March 13, 2020
3 MINUTE READ
When it comes to selling your home, netting the largest possible profit can sometimes feel like it all comes down to a game of luck. However, research has shown that certain times of the year can land sellers higher profits — meaning more money in their pockets. When it comes to selling your home, real estate professionals stress the importance of planning, so that you can list your home at just the right time and get the perfect price.
Research conducted by ATTOM Data Solutions, the premier provider of real estate and property data, there are clearly times that are better than others to sell your home. After analyzing more than 28 million home sales from the past 8 years, it’s clear that homeowners who listed their home in the spring and summer were more successful in selling their home more quickly — and for the price they wanted.
According to their study, the months of June and August showed the highest levels of home sales, with 2,881,400 and 2,802,268 homes being sold, respectively. This comes as no surprise since the summer is prime time for families to take vacations and outings — and this includes checking out new homes and moving. Families tend to really get serious about their move when their kids are out of school, giving them the flexibility and time to focus on the move. Knowing this information can give sellers the upper hand when it comes to asking for their list price and negotiation with buyers.
Spring and summer months also proved to deliver the highest premiums, with June premiums at 9.2 percent, May premiums at 7.4 percent and July premiums close behind at 7.3 percent. It’s also interesting to note that the median sales price for most of these homes was also higher than the appraised market value, meaning that, on average, homes that sold during these months sold for more than they are worth.
Once again, this could also be due to kids going back to school at the end of the summer months and buyers wanting to act fast to get settled into the new home before the school year begins. So keep in mind that buyers who are shopping for a home during the summer are likely to be more inclined to close a deal faster — meaning they’ll likely be more inclined to give up some negotiating in exchange for a fast sale.
Not surprisingly, given how strong the correlation is between spring and summer months and the busiest real estate months, the worst time to sell a house seems to be in October and December. What’s more, holidays, cold weather, and the beginning of the school year all seem to have a negative impact on home sales. Whether it’s the shorter and darker days, the increase in holiday travel, or just the hustle and bustle of the new school year, fewer people are heading out in search of a new home during the fall and winter. And among those who do buy a house in these months, they tend to pay less for them.
The moral of the story? If you’re trying to sell your home, it pays to strike while the iron — and the weather — is hot.
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