Key Takeaways:
- Late spring and early summer are considered by many experts to be the best seasons to sell a home.
- Market conditions, inventory and interest rates all may impact the selling of your home and how much money you might get from buyers.
- Listing your home on a Thursday or Friday might give your home more visibility to buyers shopping for homes over the weekend.
While every real estate market and seller situation is unique, there are certain situations when it may be more advantageous to list your home for sale.
For example, when rates are low for buyers and the market is hot for sellers, it is a good time to sell. But if interest rates are rising, your home needs repairs or your area is in a buyer’s market, it might be better to wait. Even seasons and days of the week may impact your home sale. Understanding the best times to list your home can help you get the best price possible.
What Are The Best And Worst Times To Sell?
While housing market predictions change yearly, the residential real estate market usually follows a seasonal cycle. Other factors like local economies (buyer’s versus seller’s market), mortgage rates and your home’s condition can all impact the timing of a home’s sale.
Buyer’s Market vs. A Seller’s Market
A buyer’s market occurs when there is a high inventory of available homes for sale and not enough buyers for all of them. When this occurs, real estate prices often go down because individuals shopping for homes have more choices. Sellers may be forced to drop their price or negotiate concessions and pricing with buyers to make a sale. A buyer’s market is not the best time to sell your home.
A seller’s market is an ideal time for selling your home. In this type of market, more buyers are competing for fewer homes. The chances of a bidding war between buyers go up in a seller’s market. When this occurs, buyers compete by offering over the asking price to gain the sale. It is beneficial to the seller because whoever offers the most money can purchase the house for over the seller’s original price. In addition, homes sell more quickly and for more money in a seller’s market.
Best And Worst Months To Sell
While seasons play a significant role in the real estate market, certain months are particularly good times to sell – and particularly bad times to sell.
- April, May and June are considered the months during the peak buying season, according to the National Association of REALTORS®, thanks to spring weather, tax refunds (more cash for sellers to put toward a home) and buyers looking to purchase a home before the new school year.
- September and early October may be a good time to sell in a market with motivated buyers who missed out on spring and summer sales, but if you don’t have a sale by the end of fall, it may be a sign you need to revisit your asking price or consider any issues inside or outside the home that may be turning buyers off.
- November can be a challenge, as would-be buyers prioritize their spending on holidays and travel, plus bad weather can impact how well a home shows, especially its curb appeal.
- December and January were once considered difficult months to sell a home in, but winter demand (for second homes in warm climates) has started growing in recent years, especially as home buyers take advantage of annual bonuses and monetary holiday gifts.
What Is The Best Day Of The Week To List Your Home?
There’s no such thing as a bad day to list your home. But the National Association of REALTORS® recommends listing your home on a Thursday or Friday. A listing that pops up later in the week may gain more visibility just as house hunters are gearing up for weekend open houses.
Some experts even recommend timing your listing down to the hour and listing it on the multiple listing service (MLS) around 5 p.m. on Thursday. By doing so, this maximizes the potential of your listing being displayed at the very top, which is where you want to be.
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What Is The Best Time Of Year To Sell A House?
Selling A House In The Spring
Historically, according to Zillow, early spring is a great time to list your home, but new data shows that the best month for sellers to find success is May, when you may earn 1.6% more on the sale, which could amount to thousands of dollars or even more.
If you are selling an apartment or townhouse in a large city, like New York, spring remains one of the best times to find interested buyers, who want to get into the market before school starts. In other areas, spring may provide the best weather and light for viewing homes, and in both cases, the influx of tax refunds may provide house hunters with a little extra cash to put toward a sale. If you are selling a family home, most buyers want to purchase before the new school year.
Selling A House In The Summer
As spring turns to summer, sellers can capitalize on warm weather, longer daylight hours and buyers getting anxious about finding a home before school starts. If you are selling your home but want to go away for the summer season, it may be easier for your realtor to show your home when you are out of town. However, late summer (August) may be a difficult time to sell your home, as many people take vacations during this month.
Selling A House In The Fall
If you plan to sell in the fall, you may find home sales sluggish because many families tend to buy in the spring and early summer months before school starts. If you live in an area where fall foliage is charming, you may get a natural boost to your home’s curb appeal, but you may need to lower your asking price to attract potential buyers.
Selling A House In The Winter
Depending on the climate in your area, winter can be a difficult time to sell a home. Heating issues or flooding caused by frozen or burst pipes may crop up for sellers, and home buyers may be spending less at the end of the year. Cold and inclement weather may also prevent buyers from visiting homes in the winter months, so sellers might consider using this time to make interior home improvements to prepare for a spring sale.
One note: If you are selling a home in a warmer climate, home sales do start to spike in January and February, in part due to retirees seeking more comfortable climates and second homes, plus mortgage rates may dip during winter.
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Tips To Sell Your Home
Here are some ways to get your house ready to sell, no matter what the market or season you list it in.
- Make repairs and improvements: Making any necessary home repairs and improvements can help you sell your home. For example, refinishing wood floors could boost your home’s value by 5% – 10%.
- Reduce clutter: When prospective buyers visit your home, clutter can prevent them from seeing your home’s best features. In addition, a decluttered home makes it possible for these potential buyers to imagine themselves living in the space. Going room by room to remove excess personal items and outdated decor is an important task to take on before selling your home.
- Enlist a good local seller’s agent: Take the time to research local real estate agents to find a good match, from their experience to personality. Because selling a home can be an exhausting and emotional affair, having the right agent can make selling a house easier and (maybe) more financially fruitful, as your agent will help you land the best deal.
- Stage your rooms: If you can afford to stage your home, it might result in a higher sale price (between 1% – 5%) and faster selling time, according to recent data from the National Association of REALTORS®. You don’t necessarily have to redo the whole house; simply staging key areas, like the living room and kitchen, may pay off.
- Improve curb appeal: Improving your home’s curb appeal can be a low-cost but high-impact way to drive buyers’ interest. Planting flowers, cutting your lawn, repainting or replacing your front door, fixing any broken bricks or stones and adding planters full of flowers (in spring or summer months or adding hearty mums or greenery (in fall or winter) are easy fixes to do prior to putting your home on the market.
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The Bottom Line: Timing Isn’t Everything, Except When It Is
Selling your home isn’t solely dependent on timing. Besides the season, month, day or even time of day that you list, there are other factors to consider, including the real estate market, your financial situation, the condition of your home and your reasons for selling. But if you have any flexibility, putting your home up for sale at the “right” time of year may make a big difference.
Ben Shapiro
Ben Shapiro is an award-winning financial analyst with nearly a decade of experience working in corporate finance in big banks, small-to-medium-size businesses, and mortgage finance. His expertise includes strategic application of macroeconomic analysis, financial data analysis, financial forecasting and strategic scenario planning. For the past four years, he has focused on the mortgage industry, applying economics to forecasting and strategic decision-making at Quicken Loans. Ben earned a bachelor’s degree in business with a minor in economics from California State University, Northridge, graduating cum laude and with honors. He also served as an officer in an allied military for five years, responsible for the welfare of 300 soldiers and eight direct reports before age 25.
