Thinking about selling your home? Before putting your house on the market, you should first take into consideration all of the important factors that could yield a larger profit, such as the time of the year you put your home up for sale. Although location is king, seasonal changes play an important role as well. In fact, according to Zillow, home sales differ on a month-to-month basis, and can be compared using their analysis of seasonal sales chart. While selling at the highest profit margin is every exiting homeowner’s goal, strategically putting your property up for sale during a more “favorable” time, can prove to be more profitable. Continue reading below to learn when is the best time to sell your home.
Best time to sell your home
- Peak Season
Simply put, peak season is statistically the busiest time of the year when people buy and sell real estate. Generally speaking, springtime leading into summer is known to be the peak season to buy or sell real estate. This is especially true for communities that host local schools as one of its main attributes. People looking for a home in such neighborhoods tend to want to buy in spring or early summer to make sure their kids are settled in time for the new school year. According to Realtor.com, 50% of all moves take place during this time. While that is an overwhelmingly high number, not all communities share the same peak seasons. Retirement states that experience warm weather all year around, such as Florida, will have an entirely different peak season than similar communities on the East Coast. Although peak seasons can change, and are affected by location, selling during the peak season has its advantages. Let’s take a look at some of the pros of selling home during peak season.
- You have the freedom to set the asking price higher during the peak season. Although many people put their home up for sale during peak seasons, the asking price does not drop because the demand is just as high as supply.
- You can be picky when screening potential buyers because peak season brings around lots of candidates shopping for a new home. Selling your childhood home and don’t want just anyone living in it? Peak season allows you to look for the perfect family to take your place.
- Peak season can yield higher valuations on properties, as a result more money in your pocket. During peak season, the high demand drives up the value of homes. As a result, similar homes in the neighborhood are sold at a higher price as well. This is great news for you, as the appraiser will look at comparable homes that were recently sold in your neighborhood, and use those sale markers to assert the value of your home.
- The high demand during peak season brings many potential buyers wanting to purchase your home. Bidding wars between buyers have been known to drive up the asking price. Ultimately closing the sale above the asking price.
- Buyers are also less likely to make repair demands at this time, due to fear o flossing the sale to another buyer.
- Sellers’ market
In real estate jargon, a seller’s market simply means that there are more buyers than there are homes available for sale. This allows you, as the seller, to be more assertive when accepting offers from potential buyers. Keep in mind however; overpricing your home can also scare buyers away. On the other hand, a buyer’s market can work against the seller as home prices are forced down because buyers have many options to choose from. Although a seller’s market gives the seller leverage and a buyer’s market can make the selling process tougher, both have little impact on the best time to sell your home. Ultimately, the peak season of your area market will play a much bigger role regardless of the market being a seller’s market or a buyer’s market.