When it comes to selling a house, timing can be everything. Selling your home at the right moment could mean you walk away with thousands of dollars more than selling it at the wrong time. According to
ATTOM, you can sell your home for thousands of dollars more in the spring and early summer than in the winter. But how do you figure out when the "right time" actually is? Let’s dive into the factors that can help you decide the best time to sell your house.
Best Months to Sell
In the journey of selling your home, knowing when buyer demand peaks could put you in a very favorable position. Here is some valuable data that can shed light on this topic:
2011 to 2021 Sales of Single-Family Homes and Condos
|
Month
|
Median Sales Price
|
Median AVM
|
Seller Premium
|
|
May
|
$208,273
|
$185,000
|
12.6%
|
|
June
|
$217,703
|
$196,702
|
10.7%
|
|
July
|
$219,900
|
$200,000
|
10.0%
|
|
April
|
$202,000
|
$185,000
|
9.2%
|
|
March
|
$197,500
|
$181,283
|
8.9%
|
|
September
|
$215,000
|
$199,214
|
7.9%
|
|
February
|
$188,500
|
$174,666
|
7.9%
|
|
August
|
$215,700
|
$200,000
|
7.9%
|
|
December
|
$213,564
|
$201,000
|
6.3%
|
|
January
|
$187,000
|
$176,040
|
6.2%
|
|
November
|
$213,300
|
$201,000
|
6.1%
|
|
October
|
$210,375
|
$200,000
|
5.2%
|
The seasonal impact on house sales
Opting to sell in autumn
Autumn often brings a slower pace in the housing market. Many buyers have either already secured their dream homes or are planning to wait until the new year. However, those still house hunting in the fall are often serious buyers who are eager to move before the holiday season. The seller premiums are lower compared to the peak months, but you'll face less competition from other sellers.
Venturing into winter sales
Winter months are typically slow seasons for the housing market. However, this can be an advantage for sellers who don't mind fewer home tours and less frenzy. Winter buyers are usually very committed and looking to close quickly. You won't make as much money as selling in peak seasons, but the process may be smoother.
The allure of spring selling
Ah, spring—the season when everything comes alive, including the housing market! According to historical trends, spring, particularly early spring, is one of the best times to sell a house. The weather is getting warmer, daylight savings time provides longer days, and tax refunds give buyers that extra financial push. You can often sell for a higher price and expect a quicker sale.
Unveiling the potential of summer
Summer months are also strong for selling a house. Families aim to move when school breaks, providing a steady stream of potential buyers. However, be prepared for some competition, as many homeowners also aim to sell during these months. With a well-maintained home and the right real estate agent, you could close at a seller premium that exceeds your expectations.
Navigating market types for your advantage
The nuances of a buyer's market
In a buyer's market, there are more homes available than people looking to buy. While this offers less opportunity to sell quickly or at a higher price, it's still possible to make a successful sale by pricing your home correctly and making it as appealing as possible to attract buyers.
The edge in a seller's market
When it’s a seller's market, you're in luck! There are more buyers than available homes, which means you can often sell for more than your asking price and move your home more quickly. You'll likely enjoy a higher seller premium in a seller's market.
Timing it right when mortgage rates are low
When mortgage rates drop, buyers come out in droves. Lower rates mean buyers can afford more expensive homes, which can help you get top dollar for your property. Keep an eye on interest rates and consider timing your sale for when mortgage rates are most favorable.
Factors Personal to You
It’s time for a new life chapter
The decision to sell your home isn't just a financial one; it's a turning point, a pivot in the story of your life. When your heart begins to yearn for a new setting—maybe due to an expanding family, or perhaps an exciting new job in a far-off city—that's when you know it's time to turn the page and embark on a new chapter. These aren't just casual shifts; they're seismic changes that redefine what "home" means to you. Your walls have been witnesses to your life's ups and downs, the joys and struggles, the celebrations and setbacks. Selling your home isn't just a transaction; it's a deeply personal choice, wrapped up in a complex tapestry of emotions, dreams, and aspirations. The need for more space to nurture a growing family or the allure of a promising career in a bustling city helps you realize that your current home has served its purpose. It's the universe's way of telling you: "Your life is growing, and your space must grow with it."
Your home is ready
Making the decision to sell is one thing, but is your home ready to make its debut on the market? Before you list, make sure you've lavished your home with the care and attention it deserves. Just like you wouldn't go to a job interview in worn-out clothes, your home needs to be at its best to attract the right buyers. Complete all essential repairs, touch up the paint, fix the squeaky door, and ensure that each room shines. This is your home's time to shine—to dazzle potential buyers with its beauty, functionality, and charm. A well-maintained home isn't just a piece of property; it's a love letter to its future owners. It tells them, "You will be safe here, you will make incredible memories here, just as I did." A home that is in tip-top shape speaks of pride—pride in ownership, pride in maintenance, and pride in its role as a sanctuary. And when buyers sense that pride, they're more likely to make an offer that reflects it.
Financial readiness
Real estate transactions can be dizzyingly complex, but there’s a sublime sense of empowerment in being financially ready for it. You’ve done your homework, understood the market, and budgeted for all contingencies. It’s not just about knowing your home’s worth, but also about understanding your own value and the value of your future. Are you free of debt, or have you laid out a clear plan to manage it? Do you have enough saved for the transition, and possibly for a down payment on a new space that complements your changing life? Having your financial house in order doesn’t just make the selling process smoother; it transforms it. No longer is the process fraught with anxiety and unknowns; instead, it becomes a journey taken with sure-footed confidence. It's the peace that comes from knowing you're not just making impulsive decisions, but calculated, well-thought-out ones that will enrich your life and the lives of your loved ones.
In the end, selling your home is more than just a financial transaction; it's an emotional and life-changing event. By understanding when the time is right, preparing your home, and ensuring your financial readiness, you're not just selling a property. You're closing one chapter and setting the stage for the next, beautiful phase of your life's story.
Fast Facts about Selling Your Home
- Cleanliness matters – A clean, uncluttered home can significantly add to your profit.
- Correct pricing is key – Homes priced right from the start attract the most interested buyers and sell faster.
- Selling is inconvenient – Expect disruptions to your normal schedules and prepare to handle them for a smoother selling process.
- Fixing repairs early is advised – Unattended repairs can cause buyers to overestimate repair costs and undervalue your home.
- Overpricing helps competitors – Overpriced homes don't attract the right buyers and may inadvertently help sell neighboring properties.
- Buyers negotiate after inspection – Be prepared for negotiation over repair costs post-inspection.
- Smelly homes sell for less – Eliminate unpleasant pet, smoke, or food odors to prevent deterring potential buyers.
- Cash isn't always king – A well-presented offer from a financing buyer can compete with or even beat, a cash offer.
- Well-maintained homes sell for more – Buyers are willing to pay more for homes that have been well-kept.
About Ulrich Real Estate Group
Ulrich Real Estate Group is a devoted team dedicated to making your real estate transactions as smooth as possible. If you're looking to buy or sell a home or have any questions about the Minnesota real estate market, contact
Ulrich Real Estate Group today.
*Header photo courtesy of Ulrich Real Estate Group
