When is the best time of the year to sell a house? Winter? Summer? Maybe Spring? The truth is that finding a perfect answer to this question may be a little tricky, especially when you don’t want your home to stay in the market for too long.
Selling your house is no small feat, but if you make the right moves, it will be a blissful experience. So, here are some tips that will help you know the best time of the year to sell a house.
Consider the Holidays
You may be thinking, “isn’t this time a very busy and stressful one for almost everyone?” Well, the answer to that is yes. Despite how daunting it may sound to sell your house around this time, there are lots of reasons why it’s a good idea to consider the holidays when putting your home on the market:
The Holidays mean happy people
More often than not, you would see a lot of homebuyers who are really happy. It’s the effects of the season, and they more inviting your home is with all the decorations and cheer, the more likely they are to be attracted to it.
Throw in that holiday spirit, warmth, and sense of family without going overboard, and you could have a potential buyer waiting to take the deal. So, be sure not to be excessive with the holiday decorations and keep your fingers crossed.
Most times, a lot of sellers wait till summer or spring before putting their house on the market. While this is a great time to sell, it also means that there is more competition.
You will have a lot of other houses competing with yours for your attention. If there is an issue with your home, it will be even more stressful to get a willing buyer. However, you can stay ahead of the competition by listing your house for sale during the low inventory season. When it is just at the right price and in excellent condition, you will be generating a lot of interest from homebuyers who will be willing to make offers and even propose better terms. Everybody wins.
The holidays bring more serious buyers
Chances are that anyone searching for a home during the holiday season is very serious about making that purchase. Usually, these buyers anticipate holiday bonuses, which will be useful in making a down-payment or looking to start the new year at a new job that requires relocation.
However, whatever the reason, these buyers are motivated to close the deal as fast as possible. Therefore, you can expect a lot of strong offers and serious buyers for your house during the holidays.
Tax benefits for homebuyers
Buying a house before the end of the year usually comes with some extra tax benefits for homebuyers. This acts as one more incentive that makes them want to close the deal before the end of the year. Therefore, the holidays are an excellent time to check for available homes so that they can benefit from this. You can leverage this by putting your house on sale during this time.
There is more time during the holidays
During the holidays, everyone is a little more relaxed with a lot of time to have some fun with loved ones and generally spread good cheer. This extra time is hard to find during the other months of the year. Therefore, homebuyers use this opportunity of having more time off during the holidays to look around and find the right home for their needs.
You will be a non-contingent buyer
There are lots of advantages to being a non-contingent buyer. When you sell your home during the holidays, you have better bargaining power when you are ready to buy your next home because you are aware of how much you have to invest. Therefore, you have better chances of buying your next house with an impressive non-contingent offer. A contingent contract has too many risks involved and is not the best idea for you.
You don’t have to move out before Christmas
The best part about this is that you don’t have to give up the deed and keys to your house until after Christmas. This is often a significant source of worry to a lot of sellers who think that they may have to move out before Christmas if they sell during the holidays. As this is also up to you, if you don’t like the terms of the agreement, you are free to decline it and wait till a better offer comes along.
Why Summer and Spring are Good Seasons To Sell
No doubt about it, summer and spring are the seasons when lots of home buyers are shopping for houses.
The weather is warmer for moving and attending open houses, there is a summer break coming up, and their pockets are a little fatter with tax refunds…these all make it one of the best times for home buyers to get searching.
You can take advantage of this as well by selling your house in summer or spring. Sure, there will be a lot of competition, but this also means that you have more prospects and more chances of people coming over for house tours.
There may just be someone lurking in the crowds who has the perfect offer for you. However, this will also depend on the part of the United States you live in as some real estate markets get a little slow in the summer.
While some states slow down, others pick up. Therefore, it is essential to pick the time of the season that works best for where you live.
For example, the first fifteen days of July are prime home selling times for Tampa, Miami, Las Vegas, Houston, Dallas, and Charlotte. Other states have their selling window around May till the end of June. No matter where you live in the United States, summer and spring are good seasons to sell.
Leverage Negotiating in Winter
Selling your house in summer and spring doesn’t mean that you have to wait till then to negotiate the price of your home. Negotiating in winter gives you a great idea of the perfect price range for your house.
With a lot more competition in summer and spring, you may be forced to go a little lower than you would like. However, negotiating with potential buyers in winter keeps everyone happy as you are more likely to get a good deal. Also, home buyers will appreciate beating the hustle and bustle of searching for a home in spring and summer. Then, you can agree on the perfect time for you to move out.
Other Thoughts To Consider When Selling A House
Profitability and Potential Loss On Equity
Some sellers make the mistake of being carried away by emotions and selling their homes at a loss. Your profit after selling your house is the amount you have left when you subtract how much you paid for your home from the amount you get from the buyer.
The higher the profitability on your house, the happier you are likely to be. It means that you have made a good deal. On the other hand, equity refers to the difference between how much you owe on your house and the current value at the time of sale.
So, in other words, your profit depends a lot on how much you bought your house and the amount gotten from the sale. Here is a way to explain this better.
If your home has a market value of $300,000 with a pending mortgage payment of $100,000, selling your home at the market value means that you still have $100,000 worth of equity left after paying off your mortgage.
This means that you have made a profit. Your equity depends on if your house has increased or decreased in value since your purchase, how much you have paid off in mortgage, the amount you borrowed, and the size of your down payment.
If you’re unsure about how to go about pricing your home, the best step is to get a professional appraiser for a home appraisal.
Consider The Current Local Economy and Overall Economy
Just like pretty much everything else in the country, the current local economy and overall economy of the country has an effect on the sale of your house. In a healthy economy, the value of real estate increases, and this will rub off positively on your home sale.
When selling your house, a huge secret is to pay attention to selling on the right day to attract the right home buyers. Putting the right price and leveraging on the best time of the year to sell a house will have you smiling after you close off the deal. This is a very crucial decision, and there is no need to rush this to avoid making avoidable mistakes.