The process of selling a house can be emotionally exhausting and shockingly time-consuming, especially if it’s your first time. Most times, you may feel like potential buyers are invading your privacy.
That’s because they will come over into your house, check around opening your cabinets and drawers, and examine if the house is a good fit for them.
They may also criticize different aspects of your house, making you feel uncomfortable. Unfortunately, you will need to endure all this if you want to sell your home successfully. However, it’s easy for you to make a mistake if you’re selling your first house.
The most common mistake homeowners make when selling a home is not understanding the real estate market. There is a right and wrong time to sell your home.
So what is the best time to sell a house? Read on below to find out.
Best Month to Sell
Historically, May is the best month to sell your house. However, recent data shows that June is actually the best month to sell a house. According to data from homes listed in 2019, people sold their houses faster when they listed between June 15th to 29th.
If you want to sell your house at a higher price than your asking price, ensure you list your home from May 23. However, if you list your home in October, it is more likely to sell way below the asking price.
However, always remember that other factors also determine the best timing to sell your home. Before listing a house, check the current real estate market conditions, mortgage rates, and any available tax incentives.
Best Day of the Week to Sell
Believe it or not, there is a good and bad day to sell your house. Thursdays are said to be the best day to post your listing. That’s because most homes listed on Thursdays were sold faster and above the asking price.
The houses posted on Sundays are more likely to stay on the market for longer than those listed on Thursdays. But Mondays and Saturdays are generally better alternatives to Sundays. However, homes listed on those two days often sit on the market for more days than those listed on Thursdays.
According to research, homes listed on Thursdays have a higher probability of selling above the asking price. Alternatively, those listed on Sundays and Saturdays have a 1.3% probability of selling below the asking price.
What Is the Best Season to Sell?
While there is good and bad timing in seasonal real estate, the best and worst time to sell your home greatly depends on where the house is located. Most people know that spring is generally the best season to sell your home. That is because most potential buyers often prefer making a home purchase in spring.
However, the pandemic and its resulting economic consequences have negatively impacted the home selling industry. Read on below to understand the different market conditions during the seasons of the year.
Selling Your Home in Spring
Judging from historical trends, most individuals prefer shopping for houses during warmer weather conditions. Thus, it’s advisable to start preparing your home for sale during winter. This helps you take advantage of the market during spring when many buyers are looking to purchase a home.
Thanks to the tax refunds, warmer weather for relocating, and the upcoming school summer break, spring is the best time for people to purchase and sell their homes.
Selling Your Home in Summer
Summer is also a great time to list your house for sale. Selling a home during summer is relatively easy. That’s because of the school breaks, warm weather, and availability of more daylight hours that allow buyers to take house tours and check out open houses.
Unfortunately, most people also take their vacations during summer. Thus, you may experience a slight slowdown than in spring. There are also specific locations where the summer heat is too much for potential buyers to shop around comfortably, thus, slowing down the market.
Selling Your Home During Fall
Many potential buyers looking for houses during the fall could be in a hurry to settle down before the pick-up of the new school year. They may also be looking to settle before the bad weather sets in. Sellers could take advantage of the urgency and desperation of the buyers.
However, keep in mind that a higher percentage of off-season potential buyers may be looking to relocate because of layoffs, job transfer, family problems, or short sales. Thus, they may be on a tight budget.
Selling Your Home in Winter
If you live in an area that experiences harsh winter conditions, the market is practically dormant during the winter months, and your house may take forever to sell. However, people who live in areas with warm climates all year round are at an advantage.
If you live in the Southwest, you could take advantage of the snowbirds who flock into your area to purchase a home in search of sunshine.
Know When to Sell Your Home
Are you wondering when the best time to sell your home is? There is no definite answer to this question. However, depending on your location and the current market conditions, spring is typically the best time to sell, while May is the best month of the year to list your home.
Always remember that some people may sell their homes successfully and above the asking price during off-peak seasons. Thus, take your time to analyze the market.
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