Optimal Timing for Home Sales: Your Comprehensive Guide

Selling your home can be an overwhelming endeavor, particularly when attempting to navigate a volatile housing market amidst everyday life. However, gaining knowledge about optimal selling periods can help you steer this endeavor with confidence. Although there isn't a one-size-fits-all time to sell, certain periods of the year are generally associated with quicker sales and higher profits. Can you pinpoint the most favorable time to sell in the Pacific Northwest?

Broad Overview

A Zillow survey highlights that the prime time to sell across the nation is the first half of May. On average, homes listed between May 1st and 15th sell six days quicker than the usual listing, yielding an average return of $1,600 more. While the precise optimal date may vary, consensus aligns around April to June as the sweet spot for many reasons, including:

• Preference for moving in the warmer, drier season over colder, wet conditions.
• Enhanced curb appeal as flora comes to life.
• Potential buyers looking to leverage their tax refunds.
• Sellers can use their tax refunds to make necessary home improvements for staging.
• The end of the school year offers a smooth transition for families relocating.

Undeniably, spring offers strong selling advantages, but a surge in market listings can potentially lower your home's value as buyers gain more options. If you're considering selling but aren't under immediate pressure, we recommend thoroughly researching your local housing market and consulting a real estate agent.

Understanding Your Market

Each city's market varies, influenced by factors such as job growth and community development. Hence, it's essential to know your market intimately. If spring seems most suitable, consider ways to gain a competitive edge. The exterior presentation of your home is critical, with HGTV emphasizing the importance of curb appeal. Consider these actions:

• Freshen up flowerbeds with new mulch.
• Brighten your landscape with colorful blooms like roses or tulips.
• Trim any vegetation obstructing an appealing view of your home.
• Clean gutters and fountains of any debris or algae.
• Power-wash surfaces, including wooden patios and decks.

Once the exterior is inviting, focus on the interior experience for potential buyers. Depersonalize your space to allow buyers to envision themselves living there. Organize common areas, cabinets, and closets to convey a larger sense of space.

Ready, Set, List!

After prepping your home, the time comes to list it. Your real estate agent will guide you on strategies to ensure your house gets the necessary attention, but remember, your listing date matters. Trulia advises against arbitrarily choosing a listing day. Early Thursday mornings are ideal as many buyers start their search ahead of the weekend. Listing too early in the week might result in your house being buried in the listings by the time most buyers start looking. Understanding the importance of Days on the Market (DOM) is crucial, with the median in 2017 being 29 days. Listings that stay on the market longer risk fetching offers below the asking price.

Is Spring Not Your Season?

While spring might not suit everyone, how do the other seasons fare for sellers?

Summer

Summer offers similar advantages to spring, with the warm weather and the opportunity for families to relocate before the new school year. However, costs associated with maintaining your home in sellable conditions, like air conditioning and lighting, could add to your expenses.

Fall

Following the spring and summer rush, fall provides a unique opportunity to showcase your home to a select group of buyers. Fewer listings could prevent undercutting on asking prices, but fewer listings also mean fewer buyers.

Winter

The winter market moves slowly due to unfavorable weather, but there are always those needing to relocate for new jobs or city changes. Make your home inviting with a warm, cozy atmosphere to entice buyers.

Regardless of the season, remember that the most important factor when selling your house is you! Is it the right time for you to move? Evaluate your circumstances, what you're leaving behind, and what you hope to find in your new home.

Considering selling but unsure where to start? Contact CrossCountry Mortgage today to speak to a Mortgage Advisor about the loan options available to you!