Inquiring minds want to know, "Is the summer a good time to sell my home?" We don’t want to leave you in suspense, so here’s the long and the short of it: Summer is actually one of the worst times to sell your home, according to many realtors (and depending on your particular market). That is because most people are vacationing during the summer while their kids are out of school. When they’re not vacationing, they’re still seizing the opportunity to lounge around by the pool, and probably not taking the time to house hunt.
Then again, some people feel like the summer is an ideal time to move since moving during this time doesn’t disrupt their kids’ school schedule.
An average of 50% of homes are sold during the summertime.
So, what we’re trying to say is that selling your house in the summer is kind of a gamble. If that’s the case, when is the best time to sell your home?
There’s a sweet spot. When the school year is winding down but before the summer vacation officially commences, many homes get sold.
Zillow.com researchers discovered in a recent study that homes listed on the market between the 1st and 15th of May sold nearly 19 days faster than homes listed at other times during the year. Homes listed during early May were also sold for more money than homes listed during alternative times.
Early May is a great time to entice prospective buyers because the nice weather lures residents from their homes. The nicer the weather, the more chances you’ll have to show your home, and the more chances you’ll have to sell it.
However, before putting your home on the market, you should check to see how many other homes are for sale. The best time to sell your home may not be early May if a considerable amount of people are also selling their homes during that time. That’s because high supply usually translates to low demand, which translates to lowball offers from prospective buyers.
When selling your home, it’s not only important to consider the time of year, but also the state of the economy. You might be ready to sell your home, but other people may not be in a place, financially speaking, to buy it. The economy ebbs and flows, so keep an eye on the stock market.
Deciding when to sell your home can be complicated. It is difficult to determine the perfect time, the right price and the right prospective buyer. That’s why we’re here. Call us today for assistance.