The Best Time for Selling A House – What Do Experts Say?

Learn the pros and cons – What experts say about the best time for selling a house

Selling a home successfully requires an in-depth understanding of the real estate market. Many factors add to a home’s profitability, and time is of critical importance. While there is no hard and fast rule to determine the best time for listing your home, empirical evidence and statistical analysis show that the market is most profitable during spring and summer. Hence, one can say that listing the home during the months of spring and summer usually results in a quick and profitable sale.

However, remember that this is usually true for regions with a moderate and pleasant summer where the temperature remains comfortable. States located in the south, such as Arizona or New Mexico, usually experience an opposite trend. In these desert states, the residential real estate booms in the traditionally slow month of December.

Experts opine the best time to list your home is that time of the year which you enjoy the most. So, it is safe to say that location influences the ideal time for selling a home to a great extent.

Having said that, let us explore why spring and summer are usually considered the best seasons for selling a home and what are their pros and cons.

Spring

• The cold and chilly weather is equated with dormancy in the Northeastern states that experience brutal winters. The freezing temperatures and shorter days bring a standstill to the residential real estate market. Spring brings an end to this period of inactivity. The National Association of Realtors (NAR) claims that rising temperatures are marked by an increase in home sales. Before the Covid-19 pandemic hit the world, NAR observed a 34% increase in home sales during the months of February and March compared to the winter months.

Rising demand for homes also results in higher prices of the home. In general, during April and May, the selling prices of homes increase by as much as 3.2%, making spring one of the most profitable times to sell a home.

The following factors contribute to the increased activity in the residential real estate market during the spring season:

• The new academic year at school starts in September, and many people want to relocate before the start of school. Hence, they actively begin searching for new homes in spring and summer.
• Longer days and daylight savings make viewing homes more convenient during spring. Open houses receive more visitors, and homes get better exposure. The increased traffic usually results in faster selling of homes.

Pros of Selling Homes in Spring

• Plants and trees shrivel up during winters. Spring brings them back to life. Blossoming gardens and flowers increase the curb appeal of homes.
• Brighter, sunnier days encourage homebuyers to get out and tour new homes.
• With increased demand, you can demand a higher price for your home and make a profitable sale.

Cons of Selling Homes in Spring

• With more sellers listing their homes in spring, buyers have more options to choose from. Hence, the market gets quite competitive.
• With increased activity, booking contractors, repair services, and home improvement companies is difficult because their schedule is already full. Hence, undertaking any pre-sale repairs becomes difficult and a more costly venture.
• Likewise, it becomes hard to book moving companies and truck rentals because of their hectic schedules during the spring season.

Summer

• Spring marks the end of winter hibernation and the beginning of activity in the residential real estate market. Sellers start to list their homes and organize open houses. Interested buyers actively look for a suitable property and attend house showings vigorously. Hence, listing your homes in April and May is a good idea.

However, the real action takes place during the months of summer. It can be regarded as the peak season for residential real estate. According to the National Association of Realtors (NAR), sales made in June, July, and August comprise up to 40% of annual sales. Maximum homes are sold in June.

• Before the Covid-19 pandemic, the numbers were quite predictable. Post-pandemic, the real estate market has seen a dip, making it difficult to predict market trends. However, most buyers, sellers, and agents continue to favor the summer season for the sale and purchase of residential property despite rising inflation.

Statistical evidence suggests that homes listed during the summer season sell faster than all other months of the year. Sales data from HomeLight reveals that homes listed in July and August were sold 5.73 days and 5.58 days faster than the average number of days, respectively. Likewise, homes listed in the summer season sell at a 1.41% higher profit margin than the average selling price throughout the year. All these statistics point to one fact – summer is usually the best time for selling a home successfully.

But what makes summer such a lucrative time for home sellers?

One of the reasons is that homebuyers with kids want to relocate to their new home before the start of school. The pressure to finalize a new home before the beginning of fall usually puts homebuyers in overdrive mode. Other plausible reasons include longer sunny days and less rainfall during summer, which makes it more convenient to view a house or relocate.

Pros of Selling Home in Summer

• More buyers are actively searching for a home, which usually results in higher profit and decreased selling time.
• Longer days and peak daylight time make home tours more convenient. Likewise, natural sunlight pouring in increases the appeal of the home.

Cons of Selling Home in Summer

• Most home sellers list their homes during summer to capitalize on the increased summer buyer traffic, which gives homebuyers a large pool to choose from. This can reduce your competitive edge.
• Some states experience dry summers with little rainfall. Therefore, extra effort is required to water the plants and maintain the curb appeal.
• Pests become more active during the summer season. Pests can be a big turnoff for potential buyers. Hence, you should practice pest prevention strategies and stay vigilant of any pests on the property.

Looking for a trustworthy realtor in Morris County? Contact Jackie Scura. We are an experienced team of real estate professionals who provide expert guidance and support throughout the home-selling process. Call us at 973-319-8334 for more information.