When is the “Right Time” to Sell Your Home?

02 Aug When is the “Right Time” to Sell Your Home?

When considering whether and when to sell your home, you might find yourself wondering if you should wait for the right moment. Let’s check out what’s hype and what’s real when it comes to home selling season.

Get Your Ducks in a Row

Before you decide to sell, consider whether you can afford to do so and cover the cost of moving. They are always costs associated with any real estate transaction. For specifics, check out our article What Do Buyers And Sellers Actually Pay In Closing Costs?

As the seller, you’re usually responsible for the real estate commission of around 6% of the sale price. Don’t forget moving expenses and the down payment on your next home if you plan to buy again.  If you don’t have enough liquid cash to cover these expenses, you may want to wait to put it on the market. Consider taking more time to pay down your mortgage and save some cash for the move.

May is Magic

If you are ready to sell, it’s true what they say: spring is the best time.  This follows the commonly held knowledge that people like to move when they’re not busy, when weather is more pleasant, and before the school year begins in late summer.

Recently, Zillow researchers set out to find patterns in home sales over time throughout the year.  Zillow announced they found that, on average, homes that were listed between May 1 and May 15 sold about 18.5 days faster than homes listed any other time of year. The purchase price of these homes was also about 1% greater than listings outside of the time frame.

This spring showed smaller inventory than the market is accustomed to, which increased competition among buyers and super charged home sale speeds and pushed prices up in many areas. Market changes like this and other factors, such as climate can affect the impact that a May sale might actually have on your transaction.

If You Can’t Wait

Consider other options, like renting out your property or using another method to list and/or sell your property. We break down some alternatives to the traditional selling path here.