When is the Best Time to Sell a House?
Timing can be everything when it comes to selling a home. From which season you choose to list your home down to the month and even the day can impact how quickly your home can sell and for how much. So, if you’re considering listing your home soon, and you are wondering when the best time to sell a house is, it’s important to consider which month may be the best time to list your home. Keep reading to learn the best time to sell a house for the quickest turnaround and the most money.
Homes listed in the spring sell faster and for more money
For the majority of the country, spring is typically the best time to sell a house. According to Redfin data, homes listed in March and April not only sell the fastest, but they also sell for the most money.
If we had to narrow it down to the best possible month to list your home, April reigns supreme. As you can see from the above chart, on average a home listed in April will sell 14 days faster and for $2,750 more than if the same home were listed in November. If April doesn’t work for your timeframe, March, and May are also excellent months to list your home.
There are many factors that play into why spring is the best time to list your home for sale. The weather is nicer, giving buyers more incentive to begin touring homes. Flowers are beginning to bloom, enhancing your curb appeal. And homes are full of natural light, helping your spaces feel open, warm, and welcoming. April is also perfect timing for buyers who have children looking to move and settle in so they can enjoy summer with their family before the new school year begins.
Homes listed in the middle of the week sell for more money
In addition to listing your home in the spring, homes listed on a Tuesday, Wednesday, or Thursday sells for $1,700 more than one listed on the weekend, and it sells nearly two days faster. Although the market is very competitive right now, homes will receive many views regardless of when they are listed, but sellers can increase their potential sale value or decrease the days their home sits on the market by listing midweek. When homes are listed in the middle of the week it gives potential buyers time to view the listing online, speak to their agent, and schedule a tour for the weekend. Home sellers can then typically review offers on Monday or Tuesday the following week.
Other factors to consider before selling your home
The local housing market: Because of the current inventory shortage due to COVID-19, bidding wars between buyers are greater than ever before. Some homes are receiving dozens of offers and selling at lightning speed for well over their listing prices. High-end single-family homes are the most likely to encounter fierce competition. So, if you are planning on selling, now might be a perfect time.* Research your local housing market and talk to your agent to find out more information on how much homes are listing for in your area and how to accurately price yours to draw in the most offers, and maybe even incite a bidding war.
Your financial situation: It’s very important to look at your finances before deciding if now is the best time to sell a home. Buying a home is a big expenditure, and in our current market being pre-approved for a mortgage and making sure you have enough money for the downpayment on your next home is vital. Mortgage lenders will ask for your financial statements and look at your credit history before making a decision for pre-approval. If they think you’re a good candidate for a loan, they’ll decide the maximum amount they’re willing to lend you. Keep up on the current market conditions to find out if the market value of your current home is more or less than the remaining balance on your mortgage before making the decision to sell.
Hiring a home inspector: Once you have decided the right time to list your home to sale, consider hiring a home inspector. Home inspections can be a deal killer, so beat the buyer to it and schedule a pre-listing home inspection. Tackle all of the repairs before putting your home on the market. When a home buyer knows that there has been a previous inspection and all repairs have been performed, they are more willing to pay top dollar, and your home will most likely sell more quickly and for more.
By adjusting Redfin data to separate out seasonal impact on housing, such as home sales typically increase in the spring and decrease in the fall, we were able to measure how the market behaves independently from the time of year. We then analyzed home sale trends over the past couple of years, comparing different months in the year to determine when homes can be expected to sell faster and for money.
*Market conditions as of April 22nd, 2021*