When Is the Best Time to Sell a House?

Find the Right Time to Sell and Learn a Few Home Selling Tips

When is the best time to sell a house? It depends on your situation. Conventional wisdom says spring provides the highest sale price. But what if you’re looking to sell as fast as possible? Or what if your house needs a lot of repairs? Will busy-season buyers bother with a home that needs work? We’ll provide all these answers below, along with some professional home selling tips to help you along the way. 

The Best Time of Year to Sell a House for a High Price:

On average, spring actually does have the highest sale prices, but why is that? It’s because demand picks up in April and May, when it’s warm and sunny. Buyers can comfortably walk around multiple neighborhoods and kick the tires, so to speak. And homes look far more attractive when the trees have leaves and flowers are in bloom. 

But there are other factors that drive up demand. Tax refunds give buyers some extra cash to put towards a down payment, and the approaching end of the school year gives families a natural opportunity to uproot and move to a new city. If you’re looking for the absolute top dollar sale, spring is the best time to sell your home. 

Home Selling Tip #1: Market Your Home

“Real estate really comes down to the numbers. How many people do you speak to on a daily basis? How many emails do you send? How many phone calls do you make? If you do all the small things consistently on a daily basis the bigger pieces will fall into place.”

Engelo Rumora | Property Investor, Founder of Ohio Cashflow

What Time of Year Is Best for Selling a Home as Fast as Possible?

According to a 2016 study by Zillow, the fastest selling period is during the first two months of May. Between May 1 and May 15, homes sold an average of 18.5 days faster than homes sold during any other time of the buying season. The study also found that homes sold during those first two weeks sold for 1 percent more than the average listing. However, it’s important to remember that all real estate is local. The same study reported that cities with warmer climates, such as San Francisco and Miami, sold faster in March. While colder climate cities, such as Boston, sold faster in mid-to-late April. The key is to research how quickly the homes around you are selling, and at what price point. This will help you get your home ready to sell with the right price for your area.

Home Selling Tip #2: Don’t Get Greedy

“Don’t overprice your property, otherwise it’s going to sit on the market for a long time…Sell your home at a reasonable price and don’t get greedy.”

Engelo Rumora | Real Estate Investor, Founder of Ohio Cashflow

 

When Is the Right Time to Sell a Home in Need of Repairs?

If your home requires substantial repairs or updates, you’re not going to get much attention from home buyers during the busy season. Try selling during the off-season between July and December, when bargain hunters are looking for deals. Otherwise, do your best to fix what you can, and prioritize home upgrades with the lowest cost and highest value.

You could also see if you qualify for a home equity loan to pay for those bigger projects, such as replacing your roof or redoing the kitchen. Bear in mind that this will increase what you owe on the house. Avoid the temptation to overprice your home to compensate, and instead base your price on comparable properties in your neighborhood.

If you know you can’t afford any repairs, then you might want to consider selling to an investor. Your sale price will be far below market value, but if you do a little work (and undercut your price enough) you could end up with multiple offers to consider.

Home Selling Tip #3: Paint Everything

“Whatever you can paint, paint it. Paint the kitchen cabinets, the front of the house, the kid’s slide - whatever you can get away with painting. It will add the most value and is really cheap.”

Engelo Rumora | Real Estate Investor, Founder of Ohio Cashflow

In the end, the best time to sell your home is when you’re ready. Moving is a big decision on its own, and selling your old home can be both emotional and frustrating. But as long as you do the legwork and follow these home selling tips, you’ll be able to sell your home at the right time for you.