There are times in our life that we need to sell our house for various reasons. Some families sell their homes to pay tuition or medical expenses for a sickening relative. Couples also sell their homes during a divorce. Different reasons forced people to sell their homes, and they want to sell it fast. But it is right to sell homes at any time of the year? There are actually studies being conducted to determine when is the best time of the year to sell house fast.
Reader’s Digest posted an article in their website answering the question on what’s the best time to sell your house, selling it fast and earn a profit. Read the entire post below.
What is Best Time of Year To Sell a House Fast?
The time of year can play a huge part in whether or not your house will sell fast. If you are looking to sell a property soon then you should be aware of when the quiet times for the market are and consider whether it’s absolutely necessary to put your property up for sale during these periods.
The problem with putting your house on the market during quiet periods can be two-fold. Firstly, if your property fails to sell quickly because the market is quiet it can lose its ‘fresh to the market’ appeal and buyers may start to think there is something wrong with it because it hasn’t sold.
The second problem is that after a few weeks of a property being on their books estate agents can get bored of it. If this goes on for a longer period of time it can get completely neglected by the agent.
So when does a house sell fast?
Image Courtesy of Reader’s Digest
Of course, it can vary greatly as to when a house sells quickly. But, over the years some seasonal trends have emerged.
Selling in Spring
This is generally considered as the best time to sell a house for a number of reasons. Improving weather and in-bloom gardens can show a property at their best.
An increase in warm days also puts people in a good mood, gets them thinking about the future and makes them more likely to get out and about property hunting.
Families who are looking to move to a new area with school-age children may also choose the spring to start house hunting to tie their move in with the school summer holidays.
Selling in summer
The main summer months of July and August are generally slow for the property market, particularly August.
Many people take holidays during this time and the school holidays can mean parents don’t have time to do house viewings or other people needed for the process—such as solicitors—are away.
You have your data above when is the best time of the year to sell your house fast. August is not so a favorable month to sell your property, perhaps the “ghost month” label has something to do with it. There is actually a new study conducted on when to sell a house according to the article published by Rebecca Shapiro at Huffington Post.
The Best Time To Sell A House, According To A New Study
Record low inventory has made the housing market uber competitive.
Just like there’s a magic day to buy a plane ticket, there’s a specific month when you should try to sell your house: May.
In a new study, researchers at Zillow found that homes listed between May 1 through May 15 sold, on average, around 18.5 days faster than homes that weren’t listed during that timeframe. Homes that sold in the first half of May were also purchased for about 1 percent more than the average listing, which translates to a premium of about $1,700.
Image Source: Tom Merton via Getty Images
The spring housing season kicked off this year with a record low number of homes for sale. According to the National Association of Realtors, the number of homes for sale in December 2015 was down nearly 4 percent from the same time last year, while the number of homes sold was up nearly 8 percent. Even as new listings came on the market around President’s Day — the weekend real estate agents recognize as the start of the spring housing season — the inventory was still smaller than in years past.
“There’s a low supply of homes for sale this year, which has increased buyer competition,” Svenja Gudell, Zillow’s chief economist, told The Huffington Post. “Therefore, home shoppers who start their search in early spring may not be able to secure a house as quickly or easily as they’d hoped. By May they’ll be anxious to find a home before the next school year — and will be more willing to pay a premium to close the deal.”
However, this window does shift depending on metro area. More people shop for homes when the weather is nice out, so depending on regional differences like climate, this timeframe can shift depending on where you live. Homes in locations that experience more intense seasonal changes, like Baltimore and Minneapolis, are more likely to have a key optimal selling window. Warmer climate states like California have more flexibility.
But the spring housing season started with some intensity in Southern California, the Los Angeles Times reports, with the market’s low inventory sending potential homebuyers into packed open houses and bidding wars that sometimes included competing all-cash offers. Real estate site Redfin found that homes in the area were selling faster than last year, and many were going for higher than asking prices. Click here to read the rest of this post…
Homeowners should know when is the right time to sell their house to get cash for their emergency expenses, as well as for couple to dispose of their conjugal property during a divorce. Real estate investors, on the other hand, must definitely know when is the right time to sell house fast to lock-in profits. Diana Eastman has mentioned in an article posted at Leading Home about the best time to sell a house for real estate investors.
Best Time To Sell A House for Real Estate Investors
Image Source: Lending Home
In this guide, we provide the pros and cons of selling your property during each season, the best time to sell a house for different locations, and more.
One of the most exciting parts of a house flipping business is renovating. As a property investor, your goal is not only to fix the house, but to sell it quickly in order to minimize the costs and to use the investments tied up for your next projects. Knowing the best time to sell a house will help you create a more realistic house flipping business plan and set better expectations because the time of year for your local market could drastically impact your house listing price and therefore, your ROI.
In this guide, we provide the pros and cons of selling your property during each season, the best time to sell a house for different locations, how to take advantage of a seller’s market, and how to maximize your chances of a profitable deal during a buyer’s market.
Selling your house in the spring
Warm weather and a desire for a fresh start makes spring a great time to put your property on the market. Spring is typically an ideal time for you to show off its curb appeal. As an investor, having your home ready to sell in spring means taking care of last-minute home maintenance issues while the weather is cooperating. It is also a comfortable time for buyers to get out and about, looking for a new home.
Another reason selling in the spring is a good idea is that many families with kids are looking to move when it will not interrupt their children’s school schedules. Families who plan to move in the summer will be making offers in the spring since it typically takes anywhere from 30-60 days to finalize a home sale.
The only downside to selling in the spring is the potential fierce competition you face from other owners selling similar homes on the market since they have also chosen spring to sell their properties.
Selling your house in the summer
Similar to springtime buyers, summer buyers are typically eager to settle their families in a new location before the start of a new school year, which is good news for sellers. The extra hours of daylight also work in your favor as there is more time during the day for potential buyers to check out the property. In addition, many summer buyers could already be months into their new home search and just haven’t found the ideal home yet, resulting in a sense of urgency on their part to close the deal.
On the other hand, summer’s heat can sometimes deter people from getting out and going to open houses. One thing homeowners often overlook is the cost to keep a home “show-ready” during the summer: Watering the lawn more often than usual and running the air conditioning to keep your home cool and comfortable for walkthroughs certainly adds to the home-selling expenses.
Selling your house in the winter
Although most people don’t initially plan to list their home in the winter, you can turn winter to your advantage and make it a good season to sell your property. Since most homeowners have the idea that spring is the best time to sell a house, there is less competition on the market.
Since winter is typically a non-traditional season to purchase real estate, those looking to buy in the winter are usually serious and highly motivated. These winter buyers often face a time crunch and are eager to finalize a deal before the weather makes things more difficult. Another bonus to selling in the winter is the unique staging you can do to your home to reflect the holidays, potentially connecting with buyers on a more emotional level.
Selling in the winter does come with its challenges. Winter is typically when sellers receive the most low-ball offers as buyers may assume that homeowners listing their home in the winter are desperate for an offer. The cold and dreary season also prevents your home’s curb appeal from looking its best which could make certain defects or flaws more apparent.
Selling your house in the fall
Most homeowners, especially those with school-aged children, don’t intentionally plan to move during the beginning of the school year. This means that there is less inventory on the market, giving your home a better chance at standing out. Most buyers who are looking in the autumn are highly motivated to get settled into a new home at the beginning of the school year. Autumn gives you a chance to show off the natural beauty of your home with colorful leaves, boosting your curb appeal.
One negative aspect about selling your home in the fall is that it usually requires more work to keep the home in its best showing condition. It could also take time away from your family during a season that is all about spending time with loved ones.
Understanding your city’s magic window
It is possible to sell your home all year long especially when working with the right agent. However, if you know your specific market’s “magic window,” you may be able to increase your chances of a faster sale. Nationwide, properties listed for sale May 1-15th, tend to sell 18 days faster than any other period of the year, according to researchers at Zillow. However, that best time to sell a house varies by location:
May 1-15th is the magic window to sell in:
New York
Chicago
Philadelphia
Dallas
May 16-31th is the magic window to sell in:
Los Angeles
Boston
April 16-30th is the magic window to sell in:
Miami
Washington DC
Remember that these magic windows aren’t definite, so you should not assume your home will fly off the market during this specific period or that you will not get a good return on investment if you don’t sell then. Instead, the magic window is a general guide to help you understand the market trends in your specific area in order to help narrow down the best month to sell a house. Learn more here…
Knowing the right timing when to sell your house fast is very important in order for you to find the right buyer of your property at a reasonable price as well – and this goes for bought typical homeowners and real estate investors alike. For investors doing house flipping, knowing when to sell a house is also very important.
If you need to sell your house fast and don’t exactly know what to do, Dependable Homebuyers are here to help. We have experts in selling house fast. Visit https://www.dependablehomebuyers.com to find out more.
Dependable Homebuyers
1402 Belt St, Baltimore, MD 21230
(443) 266-6247
