To every real estate seller, there are common questions. The answers to these questions can often be determined by the data history leaves behind. Let’s examine a few answers.
Best month to sell a house?
Historically, May was the best month to sell a house, but that changed to March in recent years. In 2019, homes listed during the weeks of March 11 and 18 sold fastest. Keep in mind, irregular data from 2020 was omitted.
If you’re hoping to sell for more than the asking price, aim for the week of April 22. And try to list before September, because that’s when families start settling down to begin the school year. By October, sellers face the worst weeks of the year for maximizing gains — homes listed during the weeks of October 14 and 21 were least likely to sell above ask in 2019.
It’s important to remember that local market circumstances also influence the best time to list your house. Those conditions include job growth, mortgage rates and tax incentives.
Best day to list a house
List your house on a Thursday to increase the chances of your home selling more quickly and for more money.
Homes listed on a Thursday typically go pending faster than any other day of the week, all other things being equal. The difference is notable in a market where homes are typically selling in seven days.
Homes listed on a Sunday tend to sit on the market eight days longer than those listed on a Thursday. Saturday and Monday are only marginally better than Sunday — putting a home up for sale on either of those days typically takes seven days longer to sell than a home listed on Thursday.
Research also shows that Thursday listings are 1.5% more likely to sell above their asking price, while homes listed on either Saturday or Sunday were 1.3% less likely to sell above list.
Sell in peak market conditions
It’s important to consider the state of your local housing market.
Selling in a buyers market
A buyers market occurs when the number of available properties for sale exceeds the number of people looking to buy. When inventory is high, sellers can expect their home to stay on the market longer before receiving an offer, and you may have to sell below list price or make additional concessions to the buyer.
Selling in a sellers market
In a sellers market, there are more potential home buyers than there are available properties. A sellers market is the ideal time to sell your home, as you can expect it to sell more quickly and you’re more likely to receive multiple offers and sell for full price (or above).
Selling when mortgage rates drop
For the last four years or so, mortgage rates have been historically low. The higher the rates, the farther a buyer’s budget has to stretch to get the home they want. When rates are low, though, first-time buyers are especially apt to buy.
Sell when you are ready
When it comes down to it, the best time to sell is the best time for you. All kinds of personal factors can play into your decision to sell, from job changes to family changes to just generally feeling ready. Keep the following factors in mind:
- Lifestyle changes: Job changes, relocations, a growing family, and downsizing are the most common reasons people decide to sell. Job-related moves often require a stricter timeline, whereas family-related moves can sometimes be timed to take advantage of beneficial market factors.
- Emotional preparedness: No matter the reason for your move, it’s important to make sure you’re emotionally prepared. Even if you’re moving for a logical reason — for example, you’re a recent empty-nester downsizing after your kids are grown — it can be hard to let go of the memories associated with your family home. Give yourself time.
- Financial benefits: If your home has gained substantial equity, the value you’ve built may be enough to get you a healthy down payment on your dream home or give you a comfortable cushion for retirement.
How long does it take to list a home?
Sellers spend an average of seven months just thinking about selling before actually listing. Plus, they typically make at least a couple of home improvements.
After listing, U.S. homes sell within an average of 55-70 days on average which includes 25 days on the market and the typical closing period. That is a US average. Recently, waterfront homes in The South Sound are on the make for 9 days with 45-60 day closing period. With that in mind, you can typically expect to spend two months preparing, which will give you time to research your local market, hire an agent you trust, clean your home thoroughly and complete any minor repairs.