When Is the Best Time to Sell a House?
Choosing to sell your home is a big decision, and there are a number of factors to consider before putting your house on the market. One of the most important considerations is when to list your home. Even if you feel ready to sell your home, it may be better to wait until the market is in a better place for sellers.
When selling your house, you should figure out the best time of the year for sellers in general, as well as the best time for your own individual situation. The time of year can have a big impact on how quickly your home sells and what price you can get for it.
Best Time of The Year
According to a report from Zillow, the best time of the year to sell a home is in the late spring or early summer. Specifically, May is the best month for sellers. In the first half of May, homes sold two weeks faster than average and for $2,500 more than average.
Weather is one of the major factors in determining the best time to sell your house. As the weather gets warmer and the days get longer, people feel more motivated to visit homes and make purchases. The warmer weather can lead to better curb appeal as well, especially in areas that experience cold, snowy winters. When the snow melts, the flowers bloom, the grass gets greener, and houses look much more inviting. It will be easier for you to prepare the outside of your home for sale in the milder weather, too. You probably won’t want to wash your patio, stain your deck, or repaint a fence in freezing cold or sweltering hot temperatures.
Families with school-age children tend to prefer moving in the late spring or summer because of the timing of the school year. It’s easier for a family to move while the kids are out of school than having to switch schools in the middle of the year. On average, there’s a period of 30 to 60 days between the contract signing and the closing date; therefore, many families will make offers in the spring in anticipation of moving in the summer. Although the spring and summer are the best times in general for selling your house, the ideal time to list your home can also be influenced by a number of other factors.
Warm weather is better than cold weather for selling homes. Areas with warm weather year-round, such as Phoenix, Las Vegas, and Los Angeles, may not experience as much of a difference in the real estate market between seasons as areas like the Northeast. If the market does see an increase in the average prices and a decrease in average selling time, it will normally happen in April and May in the colder areas, like the Delaware Valley.Your Location
It can take a long time for your home to sell after listing it, but the typical length of time will vary depending on your location. Houses or condos in major cities are often in high demand, so they usually sell much quicker than homes in suburban or rural communities. According to Zillow, the markets where houses sell the fastest are San Jose, San Francisco, Seattle, and Denver. Some of the markets where homes sell the slowest are in Illinois, Pennsylvania, and upstate New York. Since the Philadelphia region is an area where homes tend to take longer to sell, listing your house earlier in the year may be a good way to beat your competition and establish your home on the market before the peak of the season.
The real estate market fluctuates from month to month and from year to year. During a seller’s market, the demand for houses outweighs the supply. You can determine whether your area currently has a seller’s market by checking a real estate website for the amount of homes sold and the amount of homes available. Divide the number of houses for sale by the number of houses sold in the last month to calculate the inventory in your area. For example, if there are currently 10 houses for sale, and there were five sales in the last month, there’s a two-month inventory on the market. When the inventory is less than five months, you’re in a seller’s market, which is an ideal time to list your home.
If you sell your home in a seller’s market, you are likely to get a higher price and sell it more quickly. Sometimes, homes can sell within days of its listing in a seller’s market, and if multiple buyers want your home, you might even get a price that’s higher than your listing price.
It’s always important to pay attention to your competition. If you have too much competition in your area, it may be wise to list your home in the fall or winter. Although there may not be as many potential buyers, there will also be far fewer homes on the market. You might be able to get a higher price from someone who wants to move quickly.
The Best Time for You
There are a number of factors involved in choosing the best time to sell your house. The ideal time for the market overall may not be the right time for you personally. Most importantly, you should consider your own financial situation when deciding to list your home. The American Moving and Storage Association reports that it costs $2,300 on average to move within a state and $4,300 to move to a new state. This doesn’t include the money that goes into improving your current home before selling it or making repairs to your new home before moving in. Even if the market in your town is great for sellers, you should only list your home when you’re financially ready for the move.
The length of time you’ve lived in your home can also affect your finances when selling. If you’ve lived in the house for at least two of the last five years, you can exclude up to $250,000 of your capital gains tax. Married couples can exclude up to $500,000. Therefore, if you’ve lived in the house for close to two years, you may want to wait until you’ve hit the two-year milestone before selling, which can save you thousands of dollars in capital gains taxes.
Your own readiness matters, too. Sometimes, moving has to happen quickly. For example, if you accept a job in a new area, you likely will have a strict timeline for selling your home and relocating. However, if you have the time to emotionally and financially prepare for a move, you should make sure you’re fully ready before listing your home. Selling your house will be much less stressful if you know you’re ready to move. You should pay close attention to the market in your area, but you should also consider your own circumstances before putting your home on the market.
For those that have specific financial issues that necessitate selling your home immediately without having to put any money into preparing the house for a conventional listing, selling to GM Home could be the perfect solution. There are many benefits in working with us over trying to sell your house the traditional way. When we buy your house there are NO FEES or commissions. We can close in as little as 7 days if you need to, and we buy it AS IS, so you don’t have any repair or cosmetic costs whatsoever. We close at a reputable third-party Title Company, or you can choose your own if you prefer.
For more information, give us a call at 215-458-5867 and talk to one of our knowledgeable and experienced staff members.