The Best Times To Sell a House
Photo by Mark Moz; License: https://creativecommons.org/licenses/by/2.0/
Most people know that late spring and early summer is the prime time to sell a house. However, there are pros and cons to every season. Let’s look at selling a home during prime selling season as well as off-season to see what will be best for you and your home.
Sell a House In the Late Spring and Early Summer
Buyers with children often look at homes during the late spring and early summer so that they can get their families settled before the new school year. Other reasons this season is so popular include:
- More daylight hours to view homes after work
- Weather more conducive to viewing homes
- Tax refunds can help with loan down payments
What does this mean for you?
- Your home has the potential to sell for a higher price. When there are more buyers than sellers, this is known as a seller’s market. This means that the seller can ask a higher price and expect to get it.
- Your home will appraise higher. Since other homes in your area are selling at higher prices, when the appraiser looks at comparables in the area, they will assign your home a higher price.
- You’ll get more showings because the curb appeal is better.
- Due to the higher number of buyers, your home could end up in a bidding war, bringing you more than your original asking price.
- You can be pickier about your buyer, choosing the best deal and having to make fewer repairs to get the house sold.
However, not everything is great news. Here are a few of the cons to selling during prime season:
- Although it may be a sellers market, there are still more houses for sale than any other time of the year. The buyer may feel like they can stick to their wish list, passing up your home to see others on the market.
- Buyers have all summer before they need to make a decision. This can keep your house on the market longer while they shop around.
Sell a House in the Off-Season
Although the spring and summer are great times to sell, some buyers don’t care as much about the school year. This is particularly true of first time homebuyers and retired buyers. Here are some reasons you might want to consider selling off-season:
- Your home appeals to those without children
- Your home is valued higher than your community – selling during the on-season will mean there is too much competition with a lower asking price
- You have a luxury home that appeals to those who vacation during the summer months
- You are selling a condo or townhome
If you choose to sell off-season, consider selling during the fall rather than the dead of winter. Winter tends to feel less happy than the fall, though you will need to keep your yard raked regularly. No matter what, try to avoid selling over the Christmas holiday season. Very few people choose to move during the holidays.
The best part about selling off-season is that your buyer will be a focused buyer. Most off-season buyers didn’t choose to buy at this time but had life circumstances that forced a move. They will be more primed to make a quick deal and get moving with the closing.
The problems with selling off-season include:
- Dealing with people simply looking for a bargain
- Curb appeal is down due to the dark, dreary days and nights
- Your home may sell for less because it is a buyer’s market with more buyers than homes for sale
As you can see, it is possible to sell a home any time of the year. It is a matter of understanding what your most likely buyer is seeking and offering that to them. If you’d like advice on the timing of the sale of your home, feel free to give us a call.