Choosing the best time to sell your home is an important step to take in the selling process. After all, if at all possible, you want to be sure your property is put up for sale at the time when you are likely to sell it quickly while also getting as much money as possible. By keeping a few general rules of thumb in mind and working closely with your real estate agent, you will be able to select the best time of the year to sell your home.
General Guidelines Regarding the Best Time to Sell
On the nationwide scale, the best time to sell your home is during the first half of May. In 2019, those homes that were sold during this time of the year sold six days faster on average and earned an average of $1,600 more. Interestingly, those homes that were listed on a Saturday received an average of 20 percent more views during the first week they were list when compared to those that were listed on a Tuesday. Depending upon the market, the ideal time may be as early as the beginning of April or as late as the middle of July. In other cases, the best times to sell may be Spring or Fall.
Determining the Best Time to Sell in Your Area
Simply put, the best way to determine the ideal selling window for your area is to analyze historical data with your agent. According to a recent Zillow report, for example, the best time to sell in New York City is between May 16 and 31, during which time the average closing sales amount averaged $3,100 higher and homes sold an average of 11 days faster. The same report found that the best day to list in New York City is on a Friday. Conversely, across the country to Dallas, the best time to sell was the first half of July while the best day to list was on a Saturday. Meanwhile, the best time to list in nearby Philadelphia was the last half of April
Factors Determining the Best Time to Sell
Ultimately, a number of different factors go into determining the best time to sell in your market. These include:
- Seasonality: People tend to start shopping for a home when the weather gets warmer, which makes spring a popular time for buying a home. Summer is also a popular time as schools are out on summer break.
- Market Status: If you are in a seller’s market, which means there are more interested buyers than there are homes available for purchase, the time of the year may be irrelevant. You will get the most from the sale of the property if you take advantage of the favorable market conditions.
- Local Job Growth: If the local job market is on the rise, it is a good time to sell regardless of the time of the year. Job seekers will be eager to purchase a new home right away.
- Mortgage Rates: When mortgage rates are lowered, buyers will be ready to make a purchase regardless of the time of the year. After all, lower mortgage rates help their dollars stretch further.
- Tax Incentives: Tax incentives such as the First-Time Homebuyer Credit from 2008 through 2010 help to increase interest in making purchases.
Of course, your readiness to sell a home will also influence the best time of the year to put it on the market. So, make the decision that is best for your lifestyle, your plans, and your budget.
Ultimately, any time of the year is a good time to sell a home. Factors such as seasonality, market status and the local job market will all have an impact on when it is the “best” time to sell, At Keller Williams, we are happy to work closely with you to get your home sold at the highest price possible no matter when you choose to sell.