Selling house fast is not as easy as people often think of. There are a lot of factors to take into consideration before posting your property to various home listing places, and one of them is deciding when to do the selling. After all, the timing makes a lot of difference in terms of selling your house fast and make quick cash. Knowing the best and worst season in listing your beloved property for sale is crucial and could be the key to making quick cash from selling a house fast.
Know The Best and Worst Season To Sell Your House Fast
Daniel Bortz of Realtor.com wrote an interesting article which ennumerates the important factors to consider in knowing the best time to sell your house. Continue reading on the article below to know these factors.
When Is the Best Time to Sell Your House? 5 Factors to Consider
When is the best time to sell your house? Timing can make a big difference in terms of selling your home quickly and for the most cash. But here’s the thing: The rules on pinpointing that best time might not be what you think.
The assumption that spring is always the best time to sell is not necessarily true. The general direction of your local economy and mortgage interest rates come into play as well.
There’s no crystal ball for reading the housing market, but there are ways to stack the deck in your favor. Here are five things to consider before putting your house on the market.
1. Spring isn’t always the best season to sell your house
Though conventional wisdom maintains that the spring home-buying season (April to June) is the best time to sell, that’s not always the case. In fact, one recent study even found that sellers typically net more above asking price during the months of December, January, February, and March than they do from June through November. Surprised?
One reason may be that the spring home-buying season generally means you’ll have more competition from other home sellers—and that may require you to price your home more aggressively in order to attract buyers. (Have questions on how to price your house? Here’s how to find a real estate agent in your area.)
2. Keep an eye on the local economy
The strength of the U.S. housing market as a whole certainly plays a role in home prices. According to a realtor.com analysis of annual price growth rates, a home’s value generally increases 3% to 4% a year when the economy is strong, driven by inflation and natural population growth. From 2011 to 2016, the national housing market was recovering from the bubble at a slightly higher speed: 6.3% a year, on average.
You’ll want to assess your local economy’s conditions when figuring out when to list your home. One benchmark you can use is the S&P CoreLogic Case-Shiller National Home Price Index, which monitors single-family home sales in 20 major U.S. cities. Another valuable resource is the Metropolitan Median Area Prices and Affordability tracker from the National Association of Realtors®. Read full article here…
Timing when to sell your property could be the very determining factor if you can make fast cash out or not in selling your house fast. However timing in real estate is not just blindly choosing and pinpointing the time you sell. There are also popular beliefs in home selling which not necessarily true all the time, such as spring season is the best season to sell house fast, etc. As a matter of fact there are a handful of competition when selling house on spring.
The need to sell it fast in a market with high competition means that you are compelled to sell it at a lower price. Keeping a close eye on the local economy is also very significant since the housing market data and trends dictate home prices, a weak economy means you need to price it lower than what you originally wanted.
Digging deeper into the topic, Dahna Chandler of The Mortgage Reports wrote an excellent article that discussed the best time of the year to sell a home. Read more below and see for yourself the best time of the year to put your home in for sale listings.
What’s the best time of year to sell a home?
Consider where you’re selling a home first
The best time of year to sell a home fast and for more money depends on where you live. While most people automatically think “spring” when selling, that’s not true in places like Phoenix, Florida, Southern California and Texas. That’s because the weather gets intense in those areas–think triple-digit heat, hurricanes, and tornadoes.
Before you consider the pros and cons of selling during each season, research the best time of year to sell a home in your region.
In most areas, the best time of year to sell a home is during the first two weeks of May. You can expect to sell 18.5 days faster than any other month and for 5.9 percent more money. In other places, early April or June is better for home sales than May. There are pros and cons to spring home selling.
- Tax refunds come in the late winter or early spring, making more funds available for repairs and renovations
- Warmer weather and longer days mean more home buyers go out searching for homes
- Curb appeal improves as trees, flowers, and grass bloom (and less muck gets tracked into your house)
- It might not be the best season to sell if your weather is still rainy, snowy or muddy
- Competition is fiercest, so if your home is imperfect, it may be a harder sell
- If you have kids, you may have to pull them out of school if your home sells quickly
Like spring, summer is a top time of year to sell. In some regions, June is tops for home closing. In fact, June 28 is the most likely day in the year to close a home, according to ATTOM Data Solutions. There are a variety of other reasons that summer is the best time of year to sell a home. But drawbacks to listing between mid-June and late August exist, too.
- More daylight hours and predictable weather in most places mean more time for home showings
- Time for you (and buyers) is more flexible with vacations and more time after work hours showing or touring houses
- Weather in some areas is very hot and not conducive to house hunting
- Competition in areas where summer is prime selling season gets higher with buyers demanding more concessions and features
Apart from timing and knowing the economic conditions, location is a very important factor in making the most out of selling house fast experience. In some areas, Spring is the best season to sell a house fast, but in regions like Phoenix, Texas, and Florida, it is not always the case due to intense weather conditions experienced by these locations. Home selling in a particular season has its pros and cons depending on your location, so it important to you as a seller to make research and have some due diligence in weighing out these pros and cons.
More than the best time, it is actually a no-brainer to know the worst times of year to sell a house. Erin McDowell of Business Insider wrote an article mentioning both the best and worst times of year to sell your house.
The Best and Worst Times of Year to Sell a House
Selling a home and netting the largest profit possible can oftentimes be a game of luck.
Reports, however, have shown that certain times of the year can yield higher premiums for sellers and more money in their pockets. When it comes to selling your home, it’s important to plan things in advance so your home can hit the market at the perfect moment, and secure you the perfect price.
The best time of year to sell a home is during the summer, while kids are out of school
ATTOM Data Solutions analyzed more than 28 million single-family home and condo sales over the past eight years and determined that those who sold homes in the summer had more success selling their home quickly and for their desired price.
“Since summer is a time for vacations and outings, it’s no surprise that it’s also a time when people are most likely to move,” said Todd Teta, chief product officer with ATTOM Data Solutions.
According to the study, June and August reported the highest numbers of home sales, 2,881,400 and 2,802,268, respectively.
“Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations.”
Homes sold in June and May turned the highest profits for sellers
The analysis found that seller premiums were highest in June (9.2%), May (7.4%), and July (7.3%). The median sales price for homes sold in June was $200,000 with an AVM of $183,124 and homes sold in May had a median sales price of $190,000 and an AVM of $176.875 — meaning that, on average, homes sold for more than what they were valued at.
Homeowners who sold their houses during October and December reported the lowest seller premiums
Those who sold their homes during colder months — namely, October and December — reported much lower seller premiums than those who sold their homes in the summer. Homes sold in October and December sold for a median price of $188,000 with an AVM of $182,000, only making a 3.3% premium for the seller.
It may sound cliche, but in most cases making profits off selling house is more of a game of luck. Also according to available data, there are certain times of the year that can give you more returns. Another important finding is that selling your house in the last quarter of the year is seen to give sellers smaller returns. The key here is to plan your selling in advance, get the perfect timing based on your location, and make a thorough research of the housing market. That way, you can maximize your gains in selling your house fast.
If you need help in selling your house fast for quick cash, Dependable Homebuyers can help you make quick cash out of your home for sale. To know more, visit https://www.dependablehomebuyers.com/sell-your-house/ and we look forward to helping you sell your house fast and make quick cash.
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