When Is The Best Time To Put Your Home On The Market

When Is The Best Time To Put Your Home On The Market

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Have you ever wondered whether there is a 'sweet spot' for listing your home; a 'best time of year' to get your home on the market in order to get the best price in the shortest amount of time? Well, it turns out there is. Still, that best time is subject to a very short window. It also might be somewhat dependent on geography and climate.

In order to answer that age-old question of when to put a house on the market, Zillow conducted a first-of-its-kind analysis based on data taken from 25 of the largest metro areas in the United States. They uncovered some interesting things.

For example, homes listed between May 1 and 15 tend to sell more than 18 days faster than those listed at other times of the year. But that's not all. Those same homes are likely to sell, on average, for 1% more. On a $250,000 home, that's an extra $2,500 just for listing during the first two weeks of May.

Geography Does Play a Role

It is generally accepted within the real estate industry that residential properties sell best during the spring and summer months. This is why peak season for our industry is between June and August. Furthermore, May tends to be the month preferred among buyers to start looking for homes. If they start looking in May, the goal is to have the purchase completed before school starts in the fall.

One thing that should be remembered here is that geographic location does play a role. Spring and summer are ideal in northern climates because people want to sell, buy, and move when the weather is favorable. Trying to do things in miserable winter weather is just not conducive to speed or efficiency.

Knowing that, areas with more consistent climates tend to have more balanced seasons for buying and selling. In the Southeast, for example, the differences between the peak summer season and the winter off-season are a lot less pronounced. In areas subject to excessive summer heat, winter home sales may even do better from time to time.

Listing in a Sellers’ Market

In a broader sense, sellers need to look at current market trends to determine the best time to put a home on the market. A seller's market is one in which demand is high and supply is comparably low – obviously good conditions for sellers because they can get higher prices and achieve sales more quickly.

For a homeowner not pressed to sell right away, the strength of the market is more important than the calendar month chosen for listing. Taking advantage of a strong seller's market has its rewards whether a home is listed in May, August, or October. On the other hand, being forced to sell in a buyer's market dictates listing as close to the first two weeks of May as possible.

Charles D’Agostino Headshot
Phone: 516-721-8885
Dated: November 17th 2016
Views: 509
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