According to Zillow, there are a couple weeks in the year that typically, based on statistics, sell faster and at a higher price than other weeks in the year. Based on these statistics, homes sold between May 1 and May 15 sell six days faster than others and sell for an average of $1600 more than asking price. Also, houses posted on a Saturday receive more views than posted on other days. It is about an average of 20% more views. Although this is a quick and easy explanation, there are far more factors to take into consideration when posting a home for sale.
Seasonality
Based on trends in the market, it looks as though the best time to sell a house is during spring. Tax refunds are given out, the weather is warmer, and school break is coming, which are all good reasons to sell and buy.
Summer is also a good time to sell a home for many of the same reasons as spring. Longer days mean more time to visit houses. However, there are some drawbacks to selling in the summer. It can be too hot for people to be out visiting different houses. Also, many families are traveling in the summer and are not in a place to buy. These reasons can cause the market to slow down.
Selling in the fall does not have many benefits, unless there is a sense of urgency. Maybe someone has not found their house looking through the spring and summer but want to get into a home before the school year is too busy or the cold months. That urgency will work well for a seller.
Just as with the heat of the summer keeping people in their homes, the cold of the winter will do the same. So it is not ideal to post a home for sell in the winter. However, if you live in a climate that stays warm all year round then it may work for you as snowbirds follow the sunshine.
Focusing on the Market and Economy
It cannot always be avoided, but it is best to sell in a sellers’ market rather than a buyers’ market. A buyers’ market is when the amount of homes for sell is greater than the amount of buyers. And the sellers’ market is the opposite, there are far more buyers than there are homes.
Paying attention to job growth can be beneficial. If the economy is growing than there may be more eager buyers who have been brought to the area. Another important factor is paying attention to the mortgage rates. If rates are lower than people will be more inclined to purchase a home. Along with lower rates, sometimes the economy you live in will offer tax incentives for buying a home.
These are factors to pay attention to, but the best time to sell a home is when you are ready to sell your home. If you are comfortable and ready than it is most likely the optimal time for you. Look into these tips for selling on Zillow.
