The Best Time to Sell Your House–Why It Could Be Now

Over the past few years, the real estate buying and selling market has been growing exceptionally, especially for sellers. Because, in peak time, sellers can earn more than the average price. So, when is the peak time to sell your house? In this article, we will guide you to choose the appropriate time to sell your house, whether the local market condition is in your favor or not.

The Best Time to Sell a House

Understanding the real estate market's seasonal trends is crucial and is the first step to determining the best time to sell your home.

Best Season to Sell a House

The season is very important when it comes to selling a house because, in the appropriate season, you are going to get a higher price than usual. Seasonality also impacts the demand and supply of the real estate market, and it changes throughout the year.

Spring is considered the best season to sell a house. More specifically, the late spring and early summer are the best seasons of the year to sell a house. The history of real estate transactions also tells us that spring and summer is the peak time to sell a house. In these seasons, you can expect that you will be able to sell your home faster. But, this is not the only thing you are going to benefit from these seasons. In these seasons, you should be able to get a higher price than the average price of your house.

The Best Month to Sell a House

Real estate market history tells us that the month of May is the best month to sell a house.

Real estate research firm "ATTOM Data Solutions" has conducted research on condo and single-family home sales. This research covered a ten-year time span, 2011 to 2020. According to this analysis report, sellers have got the highest premium in the month of May. Apart from the month of May, March, April, June, July, and August also get higher premiums than the winter and fall. Below are the statistics of the highest premium generated months based on the median value and median sales price:

Source: ATTOM Data Solutions

I do not understand these stats. Real estate values are always changing, and they are pretty high currently, and those numbers above are not reflecting our current numbers. Also, in Arizona that is not a cold climate that I have found the best time to list is March. Homeowners will skip summer because of the heat and they are out of town, then skip fall with back to school and Thanksgiving and Christmas, and then list in January. So a lot of inventory piles up, and by March, we are pretty tight on inventory so we see the values increase. Also in January, we get a lot of winter visitors buying, and between January and March, potential buyers are getting tax returns too. Summer closings come from spring, so summer looks good, but I see less escrows going in after July.

Seasonality Impacts When to Sell a Home

Though the local housing market situation is important, you have to choose an appropriate season when it comes to selling a house because, in the off-season, you may not get higher home prices than average.

Selling a House in the Spring

Believe it or not, spring is the best season to sell a house. In the spring, slightly warmer weather comes out, bringing more real estate customers because in the spring season, people get their tax refunds and kids get summer breaks from school, which is the appropriate time to move to a new home.

Selling a House in the Summer

Apart from the spring season, summer is also a great time to sell a house. More specifically, the peak time for selling a house is late spring and early summer. Like the spring season, the summer has the school's summer breaks and more daylight, giving the home buyers more time to choose a house. But, in the late summer, house selling and buying slow down.

Selling a House in the Fall and Winter

If you are thinking of selling your house, it will be a wise decision if you avoid the fall and winter seasons to sell your house.

During these seasons, kids' new school year starts again, and people's holiday season also starts, making them less busy finding a new home. 

Not only that, the weather also plays a big role in selling a house. In the winter months, temperatures drop, and night comes earlier, making people stay home more than usual.

Selling your House in a Buyer’s Market or Seller’s Market

Tips For Selling in A Seller’s Market

The seller's market typically has many buyers in comparison to buyers. Selling a house in the seller’s market is the best option because sellers have more control to ask for higher premiums. Here are some tips:

• You should prepare yourself to move fast because there will be some buyers who will offer you all-cash offers and you may have to leave your house within a week. So, make sure you set your move-out plan before listing your house.

• Appraised value issues may arise when you choose the seller's market to sell your house. So, be prepared for this. If you get an offer that requires mortgage financing, you should make a plan for appraisal. You have several options if the appraisal value is lower than the asking price. You can lower your asking price to match the appraisal value or reject the offer.

• You, as a seller, should offer more incentives so that you can compete with potential buyers. If needed, adjust the asking price so that both parties are satisfied with the deal.

Tips For Selling in A Buyer’s Market

The buyer's market typically has fewer buyers in comparison to sellers. That's why you have to prepare your house properly to sell in the buyer's market. Here are some tips:

• You can offer your buyer that you will pay the closing costs. There are some mortgage programs that will allow you to pay a maximum of 9% closing costs. The closing costs percentage mostly depends on the mortgage loan type and the down payment provided by the buyer.

• Make a plan to repair your house because repairing will increase the property value. In the buyer's market, there will be more houses than the buyers. So, your house has to be in top shape to compete with other sellers. If any repair issues arose during the inspection, make sure you fix them.

If you have not done any home buying and selling before, you should avoid trying to sell your house on your own. You should hire a licensed real estate agent. Although real estate agents ask to be paid a commission for selling your property, it will be a wise decision.

How Can You Know You are Ready to Sell Your House?

If you’re doing the following things, you're most likely ready to sell your house:

• Your current home isn’t sufficient enough for your needs.

• You want to be closer to your relatives and friends.

• You want to be closer to your office, or you are transferred to a new city.

• You can make more money from selling your current home.

• Your family has become grown.

• Your kid's new school is far away from your house.

It will be a wise decision to delay selling your house if you're facing the following things:

• You can't buy a new home at the current price.

• Your home needs to be repaired and upgraded to sell your house. [We have our fix it to sell it program]

• Your income isn't stable, and you need a mortgage loan to buy a new home.