What is the Best Time of the Year to Your House?
What time of the year is the best for selling your home? Over the years, we have been made to believe that Spring is the optimal time of the year to sell your home. However, this article seeks to make sellers understand the key issues to tackle when deciding the best time to trade your home. Some of these issues include.
* The optimum time to trade your home depends mainly on the market which you are selling
* Sellers who prefer trading during Fall are likely to face minimal competition
* Summer buyers are likely to experience the most competition
* Buyers who trade during Winter are usually more severe and work round the clock to beat deadlines
Hence, the best time for home selling depends on your location and situation.
Seasonality Effects when Selling your Home
For many decades seasonality has played a great significance in home selling. Although we could argue that seasonality was biased on traditional home sales, we can claim the same pattern is being witnessed in conventional practices.
SELLING YOUR HOUSE DURING THE SPRING
Spring has been categorized as one of the best times to sell your home. Moreover, the best time is the first two weeks of May which have been attributed to scaling a height of up to 19 days compared to any month. This derivates an increase of up to 6.0% of the resultant selling value. Depending on your location, April or June is also an excellent month to get a flash sale. However, there are also pros and cons for selling your home during the Spring.
You get to receive tax refunds early in the Spring or late in the Spring, which gives an investor more cash at hand to do renovations and repairs.
* A warmer and longer day is essential to allow more home buyers to move around looking for ideal houses
* You get the advantage of curb appeal since during Spring, flowers and grass bloom; thus, minimal mucks get tracked inside the house
* The Spring is ideal for beating the summer competition and the inevitable rush
* Buyers also buy during the Spring since they are aware of the price increase during the summer
* You could be experiencing snowy, rainy or muddy weather during Spring which could hinder the purchase
* The Spring is one of the terrible times to bargain or negotiate since the investor has limited options and is forced to settle on the asking price. This may cause the investor to spend more compared to the budget
Just like Spring, Summer is the epitome to close in on the sale of your home. In most regions, June tops, the month to sell your home with the best days to close the deal is between 25th to 28th June. However, this season has its pros and cons.
* The weather is very predictable with more daylight hours which gives investors ample time for home viewing
* There is more time for all parties since the schedules are flexible between vacations and after working hours to show or visit homes
* Tax Advantages: During summer, buyers usually receive tax rebates which increase their purchasing power
* Equity: Investors can acquire property through mortgage or refinancing schemes which helps them build equity and wealth
* Since the purchasing window is almost closing, investors are likely to issue out competitive offers and close the trade faster
* There is the availability of a large pool of data from the Spring sales hence shaping the market prices
* During summer, their areas that experience sweltering weather conditions making it unconducive to hunt for houses
* Due to high competition in regions where summer is the prime season to sell homes, there is also increased demands for features and concessions.
* Summer is also considered as vacation time for most people; hence few buyers could be in the look for homes
* Investors may also incur higher costs of maintains and repairs on items such as the HVAC system
SELLING DURING THE FALL
Even though the Fall could not be the ideal season to sell your home, not everyone shares this opinion. Also, your home could be categorized as unfriendly to the family since you reside on the coast. You may experience cold and foggy in other areas, but you get to experience a beautiful and warm Fall season. If you live in the latter regions, the Fall season could be ideal for buying a home.
* Buying homes during summer guarantees an investor less competition and less inventory for home sellers
* Investors who have reservations about investing during Spring and Summer can take advantage of the Fall and make the purchases
* Investors also enjoy reduced maintenance costs and also the availability of maintained professionals who charge less
* Pictures taken during Fall are vivid with Fall foliage and décor. This makes the seller’s home stand out from the available competition
* The Fall is categorized as the safest season due to reduced numbers of burglaries
* The colder and wetter weather has begun settling in this makes potential investors shy away
* Since the heating costs are high, investors may choose to stall the purchase due to foreseen resale challenges
The Winter causes most people to shiver; hence they reciprocate this condition to selling their homes during this season. Winter is usually the most demanding season to sell your home in most areas.
* Tax breaks and advantages: The highly motivated buyers prefer purchasing homes during Winter to take leverage on tax breaks
* Having fewer houses for sale during Winter leads to lower competition; Hence, you can quickly sell your home
* Giving the home a holiday perspective helps investors to envision the need to buy for the upcoming summer and spring sales
* The curbed appeal is not ideal since the snow-capped landscapes provide poor visibility
* Winter seasons provides shorter days for house hunting
* This season is also the worst to do any renovations and repairs
In the property market, we can all agree that there is no right or wrong time to sell your house. As explained, every season commands its pros and cons; hence you must critically assess the season that best fits your home sale. What is ideal for one seller could be non-ideal for another. Do your due diligence before embarking on a home selling exercise.