The Best Time To Sell
The law of supply and demand tells us that you can garner the highest price for your house when supply is low and demand is high. Why? Because this means more buyers are vying for the same limited supply.
Following this logic, you should put your home on the market when inventory is low and there are tons of buyers out house hunting. Right? Well, maybe not so fast.
The reality is that there’s no one singular best time to sell a house as there are serious buyers looking for homes year-round. But, if you do want to nail down the most optimal time for you to sell, here are some seasonal factors you should consider.
Spring/Early Summer Market
Both inventory and buyers are on the upswing in the spring - meaning if you list in the spring, you’ll be competing with plenty of other homes. At the same time, a lot of buyers will likely be looking at your home.
At the same time, the spring market is dictated by the weather. If we don't get much snow, we often see a huge surge of activity well before April. If we get snow late into the year, we may not see the spring market pop until May or June.
If you decide to list in the spring, be prepared to have a lot of foot traffic but also keep in mind that inventory is high, so you may not get your top price.
There is generally the lowest amount of inventory from November through February. Why?
Some buyers can become distracted by the holidays, and put their search on hold during this time. Or, families may prefer to wait until the end of the school year to house-hunt and move.
Regardless of the slowdown in buyer activity, I think January and February are great months to sell a house. For starters, there is often little competing inventory, as many sellers decide to wait until spring to list. At the same time, there is still a pool of buyers who were unable to locate a home during the previous summer or spring. Couple this with new buyers who have decided to get a jump on their search in the new year.
Still Unsure When to Sell?
At the end of the day, your individual circumstance will dictate the best time to sell. For example, maybe you need more time to prepare your home for sale, or perhaps you need to wait for your children to finish the school year.
In addition to deciding what week and month to list your home, you should also consider the particular day of the week to go to market.
In my experience, it’s best to list your home on a Wednesday or Thursday. This way, interested buyers will see your property before the end of the work week and have time to make plans to visit your home over the weekend.
Are you thinking about selling? Invite me over and let’s figure out the best time to sell!