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Knowing when to sell a house is important. Unfortunately, there’s no easy, fail-safe answer. Some people suggest that spring is the best time to sell a house, usually because the weather is pleasant for people to actively look at homes that interest them. Another possibility is because summer break is just around the corner, making it an ideal time for buyers with kids to move without impacting school attendance.
However, there are more important things to consider when you’re ready to sell your house. Here are a few tricks of the trade that will give you some insight into the best time of year to sell a house.
Past trends suggest that spring is deemed a “seller’s market.” This season usually starts in May. You are likely to have better luck with selling your home during this time than at any other time of the year.
One of the major reasons spring is a good time to sell is because of the pleasant weather conditions. Warm temperatures and longer days tend to make buyers more comfortable shopping around for homes. Trees and flowers add curb appeal to homes as well. This is also usually the season when people get a tax refund so they have more funds available.
Another reason why spring is a popular time to sell a home is it marks the end of the school year for most students, making it easier for parents to decide on new neighborhoods without disrupting school activities.
However, if the spring is rainy in your city then spring might not be the best time to sell your house. Another downside is the fact that so many sellers are out there trying to attract buyers, so you may have additional competition in selling a home in spring.
Summer has a similar appeal to sellers as spring. Usually, real estate transactions are initiated in spring and finalize in June. Summer offers longer and brighter days with warmer, more favorable weather, which makes house hunting more comfortable.
With more people taking vacations during the summer months, one may allocate their spare time to buying or selling a home. Similarly, parents are likely to want to complete their move before the start of the new school year.
However, summer may not be the best season to sell if it is too hot in your area. In a market where summers are also often deemed a buyer’s market, the competition to get your house sold would be tough. It may also cost more to sell your home during the summer because you have to keep the air conditioner cranked to ensure the house is comfortable when it’s shown to potential buyers.
It’s impossible to say with absolute certainty whether fall is the best time to sell a home. It may certainly work in some sellers’ favor. Of course, it depends on the weather conditions in the area. If fall is considerably warmer and beautiful, you may get lucky and get your home sold during this time.
One benefit to selling in the fall is that there will be less competition in the market. People who didn’t close on their real estate deals in summer will be looking to make things happen in the fall. Moving prices are usually cheaper during the off-season than in peak season, so you would save money in moving costs.
On the contrary, when the market is more sluggish it tends to benefit the buyer. Buyers become more demanding. Additionally, homes can lose their curb appeal in the fall and attract fewer buyers.
To be honest, winter is the toughest time to sell a house. However, if you happen to be in a city that has mild winters and is a popular tourist attraction in winter, then winter is, of course, your season. If you can present your home as a vacation spot, you are in for a big return.
One thing is for sure: if you find a buyer in winter, he is going to be highly motivated and keen on making a deal sooner. Given there are fewer homes in the market, it improves your chances of selling a home. The year is winding down and agents want to meet their year-end sales target, so they, too, are more motivated to do what it takes to make things happen for the clients.
On the flip side, the days are shorter and colder so most people resolve to hold off on making any moves during this time of the year. Most of the time it is not convenient to plan in-home tours anyway due to in-climate weather, holidays, etc.
Most people say spring is the best time to sell a home, but it was not the case in 2020. Although the season does play a role, it also depends on a host of other factors such as job opportunities, economy, and interest rates.
Given the historically low-interest rates of 2020, experts say now is the best time to sell a house. There are also fewer homes on the market so the demand for homes is increasing. Lower interest rates also have made sales prices increase, which benefits sellers. So if you’re looking to sell now’s the time.
Having said all that, the best time to sell the home will depend on your location and circumstances. Above all else, the best time to sell the home is when you are ready to sell the home. There are always motivated buyers in the market.