Some people don't have a choice of timing when it comes to selling a home. If they're moving because of a work change or a family emergency, they'll have to sell immediately. People who are selling their home for lifestyle reasons such as downsizing, seeking more space, looking for a better school district, or moving to a new neighborhood have the luxury of choosing when to include their home in local property listings. Some times of year are better than others when it comes to selling. Local experts can provide specifics about different areas, but some general rules of thumb apply that will help move a piece of property quickly and at a price premium. Read on to learn about the best time of year to sell a home.
Generally, late spring is the best time of year to sell a house. People who put their home on the market in May experience a faster sale and make more money than people who list their home during other times of the year. A couple of things likely drive this trend:
- School Schedules: Parents of children rarely want to move their child from one school to another during the school year. For this reason, they often attempt to move during the summer so their children can start attending their new school at the beginning of the school year.
- Competition: If people selling their homes all agree that early spring is the best time to sell their home, buyers will be scouring property listings during that same time of year. A lot of people will be out house hunting, and competition over a home can drive up the selling price.
There is some evidence that the day of the week in which a home is listed can speed up a sale. For example, homes listed on a Saturday typically get seen quickly by people house hunting on the weekend.
There are exceptions to this rule, however, and a local real estate agent can help home sellers select the best time to list their home. For example, people often change jobs at the beginning of the year, so people relocating for work are out in full force in January and February seeking a new home. These people are motivated to buy quickly in hopes of being settled before they begin their new job. Mortgage rates also are a factor, so prospective sellers should be aware of these trends. A falling mortgage rate might drive potential buyers to start scouring the market, which makes it a perfect time to sell.
Start looking at property listings today if you're interested in buying a new home.Share