When Is the Best Time To Sell Your House?

When Is the Best Time To Sell Your House?
by Alyse L. Wolfard

Timing is everything when selling your house. When you sell can mean the difference of thousands of dollars in your pocket. The right time for you to sell depends on a number of factors such as the season, market conditions, buyer demands, location, and your own financial goals and timeline.

The best season to sell your house is the spring or early summer. According to Realtor.com data, 50% of the home sales they monitor occur during the summer months. Sellers list their homes in the summer because the weather is good and curb appeal is better with greenery and flowers blooming. The days are also longer giving buyers more time to look at listings, and school is out. Todd Teta, chief product officer with the research firm ATTOM Data Solutions, said, “Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers the upper hand in price negotiations.”  These buyers may also need to close a deal more quickly so they can move in before the school year starts.

The best month to list your house is June, followed by May, July, and August. ATTOM analyzed 28 million single-family home and condo sales from 2011-2019. The research showed the greatest seller premiums were during June, May, and July. According to data from the National Association of Realtors, the four months from May through August make up 40% of annual home sales volume.

The best time to sell your house is when mortgage rates are low. The lower the mortgage rates, the more motivated people are to buy because they’ll be able to afford more house. Conversely, higher rates mean the buyer’s budget needs to stretch farther to get the home they want.

The best time to list your house is during a seller’s market vs a buyer’s market. In a seller’s market, there are more potential buyers than properties for sale. Because demand exceeds supply, your negotiating power is greater. You’re more likely to sell your house quickly, with fewer concessions, and at the best possible asking price.

The best time to sell your house is when sale prices are rising…but not too high. Higher prices can mean more profit. But if prices rise too high, it could reduce the pool of eligible buyers who can afford to purchase a house.

The best time to list your house can be specific to your location. Your local economy can be one of the main factors driving the real estate market. For example, home sales tend to be slower in the winter, but in resort areas like Florida or Arizona, or ski towns, winter may be prime selling season. There may be a large, new business opening, bringing more families – and potential home buyers – into the area. You may live in a location attractive to the increasing number of people working from home who want more home-office space in larger houses.

The best time to sell your house needs to meet your financial goals and timeline. Ultimately, the decision to list your house needs to be based on your unique circumstances, location, timeline, and priorities in addition to exterior market factors. Are you selling an investment house or primary residence? Are you downsizing or upgrading, and into what type of home? Do you need to move to a new location for a job or before school starts?

The best way to list your house is with a local real estate agent. A local real estate agent will be an expert in your area’s housing market. They can give you neighborhood-specific sales information so you can make a strategic decision about when to sell based on your unique circumstances. A real estate agent can price your home competitively. They can market your house to potential buyers. Working with a local real estate agent is the best way to sell your house at the right time for you, and for the best possible price.