How Much of a Difference Can a Well-timed Sale Make?
Even if you are aware that there are times when it is better to sell than others, you may be wondering how much of a difference this makes. It turns out that it has a lot of potential.
When it comes to selling, a well-timed sale can benefit you by up to ten percent more if you list in the spring market.
According to HomeLight data, those who sold their homes in March 2021 made 12.89% more than the average sale. So, while the seller’s market may make timing less important overall, some trends remain.
When is the Most Appropriate Time to Sell a House?
Seasonally, spring is the best time to sell a house, though summer is a close second. The weather is nicer, the days are longer, and families are looking to complete their purchases before the start of the new school year.
But those aren’t the only good times to sell a house, and data shows that there are specific months, weeks, and dates when it may be even better.
Do you want to get the best possible price or sell as soon as possible? Here’s when you should sell!
The Best Month
If you want the highest sales price, sell your house in May (specifically, early May), homes sell for about 1% more than in other months. If you want to sell quickly, data shows that April is the best month to do so. On average, homes listed in April sell a full week faster than homes listed in other months.
The Best Week
What is the best week to sell a house? From March 31 to April 6, When compared to other weeks of the year, this is the week with the most listing views and the highest profits. Homes listed during this time period sell for 6% more, receive 14% more views, and sell six days faster. Competition for these listings is also down 5% from previous weeks.
The Best Day
Thursday is the best day of the week for creating a listing. In 2018, homes listed on Thursdays sold for $3,015 more than those listed on Mondays (the worst day to list). Fridays are also good days to list. According to ATTOM Data Solutions, selling May 24 and June 28 all have premiums of more than 10%.
When is the Worst Time to Sell a House?
Understanding the worst times to sell is just as important as knowing the best times to sell. The months of December, October, and January are typically avoided.
According to ATTOM data, sellers in these months earn significantly less than those who list from April to June. This is most likely due to the proximity of the holidays. People don’t want to spend extra money at that time of year, as well as the weather. Most families do not want to relocate when it is cold or during the holidays.
Other Options for Timing Your Home Sale
If you want to time your sale correctly, you should also consider local market conditions. Are there a lot of buyers looking for a home? Are properties selling quickly? Are house prices rising? If this is the case, now is probably a good time to sell. If, on the other hand, buyers are scarce, supply is plentiful, and homes are taking a long time to sell, you may want to wait a little longer until the market improves.
If you are unsure about the current market conditions in your area, you should consult with a local real estate agent. They’ll have a good sense of buyer traffic, home values, supply, and sale times in your area, and they can also assist you in selling and marketing your home when the time comes. Keep in mind, however, that they will charge a commission — typically 6% to 7% of the sales price.
The Bottom Line
When it comes to selling real estate, timing is everything. Use the information above to guide your selling decision, and consult a local real estate agent as well. They can provide you with up-to-date market information and assist you in determining the best time to sell a home in your specific area.
