When it comes time to sell your home, there is no time that is right for everyone, but there is a best time in every market. Traditionally, listing your home in the spring will garner you the most interest, but the exact time of spring is different in every market. In addition, spring is not always the best time to list a home in every market. Here are three things to consider when deciding when the best time to sell your home is.
Do you need to sell quickly?
If you can wait for the optimal time in your area, you may walk away with a better offer and more cash in your pocket. On the other hand, there are some advantages to selling in the offseason. If you have a home in a very desirable location with desirable amenities, then selling in peak season may be to your best advantage as it might easily provoke a bidding war. If, on the other hand, your home is slightly less desirable or in a less desirable location, you might want to list it in the offseason when it has a better chance of standing out.
Is your area traditionally a seller’s market?
There really is no bad time of the year to sell in cities like San Fransisco, LA or Manhattan. Keep in mind, however, that it can be tempting to sell your home in a seller’s market when you stand to make a significant profit. The downside to this is that you still have to live somewhere and when home prices are high, rental prices are as well. If you can sell your home and move to a more economical area, then you come out ahead. If you sell your home and intend to live somewhere in the same market, however, you may actually end up spending more on another home or on a rental.
How much help do you need?
Preparing a home for sale is a long, arduous process if you hope to get the best price for it. You may want to invest in some significant repairs or upgrades first, which can be hard to get done during peak season. Needless to say, real estate agents are also busiest during peak seasons, which means it may be harder to get their full attention. If you want to sell your home in the spring, you generally need to start prepping for that nearly a year in advance. If you haven’t, then you might want to wait to sell your home in the offseason. You will most likely command a higher price by waiting and getting necessary work done than by foregoing the necessary work just to sell in peak season.