One of the most common questions real estate agents get is when it is a good time to sell a home. We have to say that this is a very important question and deserves to be considered as such. After all, you don’t sell your home every day and you certainly want to make the best sale possible. So, while you may need to sell your home for personal reasons, some factors that play a very important role in getting the best value.
Overall speaking and considering different studies, May is usually the best month to sell your home in terms of the sale price but also in terms of quickness. However, we can’t always wait for May to sell a home as well as there are other factors to take into consideration to ensure that you get the best value. From tax incentives to the mortgage rates, not to mention the job growth in your area.
When Is It A Good Time To Sell?
As we already mentioned, there are different factors that you need to take into consideration when you are choosing the best time to sell. Even though most statistics and studies show that May and June tend to be the best months to make a quick sale at higher prices, this doesn’t mean that you can’t get a good deal during the rest of the year.
#1: Take A Look At Your Local Housing Market:
When you are deciding if this is the right time to put your home for sale, you need to carefully look at your local housing market. The reality is that you may discover that you are in a “buyer’s market” or in a “seller’s market” instead. Ultimately, you just need to discover if the market is in your favor or not.
Some of the questions that you need to answer include:
Are homes selling quickly?
Are home prices increasing in your neighborhood?
Are the prices higher or lower since you bought your home?
Answering these questions will help you get a more clear vision about how your local housing market is and if it is a good idea to sell you home at this moment or if it is better to wait.
#2: Ensuring That Your Home Is Appealing:
As you probably already know, to ensure that you get a higher price and make a quicker sale, you may need to invest a bit in your home. Some simple and affordable repairs may do the trick to ensure that you make a good deal.
Overall speaking, potential buyers should be able to feel at home when they are visiting it. A few walls painted, some cracks repaired, and even some doors or windows replaced may be more than enough.
#3: Consider The Consequences Of Not Moving:
When you just got a job offer or a promotion that you have been waiting for, for such a long time, you couldn’t be happier. But there’s a catch: you need to move to a different state. This along with other personal reasons such as caring for older parents, growing a family, or even the need to find a cheaper home are some of the reasons why people want to sell their homes and they need to do it quickly.
As you already know, May and June are usually the best months to sell your home for a higher price and faster. So, you need to consider the consequences and costs of not moving immediately.
We already mentioned that seasonality truly affects the way houses are sold. However, all seasons have their pros to start looking for a new home which can be a good opportunity for you:
Spring: There’s no question that most houses are sold in spring. After all, the weather is warmer not to mention that tax refunds already arrived. So, with their pockets full and with summer just around the corner, this is the most popular season to buy and sell.
Summer: As you can easily understand, the same reasons buyers tend to look for a new home in spring apply to the summer. The good weather and school breaks make the ideal period. However, in some states, the temperatures are quite high making it a bit uncomfortable to be outdoors. In addition, this is also the season when people go on vacation.
Fall: Most home sales completed in the fall occur in the first month or so when the weather is still good. In addition, many people want to have everything ready before schools open. The vast majority of homes that are sold during this season tend to happen due to a family issue, layoff, or job transfer.
Winter: There’s no question that this is the slowest season for home sales. Nevertheless, it also depends on where you live. For example, the real estate market in Florida is still quite active while on snowy states it almost stops.
#5: Tax Incentives:
Another major factor that plays a role when you are trying to decide when it is a better time to sell your home is tax incentives. Some states and even counties tend to give tax incentives to people buying a home. So, it is always a good idea to see if your area is currently included in such a program.
Deciding to sell your home is never easy no matter the reason. While you may be moving to a bigger home or to a new home to be near your new job or family, there are always memories that stay behind, that are attached to that home.
While you may need to sell your home fast and at a good price, you may not achieve both. Hopefully, these factors we just mentioned above may help you achieve your goal.
One of the things that you should never forget when you are selling your home is that you won’t get the entire amount in your pockets. The truth is that there are always extra costs such as small investments to make your home more appealing as well as moving costs.