The Best Time to Sell
The Best Time to List Your Home?
You missed it, didn’t you? You were waiting for Adele to sell her seaside castle near Brighton, U.K. but alas, it was swiped up by a private buyer to the tune of $3.7 million.
After selling costs, she netted around $500,000 but didn’t own the property for very long. Five years ago she purchased the four bedroom estate for $3.2 million. Not bad. Good timing, too and she bought a new property in Beverly Hills.
Homes like this really don’t follow typical real estate trends, such as when is the right time to list a home. But there may be some anecdotal evidence that there very well might be a “best” time.
In a recent study earlier this year, researchers concluded the best time to list a home is in May. According to the report, homes sold about 18 days faster when listed in May compared to homes that weren’t.
In addition, homes sold in that period also commanded a selling price about 1.0% more than the average listing. But for all practical purposes, does that really matter? We all know that real estate is local and what happens in one area might not be the same in another market.
In early spring and into the summer, more homes are listed and there are more active buyers. That means buyers have more to choose from as sellers compete for offers. Later in the fall and into winter, activity begins to slow and fewer homes are put on the market.
When owners think of selling they typically prepare to list the home in the early part of the year getting ready for a May introduction.But what is right for you? Instead of reviewing statistics regarding home sales, days on market and list-to-buy price, the right time to sell is when you’re ready, not as much as what time of year.
Yes, more homes might be sold in May compared to January but what matters most is getting the price you want, not what month it is.