In this blog, we will learn about one of the most important factors in listing your home for sale, including:
Spring and summer are the best seasons to sell a home due to warmer weather, longer daylight hours, and increased home-buying activity.
Fall and winter are typically the worst seasons to sell a home due to a decline in home-buying activity and less foot traffic for sellers.
Personal factors, such as lifestyle demands, completing home improvements, and financial readiness, should also be considered when deciding when to sell a home. It is important to work with an experienced real estate agent who understands local sales trends to make the most strategic decision.
When is the Best Season?
Timing can be a crucial factor in maximizing profits when it comes to selling your home. Real estate experts suggest that spring and summer are the best seasons to sell your home, while fall and winter are typically the worst.
The warmer weather and longer daylight hours stimulate home-buying activity, making families eager to purchase a new home before the school year begins.
Daylight savings time also plays a part in this, as longer days allow for more traffic and exposure for your listing, increasing the chances of receiving more offers.
However, it's important to note that these seasonal patterns may not hold true during a recession or other economic downturn. Selling a home during a recession may not be worth it unless you truly need to.
When is the best month to sell your home?
According to real estate experts, spring and summer are the best seasons to sell your home, while fall and winter are typically the worst.
Why is this the case?
Well, warmer weather and longer daylight hours tend to stimulate home-buying activity.
Families are often eager to purchase a new home before the school year begins, which is why many sellers choose to list their homes in the spring and summer.
Daylight savings time also plays a part in this, as longer days allow for more traffic and exposure for your listing, increasing the chances of receiving more offers.
In contrast, fall and winter tend to see a decline in home-buying activity. With the start of the busy holiday season and the new school year, buyers are often focused on other things. Plus, as the days get shorter and colder, people tend to stay close to home, resulting in less foot traffic for sellers. October is often considered the worst month of the year to sell a house, with significantly lower seller premiums than in May.
It's important to note that these seasonal patterns may not hold true during a recession or other economic downturn. During these times, unemployment rises, and potential buyers may find it more difficult to be approved for a mortgage. Selling a home during a recession may not be worth it unless you truly need to.
How do you know you're ready to sell?
While the time of year can have an impact on how long it takes to sell your house, how many offers you receive, and how much money you make on the sale, market conditions shouldn’t be your only consideration. Selling your house is personal, which is why your timing should be dependent on your specific circumstances.
Here are a few personal factors that play a role in determining when you should sell your house:
Your lifestyle demands a move: If your current home doesn’t fit the bill anymore, it could be time to move. Perhaps your child is ready to start school, and your current neighborhood isn’t in a good school district. Maybe you’re going to be an empty-nester soon, and maintaining a large home is too much for you and your spouse to handle.
Home improvements are complete: If you’ve done all you can to remodel your home to your liking, and it still isn’t conducive to your lifestyle, you may be ready to sell your house. While it may seem counterintuitive to have completed renovations or repairs just before selling your home, that work may actually be more beneficial than you realize. Sellers who have recently completed major projects often sell their homes faster and increase their profit margins.
You’re financially ready: If you can no longer afford the carrying costs associated with owning your home, it’s a good idea to sell sooner rather than later. Even if you’ve paid off the mortgage on your house, you still must pay for property taxes, homeowners insurance and even homeowners association dues if your home is part of a larger community. If your kids have grown up and moved out, you may want to consider selling your home and buying a smaller one. Downsizing can dramatically reduce your housing budget, with a smaller home comes lower taxes and utility bills.
Hiring a Quality Realtor
To make the most strategic decision about when to list your home, it's best to speak with an experienced real estate agent who understands local sales trends. Real estate is highly localized, so it's crucial to work with someone who knows your market.
If you're in Central Maryland or looking to buy in Howard County, consider teaming up with Adam Herod from Coldwell Banker Realty.
Adam has extensive experience in the local real estate market and can provide valuable insights into sales trends and pricing strategies.
Regardless of season, Adam can help you prepare your home, market it effectively and negotiate the best deal possible.
With Adam's guidance and expertise, you can sell your home with confidence.
Sources: RocketMortgage and National Association of Realtors
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