If you're thinking about selling your house, you may be wondering when the best time is to put it on the market. Timing can be critical when it comes to selling a house, as it can impact the sale price and the length of time the property spends on the market. In this article, we'll explore the factors that influence the best time to sell a house.
When is the Best Time to Sell a House?
Selling a house is a big decision, and timing is crucial. The best time to sell a house varies depending on various factors. According to last year's report by ATTOM Data Solutions, the peak months for selling a house were May, June, and July. These months offer the highest seller premium, netting thousands of dollars more compared to the slower months of October and December. The seller premium is the amount above the home's market value.
Their data showed that May is the best month to sell, with homes selling for a median sale price of $208,273 and a median AVM of $185,000, resulting in a seller premium of 12.6 percent. June and July are the second and third best months to sell, respectively, with seller premiums of 10.7 percent and 10 percent. April and March follow closely behind, with seller premiums of 9.2 percent and 8.9 percent, respectively.
On the other hand, October and December are the two worst months to sell, with seller premiums of 5.2 percent and 6.3 percent, respectively. January and November follow closely behind with seller premiums of 6.2 percent and 6.1 percent, respectively. It's worth noting that the seller premium for each month is still positive, meaning that sellers can still earn more than the market value of their homes during these months.
However, the premiums are significantly lower during the worst months to sell, so it's important for sellers to keep this in mind when deciding when to list their homes. Additionally, the table reveals that the summer months of May, June, July, and August see the highest number of purchase transactions, with nearly 17 million transactions taking place during this period. This underscores the fact that the summer is the best time to sell a home, as there is a higher demand for housing during this time.
It's also interesting to note that the seller premium for each month is relatively consistent across different regions, although there are some variations. For example, in the South and West, where temperatures are moderate, there's less discrepancy between the peak and slow seasons. In contrast, the Midwest and Northeast experience more disparity between summer and winter.
Spring and Summer Are the Best Seasons to Sell a House
Typically, spring and summer are the best seasons to sell a house. During this time, the weather is good, especially for those living in colder climates. Families also want to buy their next home before school starts. Daylight savings time may also play a part in stimulating buying activity. The longer days provide more exposure for listings, leading to more offers.
Fall and winter are the worst seasons to sell a house. The decline in seller premiums begins in September, and by winter, homebuying goes on the back burner. During this time, buyers are occupied with the start of the busy holiday season, and the weather is not suitable for house hunting.
If you're planning to sell your house, it is essential to consider your buyer's situation. Homebuyers on a deadline, such as those who want to acquire a house before the school year begins, are more active in the spring and summer. If you want to sell your home during this period, you should list it before school starts.
To sell your home successfully, you must be in top financial shape. You should check your credit and debt-to-income ratio to ensure you're in a strong position to get a mortgage pre-approval. This will ensure that your efforts are not delayed. It is also crucial to shop around for a loan before you start looking for a house. This will give you a good idea of what you can qualify for.
In conclusion, the best time to sell a house is during the late spring and early summer months of May, June, and July. During this period, the weather is suitable, and buyers are more active. However, you must consider your region, your buyer's situation, and your financial position before deciding on the best time to sell your home.
Best Time to Sell a House
Last year, Realtor.com® has crunched the numbers and identified the week of April 16-22 as the best week to list your home for sale. During this week, home prices are expected to be $8,400 higher than in a typical week, and a whopping $48,000 above early 2023 prices. Real estate listings are also expected to receive 16.4% more views than in a typical week. Additionally, homes are predicted to move off the market 18% quicker than an average week, making it an ideal time for sellers who want a quick sale at a higher price.
The Realtor.com economics team arrived at this conclusion by examining market behavior from 2018 through 2022. They factored in competition from other sellers, how long a home spent on the market, views per property, list prices, and the likelihood of price reductions.
Despite the current real estate market is lukewarm at best, buyers are still desperate for fresh listings. New listings have fallen for 35 consecutive weeks, dropping by 26% for the week ending March 4. The overall inventory is still 50% below pre-pandemic norms as well.
Sellers willing to counter this pent-up demand will likely be rewarded, as savvy buyers know not to hesitate if a good home hits the market. However, if every seller knows the best week to list a home, a hesitant homeowner might worry that there will be a glut of homes on the market, further complicating competition.
Fortunately, the market is about to enter prime time for homebuyers with families, who typically want to move well before the start of the new school year. Therefore, entering the market during the best week gives sellers a great opportunity to catch the attention of buyers before listing activity is in full swing.
Despite the recent sluggish market, homes that are turnkey and located in desirable locations continue to sell briskly and garner “substantial attention.” However, it's important for sellers to list their homes at a well-thought-out price and to get hyperlocal in their research. They should become familiar with their local market and work closely with a local agent to ensure that their listing is attractive to buyers. Buyers who are feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.
In conclusion, if you want to sell your home in 2023, consider listing it during the week of April 16-22 for a quick sale at a higher price. And remember to do your research and work with a local agent to ensure that your home stands out to buyers.
Sources:
- https://www.attomdata.com/news/market-trends/home-sales-prices/attom-2022-best-days-to-sell-a-home-analysis/
- https://www.realtor.com/news/trends/home-seller-alert-weve-found-the-very-best-week-to-list-your-home-in-2023/
- https://www.realtor.com/research/best-time-to-sell-2023/
