Housing prices have been up this year by 7% on average across the country from a year ago. Determining when to sell your home can help you to get more money from the process and also reduce some of the stress. Below are some tips and tools to decide when the best time is to sell your home.
Generally, experts in real estate claim that the best time to sell your home and get the most money, on average, is during the first half of May. This is in the swing of spring across much of the US. Temperatures are warm, the sun is shining, and summer vacations are not far away. People often like to move when their children are out of school, so for these reasons, selling in spring makes sense.
But other factors can make a difference on the best time to sell your home, including the specific aspects of your local market, what the job growth rate is in your city, interest rates and property taxes.
For the first half of May across the country, homes that sell in the first half of may sell two weeks faster and for $2,500 more.
Also, according to the New York Times, people who listed their homes for sale in the cities below had the best results at certain times of year:
- New York City: Between April 16 and 30 – sold 14 days faster and for $3000 more.
- Los Angeles: Between May 16 and 31 – sold 9.5 days for $8100 more.
- Chicago: Between April 16-30 – sold 18.5 days faster for $3000 more.
- Dallas: Between May 1-15 – sold 7.5 days faster for $3000 more.
- Philadelphia: Between May 1-15 – sold 18 days faster for $2700 more.
- Miami: Between May 1-15 – 15 days faster for $1900 more.
- Atlanta: May 1-15 – 11 days faster for $2700 more.
If you are thinking about selling your home during other times of the year, here are some things to consider:
Summer can also be a good time to sell your home because it is sunny and warm in most of the US, and children are out of school. Having more day light and sun makes it easier for people to come to your home to check it out.
However, note that many people take their vacations from June to August, so you could have some lulls in there. Also, if you live in a hot part of the US, such as Florida, Arizona or Texas, there may be fewer home sales in the summer because it is so hot outside.
If you live in St. Louis, real estate experts find that the best time to sell is in early summer from June 1 to 15.
Many home buyers who are shopping in September could be trying to move in before the school year starts, or the weather starts getting cold. But many people who are shopping at this time could be moving because they are dealing with a job change. They could be more sensitive to your list price.
Winter is usually the slowest time to sell a home. People are focused on the holidays. The weather is cold and often snowy. But if your home is in the southern US or west, selling in winter can work because the weather is quite mild or seasonable.
Seasonality is not the only factor that affects when you should sell:
A buyers’ market is when there are a lot of homes for sale; they exceed the number of people who want to buy. Where there is a high inventory, sellers can expect their properties to be on the market for longer before they get an offer. You could need to sell below the list price or make concessions, such as paying some closing costs.
A sellers’ market is when there are more home buyers than there are properties for sale. A sellers’ market has been occurring across much of the US for the last two years. A sellers’ market is a good time to sell because you can expect to sell it faster and you might even get more than one offer. Some home owners could get a price above asking, which is a great bonus.
Real estate and finance experts also point out that if your area has especially strong employment and population growth, it could be a great time to sell. There are probably people with new jobs moving to the area who need a home.
A time of low but rising interest rates, such as mid-2018, is also a good time to sell. Rates are still in the 4s, but rates are on the rise, which can spur many people on the fence to jump into the housing market.