More than 5.6 million existing homes were sold in the United States in 2020. Selling your home is a big decision; it represents the end of one chapter in your life and the beginning of a new one. After a home is listed, it takes an average of 55 to 70 days to sell (including the closing period).
If you are planning to sell your home, it pays to consider the best time to put it on the market. There are marked differences in selling time between certain months and times of the year. In this blog post, we will highlight the best time of year to sell a house and the factors to consider during the home selling process.
Best Month to Sell Your Home
The best month depends on your objectives. If you want to maximize profit, the best month to sell your home is July. If you are interested primarily in a quick sale, the best month is March.
There are also differences based on the location of your home. In New York, for example, the best time for an above-list sale is in December, while in Los Angeles, it is April. In Chicago, the best time of year to sell your home is in February, which is opportune for best quick and above-list sales.
It’s also worth keeping in mind that Thursday is the best day to list your house nationally.
What Factors Affect Home Sales During the Year?
Let’s take a look at the four seasons and see how seasonality affects selling a home. In Spring, we have already noted that March is a strong month for home selling. Tax refunds arrive in late winter or early Spring, meaning prospective homeowners are incentivized, though the cold weather may still be off-putting to some.
In summer, the market is typically competitive, and we see premium prices for homes during the middle of the year. There are also more daylight hours during the summer, and buyers may have a sense of urgency to buy before the start of the school year in September.
Fall is not considered the best time of year to sell a home. That said, there is typically less competition from other sellers, and serious buyers are still out there. Selling in winter can depend on local weather conditions, though serious buyers generally outweigh those who are just ‘browsing’ at this time of year.
Click here if you are interested in getting a home cash offer for your home. When you sell for cash, any time of the year is the best time to sell a house.
Best Time of Year to Sell a House
As you can see, there are opportune times of year to sell your house, and there are times of the year when serious buyers may be difficult to find. Be sure to factor in the above home selling tips and information before you decide to list your home for sale.
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