People sell their homes for many and varied reasons. Sometimes it is because they want to downsize to a smaller home because their children have grown up and moved out. Other people are ready to have a family and so want a bigger home. Then there are those looking to sell because they cannot afford their mortgage due to a change in circumstances. The reason for the sale will determine how quickly the individuals will want to sell. Those not in a particular rush to sell might then be wondering when the best time is to put their house on the market in light of getting more potential buyers and a higher price.
When Should You Put Your House on the Market?
The best time to sell a home is late spring, or specifically, during May. This is based on sales of condos and single-family homes over the past ten years. An ATTOM data solutions analysis found that those who sold at this time would net around 12.6 percent above the market value of their home (known as seller premium). However, it must be said that the seller premium achieved depends on a number of factors.
In areas where there are pronounced seasons, buying and selling patterns can be affected. Buying activity tends to be stimulated during the spring and summer months when the weather is warmer and the days are longer. According to the experts at EXIT Real Estate Consultants, listing your home for sale in DeRidder in the fall and winter months could mean you have fewer buyers and eventually fetch a lower seller premium.
Why Does Seasonality Matter?
Many buyers will start their search for a new home in the springtime. For those with young families, getting into a new home before the school registration cutoff date is one of the biggest reasons to start a search early in the year.
Sellers will often wait until after the holiday season to think about getting their home ready to sell. There are fewer distractions, and they know that when the warmer weather and longer days arrive, they can showcase their home in the best light and attract more buyers.
For sellers, knowing when to list a home can be tricky, especially if you are looking to move to another home yourself. After all, you will want to get the best price for your property, but you might then want the housing market to slow slightly before you buy your next home.
Are You Ready to Sell?
Whatever the season, there is no point in listing your home for sale until you are ready to do so. Getting the best price might mean that you need to make some minor cosmetic repairs or updates to the home before you can sell. If you are eager to sell quickly, you might forego these repairs and list the home at a lower price.
Something else worth noting is that there are a lot of hidden costs involved with buying and selling a property. You might remember some of these costs when you bought your home, but this time round you can expect to pay costs on either side of the transaction. There will likely be costs associated with selling your current home and then buying a new one. If there is not enough savings in your account or equity in your current home, now might not be the right time to sell.
To conclude, there are certain times of the year that are better when it comes to selling your home. Nevertheless, when you decide to sell usually depends on your circumstances and what is right for you.