When selling a house, there are many factors to consider, and selling your house at the wrong time can have consequences. There is something in the real estate market called seasonal trends and understanding these trends should be the first step to take when determining the best time to sell your home.
The pandemic naturally creates some new challenges. As a seller, it means opening your home to strangers, including ones who may be infected with the virus. It also means you have to enhance cleaning protocols, which could be very time consuming. However, the real estate market has grown in recent months, so the demand is there.
Part of the growing of the demand is because of low mortgage rates. Many renters are looking to get out of small apartments amid social distancing efforts, and existing homeowners are moving to bigger houses – often in more suburban areas. But, when would be the best time to sell a house? Keep reading.
The Best Time To Sell a House According To The Numbers
Seasons impact how supply and demand in the housing market change at different times of the year. According to statistics, spring is the best time to sell a house since it’s when most transactions occur and when homes sell the faster. Also, homes sold in this season are more likely to sell at or above the asking price.
This phenomenon has a few explanations:
- Better Curb Appeal: If you have a yard with flowers and green grass, of course your house would look better in the spring. Sellers take advantage of this bonus of better curb appeal in the spring. To sell your house, you always want to highlight your home’s best features and draw in buyers.
- Weather Is More Conducive: After Daylight Savings starts, buyers have more time after work to go look at houses while the sun is still up. Also, looking for houses in warm but not too hot weather is much more productive than in other times of the year.
- More Convenient for Buyers: Most buyers want to get settled into a new home before the school year begins. Buying in the spring and settling in the summer appeals to many families. And because of this more convenient timing, more buyers are out there looking at homes in the spring.
Factors To Consider When Choosing The Best Time To Sell
Generally speaking, selling in the spring can mean a faster home sale at a higher price, but this doesn’t mean that this is necessarily the best time to sell a house for you. There are a few personal factors you need to consider too.
- Greater Urgency To Move: Selling your home not always is to upgrade to a new and better home, sometimes it can be a necessity. Retirement, job changes, or even the birth of a new family member can cause an urge to move, and are factors that can’t wait. Waiting on a better season might have greater consequences.
- Is Your House In The Best Shape?: If your goal is to sell fast and for your asking price, you might need to do a few repairs on your home, and these can take time. If you’re not in a hurry, choosing the right remodeling project can add value to your home and increase your sale price.
- Can You Afford To Sell Your Home?: You need to keep in mind that from home improvements to agent fees, the total cost of selling a home can add up to ten percent of the sale price. Studies show that most homeowners do not build enough equity in their home to offset buying, closing, and moving costs until they’ve been in their home for five years.
- The Cost Of Buying a New Home: It is estimated that closing costs, the cost of moving, and purchasing new furniture can add up to nearly $40,000 more than the list price for a home. Before selling your home, you need to start building a budget for buying the next one.
Selling in the spring clearly has its benefits, but not everyone has the luxury of timing their sale within three months out of the year. Luckily, there are companies out there that can buy your house fast – and in any time of the year. If you’re looking to sell your house for cash in Seattle, contact our team at I Will Buy House. We buy homes fast and hassle-free.
Sell Your House For Cash In Seattle
You don’t need to wait until the spring to sell your house — at I Will Buy House we buy houses in Seattle all 365 days a year. And there’s no need to invest in costly repairs and remodels: we buy homes fast and as-is. No hidden fees and costs — we’ll be transparent throughout the entire process. Contact us through our website and we’ll make you a free cash offer!