Home sales hit their highest levels in 15 years in 2021. The hot real estate market looked to continue well into 2022.
Selling a house is all about timing. If you want to sell a house quickly and get the best offers above the asking price, you have to know the best time of year to sell a house.
There are other factors that go into selling a house and getting offers above the asking price. It makes selling a house tricky because you need a little luck to go along with data.
If you’re thinking about selling a house, but you want to get your home to sell quickly, keep reading.
You’re going to learn the best time to sell a house and how to get offers that meet your asking price.
What Is the Best Time of Year to Sell a House?
If you look at the overall statistics, you’ll see two trends. The best time of year to sell a house is in the spring and summer and the worst time of year to sell a house is in the winter.
The statistics are based on national averages. The best time of year to sell a house does depend on your location.
In Florida, the best time of year to sell a house is in November and December. The weather is still warm there and snowbirds look to find properties there.
November and December are the worst months to sell a home in Oregon. It’s the middle of the holiday season. It’s also the middle of the rainy season.
Not many people don’t want to move in the middle of a rainstorm.
Look at the trends over the last few years to see when home sales peaked. That’s how you’ll find the best time of year to sell a house in your local area.
Other Impacts on Housing Prices
There are other factors that affect the sales price of the home besides the time of year. Home sales are usually quiet at the beginning of the year.
Normally, there’s a slight uptick from December and November after the holidays.
This year was a huge exception. In the first six weeks of 2021, about 2200 homes sold for $100,000 above the asking price. In 2022, that reached nearly 6,000 for the same period.
What drove such huge demand? Low housing inventory and high buyer demand are the main factors.
Sellers are still hesitant to sell because the housing market is so hot. They don’t think they’ll be able to find an affordable home, even though they can cash out on their home.
New construction builds haven’t kept up with the growing population for the last several years before the pandemic. The pandemic set the construction industry back even further.
On the buyer’s side, low interest rates make buying a home more affordable. The Fed hinted that interest r ates will go up to fight inflation. Buyers wanted to complete the purchase before interest rates went up.
More people want to buy, so they get into bidding wars with each other. That drove home prices through the roof.
Interest rates finally increased in May by half of a percent.
Over the last couple of months, the number of home sales fell. There’s also been a rise in the number of homes on the market
The economy and inventory are other factors to consider besides the best time of year to sell a house.
Should I Sell My House Now or Wait?
In a normal real estate market, most real estate experts would say put your house on the market just because it’s the best time to sell a house.
This is anything but a normal real estate market.
Interest rates increased, the market is cooling, and inventory picked up. What does that mean for you if you plan to sell a house?
Now is still a good time to sell a house. Housing prices are still up over the last two years. You’ll still get a lot of interest in your home.
It also depends on your reasons for selling a house. A divorce, relocation, or financial problems mean that you need to sell a house quickly.
Home sellers that want to find something comparable in the same area might be better off waiting. You’ll end up paying more for the property, or lose out on opportunities because of bidding wars.
Tips to Get the Best Asking Price for Your Home
Convinced that now is a great time to put your house on the market? The real estate market is volatile, so you want to position your house in the best light possible.
Look at your reasons for selling a house. This impacts your sales strategy. A person who needs to sell a house quickly doesn’t have the time to interview real estate agents, prep the house, and schedule showings.
Sellers that list their homes for financial reasons need to think about commissions and closing fees. That impacts the final amount received.
The best sales strategy is to sell for cash. There are companies like OpenDoor, emperorhousebuyers.com, and Offer Pad that will make a cash offer and buy the house as-is.
Another sales strategy is to sell the house through traditional channels. You’ll get a real estate agent, prepare the house, and negotiate offers.
The real estate agent should tell you what to expect when selling your home. In some markets, your home could sell in a matter of days.
Your job should be to prepare the home for sale. Get an inspection and take care of minor repairs. Stage the house and hire a professional photographer to take photos.
You’ll compete with some of the highest house prices in your area.
The Best Time to Sell a House
What is the best time of year to sell a house? Your location, the economy, and market conditions dictate the best time of year to sell a house.
Look at market trends to see what the best time to sell a house is in your area.
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Barry Lachey is a Professional Editor at Zobuz. Previously He has also worked for Moxly Sports and Network Resources “Joe Joe.” he is a graduate of the Kings College at the University of Thames Valley London. You can reach Barry via email or by phone.