Selling a house is a significant decision, and there are many factors that will influence your choice to put your home on the market. Some people are simply ready for a bigger home to accommodate a growing family, while others need to sell quickly to purchase a new property due to a job transfer or career change. In the first case, you might have the luxury of waiting for the market to improve, but in the second, you may not have that same flexibility. Regardless of the situation, several factors will determine the best time to sell your house. Below are some of the most optimal times to sell in order to maximize your profit and sell quickly. Some of these factors are beyond your control, but combining just a few of them can help give your sale the extra push it needs.
Time
As mentioned earlier, time is your most valuable ally when trying to sell your home. Even if you’re in a situation where you don’t have much time to secure a great sale price, there are still ways to make the most of the time you do have. Most of the factors we’ll cover below are time-related, and even in urgent cases, you can usually squeeze out a little extra time to list your house at a good price. Every day counts, so planning ahead can potentially lead to a much higher sale price.
Here are some tips for buying yourself a little more time before listing your house:
Many major life changes don’t come as a complete surprise. If you hear rumors about a potential promotion or job transfer, start thinking about selling your home as soon as possible. You don’t need to sign any contracts right away, but doing some preliminary work—like researching real estate agents and deciding on an asking price—will save valuable time when the change happens.
If you’re facing a job transfer, consider asking your employer if you can delay your move until later in the year. You don’t need to wait until your house is sold, but the goal is to wait for the right market conditions. If you plan ahead, you might even be able to purchase a home in your new location during a slower time of year while selling your current house in a hot market.
The Best Time of Year to Sell
The time of year is critical when selling a home. One of the most important factors in securing the best price for your property is ensuring it looks its best when potential buyers come to view it. Seasonality plays a huge role here; homes typically look their most appealing in the summer, when landscaping is in full bloom and the exterior is showcased at its best. Early fall can also be a good time to sell.
Winter, on the other hand, is generally a bad time to list your home. Not only will your house not look as attractive, but fewer people are actively looking to buy during this season. Moreover, the wet conditions lead to mud and dirt being tracked inside, making it more difficult to keep the house clean.
Spring is also not the ideal time to put a house on the market—at least not early in the season. Let the streets clear of slush, and give potential buyers time to shake off the winter blues. Once the weather warms up and the sun starts shining, people will be more likely to start house-hunting and spend money.
The Seller’s Market
Every once in a while, conditions align perfectly for home sellers, resulting in homes selling almost immediately after being listed. This is called a “seller’s market,” and it typically occurs when interest rates are low. A prime example of this was in 2005, when salaries were rising, interest rates were low, and there was an unprecedented number of people looking to buy homes.
While not every seller’s market will be as heated as 2005, these periods are still the best times to sell. However, keep in mind that seller’s markets are often driven by economic conditions. If you find yourself in a low point in the cycle, you might not have the luxury of waiting for a market rebound.
Ultimately, the best time to sell your house is when you can secure the highest value for your property. Several factors contribute to this, including the condition of your home, the season, and the economic climate. But above all, time is the most important factor in maximizing your sale price, so try to give yourself as much lead time as possible.
