Spring usually marks the start of increased home sales but things pick up during the summer. In this blog post, we’ll discuss the right time to list your property. We’ll also provide tips for selling during different seasons and how to sell a house in a seller’s or buyer’s market.
THE BEST TIME OF THE YEAR TO SELL A HOUSE
They say that 70% of the home sales take place between April and August. As the weather warms up, so do listings and sales. There could be stiff competition in the summer, but many buyers will be sway on summer vacations.
THE BEST DAY TO LIST A HOME
Listing your home on a Tuesday, Wednesday, or Thursday can mean an extra $1,700 in your pocket compared to a weekend listing. This is according to Redfin’s data from July 2020 to February 2021. Midweek ad premiums differ by location. A midweek listing in Boston may earn you $7,100; whereas in Kansas City, Missouri, a midweek listing could earn you $400. Listing midweek also gives buyers more time to plan their weekend showings or schedule open house visits.
HOME SELLING TIPS FOR DIFFERENT SEASONS
Spring
Selling your home during the warmer months is wise because it attracts more buyers. Flowers and landscaping will be in full bloom to enhance your homes curb appeal in the spring and summer. Better weather also means more activity. On another note, early filers can use tax refunds to purchase a property. Schools start in September and many families want to settle into a new home during the summer vacation. This is another reason which makes it the right time to sell a house.
Summer
Warmer months, such as May, June, and July, are ideal for selling homes because they have longer days and school breaks. August, on the other hand, may experience a slight slowdown due to end of summer vacations.
Fall
Homebuyers tend to pay less for houses as the school year begins. However, you may attract buyers without children or those who prefer to relocate during the cooler autumn season to avoid the summer heat.
Winter
Holidays and colder, more erratic weather slow home sales in the winter. The weather can also be a ‘messy’ season for showings with people tracking in snow and dirt. The colder months do not typically command as high a price as in the warmer months due to demand and curb appeal.
SELLING A HOUSE IN A SELLER’S MARKET
There’s high demand for homes and limited supply in a seller’s market. Some buyers may offer cash deals, resulting in faster sales. Before listing your property, make sure your relocation plans are in order.
Even a lower offer that’s cash may be advantageous over a higher offer with financing. Cash offers will not have any complications with appraisals or qualifying issues.
In a Seller’s market, seriously consider setting a deadline for offers. This will maximize your price and give everyone an opportunity to bid… The end result will be more cash in your pocket and stronger offers with less contingencies.
SELLING A HOUSE IN A BUYER’S MARKET
When supply exceeds demand, buyers have the upper hand. Create an advantage over your competition by covering closing costs for a buyer if possible. Depending on the loan type and the buyer’s down payment, some mortgage programs allow you to cover up to 9% of closing costs.
Set a budget for repairs. If your market has a buyer shortage, your property must be in tip-top condition to attract buyers. Spend more time than usual making sure you declutter, finish unfinished projects, clean your home top to bottom and make sure you spruce up your landscaping for enhanced curb appeal. Finally, be prepared for any issues that may arise during the inspection.
Should you sell your house right now? It depends on the market, interest rates, your location, the season, and your readiness to move. If you’re considering selling in Boston or anywhere in Massachusetts, call the Award Winning Steve Bremis Realty Group, with over 40 years in the industry Steve Bremis will guide you properly and consultations are always free.. Call us at 617.828.1070 or send us an email here to get started.