When you make the decision to sell your home, many factors come into play. Selling your home is a process that includes getting your home ready for a buyer, finding the ideal time to put your house on the market and deciding which selling method would be most beneficial for your personal circumstances. By putting in a little research up front, you can learn more about the best time to sell a house. Even more importantly, you can learn what to do if you need to make a move during a time that is not ideal. Before you put your house on the market or start prepping your home for a sale, consider some information that will guide you toward the best real estate decision for your situation.
Peak Selling Season in Your Area
Many professionals in the real estate industry will tell you that there is a best time of year to sell a house, which is during the peak real estate season. What information many agents do not pass along is that the ideal season varies according to your location. In general, the first two weeks of May are the busiest weeks of the year nationwide.
Houses sold during this timeframe sell quickly and for a higher price than the same home at a different time. This generality doesn’t necessarily apply across the board, however. An experienced real estate professional should be able to tell you the ideal time to put your house on the market that is specific for your exact location. You can also do some research on this topic through major real estate sites.
The busy season in a particular area is largely influenced by the weather. Many buyers do not want to shop in the winter in the colder cities in the nation, and find it too hot to shop in the summer for the hottest cities. The peak market for large cities across the southeast, south, and southwest tends to be similar. If you plan to sell your house and have the time and money to wait for the peak time year for your area, think about who will be shopping during each season and see if your home would appeal to that type of buyer.
Selling Your Home in the Winter
The housing market is notoriously slowest during the winter months, especially in colder areas of the country. If you live in an area that is warm year-round or that is a popular location for buyers to purchase a vacation home, you could still command a good asking price.
Selling Your Home in the Spring
Typically, spring months are the most active home shopping times for nearly every part of the country. In areas with fast-paced and competitive markets, spring shopping starts early and peaks by mid-May. If you want your house to be ready for the peak, you need to complete any renovations before the spring season revs up. Luckily, tax refunds in late winter can provide a source of funds for home repairs for some individuals.
Selling Your Home in the Summer
In the warmest areas of the country, buyers want their home shopping to be completed before the hottest part of the year. Summer is still a popular time to buy, especially for families with school-aged children who need to be settled before the school year begins.
Selling Your Home in the Fall
The fall months typically see a slow-down in the market, but families still shopping for homes before school begins are often in a rush to purchase in early fall. Others are in a rush to purchase because they want to be settled into the new home before the rough weather of the winter months begins.
If you need to sell during the off-season due to a job transfer, job loss, or other personal issues and don’t have time to make renovations and repairs, you need to get a top asking price, and you also have the option to sell directly to an investment company. Investment companies that pay cash for your home in an as-is condition are not seasonally affected, so you can sell your home quickly during any part of the year.
Housing Market and Competition
You have probably heard of the housing market being referred to as a buyers market or a seller’s market, but you may not know what that means for your situation. During a buyers market, the inventory is plentiful, so buyers have plenty of inventory from which to choose. If you sell during a buyers market, know that you may end up selling your house for lower than asking price, and it may sit on the market for a more extended period of time.
You may also have to offer incentives such as closing costs or upgrade allowances to entice buyers to choose your home over similar properties. If you aren’t in a hurry to list your home, you could wait until the market favors sellers, referred to as a seller’s market. During this time, inventory is low and buyers must compete for the same properties. Your home is less likely to stay on the market for an extended period, and you could receive the asking price or even higher. If you are unable to wait for an ideal time or your home needs costly repairs, selling to an investment company is a viable option that is not dependent on the housing market.
Job Growth and the Housing Market
When you are researching the ideal time to get your home ready for sale, one factor that is often overlooked is the local job market. The housing and job markets are closely intertwined due to the influx of residents when jobs are plentiful. The demand for housing in an area with excellent job growth is multi-faceted. The population may experience and increase due to out-of-town transplants hired locally, and these new residents will be looking for housing. When the job market is booming in a particular area, word travels fast, and job seekers will often move to the area to look for work before securing a position since they know finding employment should not be an issue. With an increase of opportunities, currently employed locals may move to higher-paying roles and, as a consequence, be able to afford to upgrade their homes. Unfortunately for sellers, the reverse is also true. If job growth is slow or stalled in your area, it may be difficult to secure a traditional buyer to purchase your home.
Current Mortgage Rates
Generally, when mortgage rates are low, home sales soar. A lower interest rate means a buyer can get a more expensive house for the same budget since more of the monthly payment will be allotted toward the principal balance. Mortgage rates in recent years have remained low, and many people have been able to purchase a home for the first time.
The rates are not expected to remain stable and low forever. During a stronger economy, mortgage rates begin to rise, which may result in fewer buyers in the market. When the number of homes for sale outpaces the number of buyers purchasing, a buyers market can develop and your chance of quickly selling your home will decrease. Paying attention to the mortgage rates can save effort and money because you can time your listing when the general inventory in your area is lower.
Available Tax Incentives
In the past during times of a slow economy and a weak housing market, tax incentives have been offered to buyers as a means of boosting home sales. When tax incentives become available, buyers become motivated to buy a home before the incentive expires. Timing the sale of your home before an incentive expires means you could potentially move it more quickly. Tax incentives in recent history have already expired, so it’s important to keep track of any new tax laws, both locally and nationally, that could affect the housing market if you are considering putting your house up for sale in the near future.
Personal Situation and Life Circumstances
Even if all of the stars align in terms of housing market, mortgage rates and season, the main factor that determines whether or not it’s the right time to sell your home is your personal situation. Selling your home is a major life decision, so you want to make sure you examine all of the pros and cons before you decide to move forward. Even if the experts tell you it isn’t the right time to sell a home, it might be the right time for you.
Your financial situation may change, for better or for worse and unexpected or not. Maybe you have recently retired and want to cash out the equity you have gained on your house so you can move to a less expensive house and have money left over for retirement. Or maybe you have decided that the equity you have gained in your home would make a nice down payment on a new home. If your financial situation has changed, it may be the best time for you to sell your home even if the market trends are less than ideal.
One of the most common reasons for individuals to sell a home when circumstances are not ideal is due to a sudden employment change. In many cases, this means a job loss or layoff and a long-term reduction of income or necessary move to a different area to secure a new position. In other cases, the job change could be a promotion or job transfer to a position out of the area. Either way, selling a house quickly is often the goal for those who have a sudden change in employment or position.
Some family changes, such as the decision to expand your family, are easily planned out and can be more conveniently timed with a healthy housing market. Often, when the household children become grown and leave the family home, the parents decide to downsize to a smaller home. Adding or losing household members can be planned or unplanned, so depending on the circumstances, you may need to downsize or upgrade your current home quickly.
Making a change in your housing situation can sometimes be emotionally difficult. If the housing market is moving quickly and you are feeling pressure to make a decision about selling your home after big lifestyle changes, it’s ok to decide to step back and take a breather before moving forward. This is especially true if it isn’t financially necessary to sell your home immediately.
If You Need to Sell Now
Sometimes circumstances call for a decision that you may not have otherwise made. In the case of selling your home, maybe you wanted to wait until the ideal season and housing market to put your house up for sale. You may have wanted to complete repairs or upgrades on your home that would make it more appealing to potential buyers.
Life circumstances may have gotten in the way, but if you need to sell your home quickly for any reason, you do not have to wait until the timing is perfect. Selling to an investment company like Core Properties saves you the stress of getting your house ready to sell and the expense of repairing issues that may arise during an inspection process. Instead of placing your home on the real estate market either as a for-sale-by-owner listing or by listing through an agent, you can speak with a representative from Core Properties directly.
After you initiate contact, a team member will view your property and make an offer as-is, with no repairs or upgrades needed. Any time of year is an excellent time to sell to an investment company in a mutually beneficial transaction.
Why Choose Core Properties?
If you weighed all of the factors and have decided that selling to an investment company is the best course of action, the professionalism and reliability of Core Properties make it the right choice for you. Their buying process is convenient, taking the burden off of the seller and creating a transaction that is hassle-free and seamless. A representative will take the time to discuss the property with you with no obligation.
If you want to proceed, a time will be scheduled for the representative to view your property in person. No repairs or upgrades need to be made before the viewing since the property will be purchased as-is. After the viewing, a cash offer is made, and if it is accepted, the property can be closed as quickly as possible so you can receive your funds. If you are ready to take the next step, contact Core Properties for further information on any of their services. You can also give us a call 314-356-9052
If you are looking to sell your home, we may be a great buyer for you. We pay cash for your home in as-is condition. Contact us today for a no-obligation quote.