for many sellers looking for a straight answer. However, all of these months tend to have high seller premiums and are considered a good time to put your house on the market. Previous data shows that the entire home selling process may be fastest in March, but premiums are at their highest in July. Therefore, the best month to sell your home can vary across individuals. Things that are happening in the world can also affect the data—such as the onset of the COVID pandemic in March 2020.
If you’re looking for a direct answer, the best time to sell a home has historically been the month of May. However, June and July are also considered peak times. Ask your real estate agent for input regarding what’s considered the current “best month” to sell in your neighborhood.
2. Choose Your Listing Day
The day of the week you list your home also has a surprisingly high impact on the overall sale. For example, homes that are listed on a Thursday tend to sell faster and above listing price when compared to homes listed on other days of the week. Experts recommend putting your house on the market on a specific date if you’re looking to save time and maximize profits. That day is the Thursday before Labor Day.
Avoid putting your house on the market on a Sunday, as it’s one of the worst days to list for a fast, stress-free sale. The differences can be marginal, but when selling your home, they’re worth looking into. Talk to a seasoned real estate agent to determine the best listing day for your home and region.
3. Think About Location
This is one of the most impactful factors when trying to determine the best time to sell. Every region, state, city, and even local municipality will have different data on their unique housing market. Putting a home up for sale in New York City, for example, is not going to be the same as putting a home up for sale in Arkansas or Florida. While you may be able to gain access to more information about your local area, the best way to stay current with any changes or tips is to work with a real estate agent and ask them. Real estate agents understand the trends and market history for specific areas, allowing you to maximize profit and minimize effort.
4. Analyze Seasonality of the Market
Another tip for choosing an optimal time to sell is to analyze the seasonality of your local market. This can be achieved by looking at historical data on sales based on the time of the year they were listed. Generally speaking, spring takes the number one spot on the best time of the year to sell. As the weather starts to get warm again and people get more active, buyers are more likely to resume searching the market. Summer is also a good season, as families have more time, and the longer days allow for working professionals to visit more homes. Fall may work, but once the school year starts it can get a bit hectic. Winter is the worst season to list your home.
5. Pay Attention to Mortgage Rates
Over the last few years, mortgage rates have been at an all-time low. This has prompted many first-time home buyers to start their search. While high mortgage rates are preferable to some, low rates increase the saturation of buyers on the market and can help expedite the selling process.
6. Determine Your Needs
Some homeowners don’t have the luxury of waiting for the perfect month to sell, and that’s okay too. It’s important to be realistic and consider what’s going on in your life when you’re putting your house on the market. For example, if you experience any lifestyle changes, such as job relocations, a growing family, or a need to downsize, you may prefer to begin the selling process as soon as possible. This is especially true in regard to job-related moves. Homeowners that need to relocate for a position are usually on a strict timeline and can’t wait months or be picky about timing.
You should also consider your emotional preparedness about the matter. Some people feel rushed into selling their home because of the market status, which can make the entire process overwhelming and unenjoyable. If you’re not ready to sell in March, don’t feel like you need to put your home up before the summer ends.
7. Work with a Real Estate Agent
The best way to determine optimal timing for selling your home is to work with a seasoned real estate professional. There are so many variables that change based on location and current events that choosing an arbitrary date from a quick Google search may not result in the sale you’d hoped. Find an experienced, local realtor to help you with the home selling process.
When to Avoid Putting Your House on the Market
Although every sale is different, there are a few times of the year that result in lower premiums and profit. This tends to occur around fall and winter. Seller premiums usually begin to drop around September and remain low until around March and April when things start to pick up again. These lower rates tend to correlate with the return to school and the holidays. The weather also plays a big role in this. Similarly, as the days get shorter, more people tend to stay home. However, keep in mind that your location has a lot to do with this. Homeowners that live in Florida or other areas with year-round nice weather may experience different results.
If you need to sell during the winter or fall, try to choose any month aside from December. People are busy with the holidays and focused on preparing for the upcoming year. Nationwide, December is the worst month of the year to sell a home and the seller premium is at a year-time low. This could decrease your net earnings by thousands of dollars. Again, real estate can fluctuate between different areas of the country, so timing is an important factor to discuss with your real estate agent.
When you start thinking about putting your house on the market, connect with a local real estate agent to discuss the timing. This gives you the opportunity to go over your needs and goals of selling your home. Your real estate agent will also be able to give you key insight regarding the best time to sell a home in your local area. For optimal real estate timing, work with a realtor you can trust like the ones at First Star Realty. First Star Realty is committed to providing five-star realtor services to Northwest Arkansas. Our clients always come first, which is why we’ll be with you throughout the entire buying or selling process. If you’re ready to buy or sell a home, our team of highly seasoned real estate professionals are standing by to simplify and expedite the process. Call us at 479-267-1600 or fill out a contact form today.
