Oftentimes, one of the first questions a homeowner will ask before delving into the selling process is: when is the best time to sell a house? It's a valid question, as timing can have a significant impact on the return you see on your investment. According to ATTOM, you can sell your home for thousands of dollars more in the spring and early summer than in the winter. But let’s dive a bit deeper, shall we?
The Best Months to Sell: Navigating the Calendar of Opportunity
The decision to sell your home is a profound one, often intertwined with a myriad of emotions and memories. But beyond sentiment, there lies the practical aspect of timing. When should you showcase your beloved home to potential buyers for the best return? Let's delve into the data over a decade to glean insights on the most rewarding months to embark on this pivotal journey.
|Median Sales Price
Peering into the table, it's evident that the warmer months of late spring and early summer—May, June, and July—shine the brightest for sellers. These months not only promise the allure of blooming gardens and longer daylight hours but also bring forth the highest median sales prices and seller premiums. But remember, every home has its own story. And while numbers offer guidance, your unique narrative and circumstances, paired with the expertise of a trusted real estate agent, will craft the most fulfilling chapter in your home-selling journey.
Selling your home by season
Selling during autumn's embrace
As the colors of the leaves change, so does the housing market. The fall isn't always the first season that comes to mind when considering the best time to sell. However, with the school year starting anew, many buyers might be in a rush to settle down before winter. In fact, local markets often see a surge of serious buyers during the early fall months. The allure of cozy home tours and the motivation to move before the busy holiday season can be an advantage to home sellers.
Embracing the frost: selling in the cold winter months
There's a conventional wisdom that winter isn't the best time to sell a house. It's true that buyer demand may dip, but this doesn't mean you should hibernate and wait for spring. In fact, fewer homes on the market mean less competition. Furthermore, winter buyers tend to be more serious, often looking to finalize a real estate transaction before the year's end or when mortgage rates drop. So, when the temperature drops, remember that the market value of homes sold during this season can still warm your heart.
Blooming sales: selling as flowers bloom in the spring
Ah, spring! The season where many homeowners often feel it's the best time to sell a house. As the warmer weather graces us, the housing market starts to sizzle. Many buyers emerge from winter hibernation, searching for their dream home. The combined allure of tax refunds and the anticipation of summer makes the late spring months peak market conditions for a home sale. Remember, it’s not just about selling a house; it's about making the most of the right market conditions.
Sunlit sales: offloading property during the sunny summer days
The long days of summer often echo with the laughter of children on school breaks, barbecues in the backyard, and a fervent housing market. Buyers shopping during the summer months often hope to settle before school starts, making it a bustling time for home sales. And with daylight savings time extending home tours into the evening, potential buyers have more time to find their perfect abode. Don't underestimate the power of the sun; the summer radiance often brings a glow to the selling process.
Making Informed Choices in Fluctuating Conditions
Selling a home isn't just a financial decision—it's a deeply emotional one. Whether it's the house where you brought home your first child or the place where you finally realized your dream of owning a property, when you decide to sell, you want to make sure the timing is perfect.
Selling in a Sea of Buyers: The Buyer's Market
In a buyer's market, the scales tip in favor of those looking to buy, meaning there's an abundance of homes available and fewer buyers shopping. Such conditions can make it a challenging time to sell a house. Home sellers may find themselves facing stiff competition, necessitating impeccable home presentation and perhaps even considering a reduced asking price. However, with a knowledgeable real estate agent by your side, understanding the local market's nuances can help ensure a successful sale, even in less-than-ideal conditions.
Riding the Seller's Market Wave
Conversely, in a seller's market, the tides turn. With more buyers than available homes, home sellers can often enjoy a quicker selling process and even top dollar for their properties. This is often considered the best time to sell a house. With many eager house hunters ready to pounce on new listings, sellers can confidently set their asking price and often expect multiple offers, especially if their home is in tip-top shape.
Taking Advantage of the Calm: Selling When Mortgage Rates Drop
When mortgage rates drop, it's like a gentle rain after a summer's heat. Potential buyers become particularly active, aiming to lock in a low rate and reduce their monthly payments. This surge in buyer demand can be advantageous for sellers, presenting an opportune time to sell and potentially fetching a higher price due to increased competition.
Recognizing Your Personal Best Time to Sell
Adapting to Life's Dance: When a Lifestyle Change Beckons
Sometimes, it isn't about the housing market at all. Perhaps it's the birth of a child, a new job, or the pursuit of a different lifestyle—these personal milestones might dictate the best time to sell for you. When your current home no longer fits the rhythm of your life, it's time to consider moving on.
A Well-Tuned Home: After Completing All Repairs
Every homeowner knows the symphony of little sounds that a house makes—the creaking stair, the tap that drips, or the window that doesn't quite shut properly. Before placing your home on the market, ensure all those repairs are completed. A house in perfect harmony will always be more appealing to potential buyers.
Financial Freedom: Selling When You're Financially Prepared
Deciding to sell is not just an emotional journey; it's a financial one. Before diving into the housing market, ensure you're in top financial shape. This means understanding the value of your property, being prepared for the costs associated with selling, and having a clear idea of your next steps post-sale.
About Zane Petersen
Zane Petersen, the visionary behind "You Deserve A Dream Home™", stands tall as the CEO of Lake Minnetonka Luxury Brokerage with an illustrious 23-year journey in real estate. If you're looking to buy or sell a home or have any questions about the Minnesota real estate market, contact Zane Petersen today.
*Header photo courtesy of Zane Petersen