Every year, approximately 5.34 million homeowners sell their houses.
Some people plan their sales for a specific time of year. Others list them whenever they are ready to move.
If you want to sell a home, you might have some questions about selling it. For example, are you wondering what time of year is the best for selling a house?
Many homeowners pose this question to their real estate agents as they prepare to list their homes. While some times of year are better than others, the answer is not so simple.
Here is a guide that might help you determine when to list your home to have a faster sale.
Methods for Selling a Home
The first thing to understand is that you can use different methods to sell a house. The speed at which you sell your home depends on the method you use. Here are some of the common ways people sell houses:
For Sale By Owner
Selling a house by owner is called selling it FSBO, and this method often results in the sale taking more time. Finding a buyer yourself is not simple, even if you think it might be.
While there are times when you might find a buyer quickly when selling your home FSBO, it takes time in most cases. Buyers can be hesitant to buy a house without a real estate agent.
If you want to improve your chances of selling your home this way, advertise that you will pay a buyer's agent a commission. By offering to pay a commission, you might attract more buyers to your home.
Through a Real Estate Agent
Selling through a real estate agent is the most common way to sell a property. Using this selling technique, you begin by choosing an agent. When you choose one, you sign a listing agreement with them.
After that, the agent advertises your home sale and aims to find a buyer. You can sell a home relatively quickly through this method in most cases, but it still takes time to close the deal.
Selling with an agent will also help you in the long run, because you are not tied down to advertising your own home, and you have more time to look for the new house you plan to move into.
Average Time to Sell a Home
According to one source, the typical amount of time it takes to sell a house is three weeks. When you list a house for sale, this statistic says that it takes three weeks to find a buyer and agree on the selling price.
To find a buyer in three weeks, you must hire a real estate agent, though. If you decide to sell your house FSBO, you can expect it to take longer than three weeks to find a buyer.
If you sell a house FSBO or through a real estate agent, it might take three weeks or longer to find a buyer, but then you must wait to close the deal.
It takes several more weeks to reach your closing date. In fact, from the time you reach a deal with the buyer, it might take four additional weeks before you attend the mortgage closing appointment.
Additionally, do not forget to include the time you spend preparing your house for the selling process. If your house needs work, it might require spending weeks or months preparing it before you can list it.
When you add up all this time, you might notice that it could be three months or longer before you move out. If you plan your sale at the right time of year, you can decrease this time by several weeks or months.
Market Factors That Affect Sales Times
If your goal is to "sell my home" quickly, you might also benefit from learning about the top factors that affect sales times. Here are some of them:
Number of Homes for Sale
The number of homes for sale at any given time impacts the sale of your home.
When you find many homes for sale, you face more competition. Buyers can choose from more homes to buy, making it more challenging for you to sell yours.
On the other hand, you might sell your house faster if you list it at a time when there are few homes for sale. When there are fewer homes to choose from, buyers might fight over the few that are for sale.
Amount of Buyers Looking for Homes
The second market condition that impacts the speed of your sale is the amount of buyers currently looking for homes.
When you have a lot of buyers looking for homes to buy, you might sell yours faster. When there are few buyers searching for homes, it will likely take longer to sell yours.
Interest Rates
The economy plays a role in selling a house, too, as it impacts the interest rates on loans. When interest rates drop, more people want to buy houses. When they rise, fewer people can afford to buy homes.
Factors That Cause Challenges With Selling a House
When researchers study how people find homes to buy, 51% of them say they find their houses on the internet. Therefore, if you want to sell yours, you will benefit by putting the ad online.
You will also want to make sure your ad contains the things that people want to see.
For example, have you considered hiring a company to create a virtual 3D tour of your home? Adding this to your listing can boost your chances of selling quickly.
Hiring a professional photographer also helps you sell a house. When a professional takes the photos you use in the ad; your pictures look nicer. If your home is more appealing, you might attract more people.
You might face challenges if you do not do these things. You might also face challenges finding a buyer if you ask too much for your home and fail to properly stage the property.
When selling your house through a real estate agent, he or she could have the ability to work with companies like Hommati. These companies specialize in 3D tours, photography, and aerial drone videos to help better sell your house.
Factors That Improve Your Chances of Selling
After learning all these things, you might still wonder when the best time of year to sell a home is, and this is a great question. Most experts suggest that selling a house in the late spring or early summer is the best time.
If you research home sale statistics, you might find that more homes sell in the month of June than any other time of the year.
People tend to move more in the summer for several reasons. First, the weather is nicer at this time of year. Secondly, their kids are on summer vacation from school, making it easier for families to move.
Selling a house in the winter months tends to be the most challenging time to sell. Fewer people shop for homes during this time, whereas many people shop for homes in the spring and fall.
If you list your house during the late spring, your chances of selling it quickly rise by a lot.
The Bottom Line
So, the question is, "when should I sell my house?" As you can see, the answer depends on many things. To have the greatest chance of selling quickly, you should aim to sell it when you see the following conditions:
- It is springtime or early summer
- There are few homes for sale
- Interest rates are low
- People are looking for homes to buy
If you list your house when you see these things, there is a great chance that you will have an offer within days or weeks. If you wait to list your home until a time when you do not see these things, there is a strong possibility that it will take longer.
The good news is that you can list a home at any time. While it might take longer to sell a house at some times, you will eventually find a buyer if you wait long enough.
When Should You List Your Home?
Learning more about the real estate market can help you know when to list your home for sale. If you want to sell a home quickly, it might help if you list it at just the right time.
If you want to learn more about the real estate market, download the Hommati mobile app. Using this app offers a great way to find homes to buy or learn more about selling a home.