One of the most complex questions in real estate is, "when is the best time to sell a home?" Whether it's the day of the week you're listing your home or the time of year you're selling, several factors determine what is best. Many listing agents debate the best day of the week to list a home, while others consider the time of year the better debate. Either way, you might wonder why it even matters. The truth is the time you sell your home can be the best-determining factor in how quickly it sells. List it on a bad day or at the wrong time of the year, and it might sit on the market longer. This will quickly deter buyers because it makes the home seem unappealing. Some things to consider are the home's location, housing market conditions, seller expectations, etc.
Because there are several factors to consider in what is likely the best and worst time to sell your home, let's break them down into categories.
Best time of the year to sell a home
The time of year you sell your home is essential because certain times of year are significantly slower in the market. Peak months for most markets across the nation will be in the Spring and Summer, specifically May through July. This time of year is when the activity begins, and home sales start to heat up. The market often heats up during this time because the weather is warmer, families prefer to search for a home before school begins, and schedules are open. It's also possible that Daylight Savings plays a role, as having more time during the day gives flexibility when looking at properties.
Spring is usually when most home-selling action begins, but house sales heat up in the summer months. Real estate is almost always about location, and where you live could impact the prime selling season for your house. According to ATTOM Data Solutions, a nationwide curator of real estate data, May is the best month to list your home for sale. Sellers who listed a house in May often received up to 10% or more above the market value. June and July were not far behind that, also paying higher premiums for homes sold during that time.
Seasons might also play a role, especially in the South and West, where the temperature remains more moderate throughout the year. Charleston, for example, might offer sellers more opportunity to receive a more significant premium in the early Spring months or even early into the Fall due to warmer weather. According to the National Association of REALTORS®, there's less discrepancy between peak and slow seasons in the Southern and Western regions.
Best day of the week to sell
Now that we've discussed the best time of year to sell a home, let's talk about the best day of the week to list a house. This is a debate among many real estate agents, with some arguing that weekends are better than weekdays. Ultimately though, the consensus remains that Thursday is the best day of the week to list your home for sale. This day is considered the best because it provides plenty of time for the agent to list the house online and gain traction before the weekend. Weekends are typically when most people have the time and space to look at homes, so listing during the week makes sense to allow for that additional time.
The worst time to sell a home
If the summer months are the best time to list your home, it makes sense that Fall and winter are the worst time to list your home for sale. This often has to do with school just having started, the holiday season, and the weather influencing how likely buyers are to be searching for a home. The days get darker earlier, the weather is cooler, and people generally would rather stay home which translates to less foot traffic for those selling.
All that to say, December is the worst month for selling homes, and according to ATTOM, you'd only get approximately a 5.8% premium. That's almost half the amount you'd receive if you sold your home in May or June.
Your best asset is working with your agent to understand the right strategy for listing your home. An expert agent will help you know the specifics of your region, how to achieve your specific goals, and the approach it will take to get you there. Not only will an agent because able to teach you everything that goes into preparing your home and why it's important to list at certain times, but they'll have the tools at their disposal to help you. The quicker you choose to find and hire a real estate agent, the faster you'll be able to get your home sold.
Additional advice for sellers
Here are several other tips for sellers that will help you sell your home quickly while maximizing profits.
- Don't forget to consider prep time when making decisions. Before going on the market, your home will likely need minor repairs and updates, deep cleaning, painting, staging, and other crucial pieces. If you can plan accordingly, it will be easier to finish the job in time and list your home during the best time of year.
- Consider that the time you sell, whether a couple of months difference or a few days between listing, translates into profit and loss. Listing your home during the Fall could lead to a significant loss of profit. While the wrong day might be less critical, it could also result in a loss. Work with your agent to consider all factors when listing your home.
If you're ready to start looking at homes for sale or considering selling your home, contact Shawn Kemp today.
