Looking to sell your home, fast?
You’re not alone. While home sales are up in Florida they have been taking longer to enter into and complete escrow.
This is frustrating for many home sellers who are looking to turn their property over and move on. The key is in the timing of when you sell your home; a fact overlooked by many before they put their home on the market.
Whether you’re working with a realtor or going it alone, it’s important to understand the pros and cons related to each season when it comes to selling.
Unfortunately, there isn’t one right time of year for every seller. A lot will depend on where you’re selling, the type of property you own and the circumstances surrounding tax incentives and mortgage rates.
Not to worry. We’ve broken down the best time to sell a home by season.
Read on to learn more!
Many industry insiders consider spring to be the best time of year to sell a home, especially the month of May.
The end of spring and beginning of summer have moderate weather. This change urges people to go out and explore open houses more but more importantly, allows your home to look it’s best.
If there was damage during storms earlier in the year or the curb appeal is underwhelming due to the weather, spring is the perfect time for a cleanup.
Tax refunds have gone out so you’ll have more money for repairs and buyers will have a little extra cash to play around with when it comes to making their purchase.
For families with children, school is winding down and if they purchase in May, they can have the luxury of moving when their kid is done with the school year. This can play a major part in making their decision especially if relocating means moving their child to a different school.
Unfortunately, because this is a popular time to buy, it also means the competition is heavier than ever. If your house isn’t standing out as a “must-have”, it could get lost in the shadow of all the other homes on the market.
Summer is the second most popular season to sell because buyers are hungry to close the deal.
For some, they’ve been looking since spring and if they have school-aged children, they want to get moved in before the new year starts.
During summer, the days are longer, leaving more hours for showings, especially after work. While it’s warm out, the weather is more appealing for venturing out to house hunt.
As the seller, summer is ideal because you can take data collected from recent sales in your area earlier in the year and use that information to decide on the best price for your home.
There are a few downsides to trying to sell during the summer.
For one, if you live in a really hot area, people might be less inclined to leave their air-conditioned space and head out to house hunt. The biggest potential pitfall of selling in summer? Vacation!
More people than usual are out of town or traveling throughout the summer months. This can make them less focused on home buying and cause them to put a pin in that plan for the time being.
Things begin to taper off around the end of summer. For most, it means back to school and back to a more grueling work schedule.
The days begin to get shorter and the holidays are creeping up so some feel this isn’t the best time to house hunt. The thought of a major move before the year ends isn’t appealing to most.
However, serious buyers will still be on the hunt. The market will be less competitive since most people choose not to sell or buy during this time.
Putting your house on the market during the fall can be risky but the reward may outweigh it.
Take stock of the neighborhood and surrounding market. If you live in a competitive area where people are eager to buy, having one of the only houses on the market will make people beeline toward your home.
If you notice there are several homes on the market in your neighborhood and they are sitting for more than a few weeks, perhaps this isn’t the best time to sell and you should wait until the new year.
Overall, winter is not typically the best time to sell a home.
With cool weather and the holiday season comes an interest in hunkering down at the house they’re already in. The risk of bad weather also makes the moving day harder and can slow down any repairs needed on the home, costing everyone more money.
However, if you live in an area with year-round warm weather, you could make a solid case for listing in the winter months.
Buyers who have been unsuccessful in their search might be willing to spend more and enter a competitive situation if it means securing a new home before the end of the year.
With interest rates changing frequently, if a home buyer locked down a rate they are happy with, they might want to buy before it changes.
The end of the year is also appealing to people who are relocating to the area and starting a new job the first of the year. You may also notice realtors with a desire to make more sales by year-end and therefore work harder for you to sell your home for the price you deserve.
Now You Know the Best Time to Sell a Home
With the information above, you now have an understanding of which season is the best time to sell a home.
While circumstances are different for every seller, Springtime is always a pretty safe bet. Be sure to do your research and see how long homes in your area are staying on the market and at what time of year.
Contact us today to get a cash offer and be sure to check out our blog for more real estate tips.