How Do You Choose The Best Time To Sell Real Estate In 2019?
Let’s face it, the prospect of choosing the right type of home to buy in the ever-volatile property market is so daunting for most people. After all, it is usually by far the largest and longest financial and life changing commitment most of us ever make, and it can make you or break you, monetarily speaking.
Your potential buyers will face a number of complicated issues in choosing a home to purchase, with so many factors being involved, such as picking the right neighborhood, getting a property that is large enough but not too large, being the right school district near enough to schools - the list is endless.
You may have made the best choice when you purchased your present home, so why not reap the benefit and cash in on selling your property, and maybe even trade up to get your dream home.
But to do so, a strategy you will have to take into account (which is often overlooked) is to pick the right time of year to make your move in the property market. This has a huge impact on available inventory and that in turn on the price you may have to end up settling for when selling your home. So let’s have a look at how and when you need to choose the right time to sell your home.
When is the best time of year to sell your home?
Much can depend upon your motivation for selling. Maybe you have been relocated, found the house that you want to move to, or have fallen into financial difficulty and are struggling with your mortgage: in all those scenarios you doubtless will be looking to sell and move out really quickly – so you may not have much choice when to market your home.
But if you are not a hurry, here is what you should be looking to do - aim for a late spring/early summer sale.
Most families look to move at the end of the academic year, to minimize disruption with schools – research on listing and sale patterns by Zillow found that the first two weeks May was the optimum time, with homes taking just under 19 days to sell during that period. Potential buyers who start looking for homes in the spring tend to become anxious to secure a deal as they reach that time and that can place more dollars in your pocket. It can take 60 to 90 days for a home closing from the signing of the contract.
But also take into account:
a) that in markets n some climates, like San Diego California, you might be better served by selling in the summer, because it may enable you to present your house more appetizingly, you can create a beautiful summer garden and sunshine, so adjust your strategy accordingly.
b) that your home may not be in an area where homes sell quickly – for example, if you are in a hot urban property market area, like a Manhattan or downtown Chicago condominium, your home will sell fast. But in suburbia, or in a more rural setting, start your sale plan and strategy earlier in the year and prepare for a longer listing period.
So if you're planning to sell your house in the near future, you might consider getting an early estimate of your moving costs from a moving services company, so you can factor in how fast you will be able to pack and move should you receive an offer that you cannot refuse. The offer may make it worth your while to move into rented accommodation until you close on another home for example, so you’ll be able to keep an eye on your moving budget.
Do you have experience selling homes at different times of year? What have you found works in your market? Please feel free to add your insights below, and join the conversation with our readers.
By Jim Mckenzie