Times are changing and you’re thinking about moving the family into a new home. But before you start searching for your next dream home, you’ll need to figure out when you’re going to sell your existing home. The decision is a complex one, especially considering the unpredictable economic environment we are living in. And while there’s no magic formula for determining the best time to sell a home, there are several factors you should consider.
The wrong time to sell:
This likely won’t come as a big surprise, you should avoid selling your home during the winter holiday season. Tensions run high during the holidays and budgets run low. The result? No one’s really itching to buy, and offers that do come in are often low. So as a general rule of thumb, avoid the months of December and January when selling a home, unless you absolutely need (or want) to.
The best season for selling:
Conventional wisdom dictates that spring is the best time to sell a home. In spring, the holidays have past, the new school year is still a while away, and gardens and other outdoor spaces tend to look their best. And while spring is the season that sees the largest amount of buyers, it’s also the season when inventories are highest. This means lots of competition, so if you’re going to sell in spring, you really need to get your property to stand out with effective marketing and staging.
The best day for selling:
According to research, Thursday is the best day of the week to list your home for sale. By listing your home for sale on a Thursday, you can make it available immediately for weekend showings. Come Saturday – the busiest day for real estate – your home will have only been on sale for two days, which is great for attracting full-price offers. In general, the shorter amount of time your home remains on the market, the higher the offer you’ll receive.
Whenever is best for you!
While the above parameters can be helpful, it really comes down to what makes sense for you and your family. Maybe you don’t want to move the kids during the school year or maybe the idea of packing in the hot summer doesn’t sound ideal for you. Whatever the reasoning may be, the real best time to list is when you are ready. Just keep in mind, even once you have an accepted offer, the average time to closing if there is a loan involved will be around 30-45 days.
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