Timing is everything for the best chances of success when selling your home. While there are some objective, good fiscal reasons to sell, there are also subjective personal reasons that can be equally as important. Here are some factors you should consider before listing your home.
Spring
Seasonally speaking, the spring market is the most popular time to buy and sell.
While May has been touted historically as the best month to sell, in recent years homes listed in March have sold the fastest.
Why Sell in Spring?
- Homebuyers tend to taper off during winter months. Cold weather, holiday obligations, kids in school – for all of these reasons and more, fewer people are actively looking for homes to purchase.
- And then comes the turn-around: cabin fever and spring fever stimulate home shopping. The warmer weather with longer days brings people out of winter’s hibernation.
- A seller’s energy level tends to rise in the spring. Spring cleaning is a great time to take it up a notch and get your house ready to be put on the market.
- Spring’s lush landscaping boosts curb appeal. Blue skies and blooming flowers make for fabulous real estate photos!
- Tax refunds give prospective buyers an added boost of consumer confidence.
Summer
Although not as popular as spring, summer is also a popular time to sell. Families with school age children often feel a sense of urgency to move before summer break is over. They also want their children to be settled into a school district since changing schools during the academic year can be disruptive.
During a Seller’s Market
When there are more potential home buyers than properties available, you are more likely to sell your home fast and may even receive multiple offers resulting in a full- or above-price sale. How can you tell if it’s a seller’s market? If houses aren’t sitting on the market for long (typically less than three to six months) and they are selling for over asking price, it’s probably a great time to sell.
When Interest Rates Are Low
A drop in mortgage rates stimulate home sales. For the last few years, rates have been historically low. Buyers feel more confident as their budget can stretch to get a better house.
Personally or Professionally, It Makes Sense.
Maybe you’ve accepted a new job that makes your current commute unbearable or impossible. Or maybe your current job is now allowing you to work remotely which geographically opens up your location options.
Perhaps you are looking for a change of scenery – from the city to the country or vice versa – or want to move to a different school district.
Have you increased your family size and outgrown your current house? Conversely, are you looking to downsize?
Other personal reasons people consider selling include death (of a spouse), divorce or desperation. If one of these circumstances makes the burden of your home – or mortgage payments – too great, it’s probably time to sell.
Finances
Has your home gained substantial equity that you’d like to use toward a down payment on your dream home? Or is it time for retirement and your equity could bring you a nice addition to your retirement account?
