To plan out the best time to sell your home, a seller must weigh several different factors. Seasonality has a large impact on buyer interest. Monitoring local market trends also sets up sellers for success. Ultimately, sellers should have clear motivations for a move. Be prepared financially and personally before listing your home. With the information below, decide the best time for you to sell.
Best Time Of Year To Sell A House Nationwide
Nationwide, May is the best time of year for sellers to list. This is the most prevalent for areas with traditional seasonal patterns. Many buyers enter the market in spring after winter weather and festivities are over. This creates higher demand, which drives up prices.
Best Time To Sell A House In Your Area
Determining the best time to sell in your area depends on seasonality and market trends. As New York experiences seasonal weather, spring and summer months are the best time to sell. This is when the market favors sellers the most. Sellers should look out for favorable trends like low inventory levels, increasing number of closed sales, and increasing median sales prices.
Selling your home?
New York sellers should keep an eye on cooling market trends. High home prices and interest rates negatively impact buying power, which decreases demand. This is notable in decreasing closed sales, down 23% as of November 2022. Inventory is also on the rise, which creates more competition for sellers. If possible, sellers should wait for the spring season to list.
A Look At Selling In Each Season
Each season has its advantages and disadvantages. Typically, the spring and summer months are the best time to sell your home. Fall and winter present more challenges. With the right agent, a seller can list any time of year.
Selling A House In The Spring
The best season to sell a house is in the spring. The change in weather marks the beginning of the residential sales season. Sellers can count on high buyer demand. Buyers are also more motivated to close on a sale before the start of the school year. However, sellers should prepare for more competition from other sellers in the area.
Selling A House In The Summer
The summer is the second-best time to sell a home. By this time, the frenzied competition has cooled down. Days are long and warm, which makes it easier to market a home. As demand starts ebbing, sellers may lose some of their edge in negotiations with buyers.
Selling A House In The Fall
Fall sales can be tricky for locations like New York. Most buyers have already completed their home searches and sales. Although some buyers will be eager to close on a sale, others will be on the hunt for deals. Sellers can expect a shift in buyer demand near September. As demand dwindles, listings stay on the market longer.
Selling A House In The Winter
Winter sales are very difficult for sellers unless they’re listing in areas with mild winters. Winter weather like rain, snow, and ice are obstacles buyers must navigate when attending home showings and open houses. Additionally, homes don’t show as well as the foliage dies, and days are darker. At this time, people typically are prioritizing planning for winter holidays. Although there is less seller competition, there are also much fewer buyers.
How To Know If It’s The Right Time For You
To determine the best time to sell your home, weigh personal factors motivating or hindering the process. You might find personal factors are making your living situation untenable. Financial stability is also important in a move.
Your Lifestyle Demands A Move
As individuals move through life, new needs can put pressure on a move. For example, a couple with a growing family may find their one-bedroom apartment doesn’t have the space to accommodate them. Empty nesters or retirees may have trouble managing a large house. Your neighborhood may also lack the services and amenities that you need. If your quality of life is being negatively impacted, then it’s time to sell.
Home Improvements Are Complete
If you’ve upgraded your home to align with your interests and you still aren’t satisfied with the end product, then it’s probably time to sell. Although leaving behind upgrades can feel like a waste, they can actually help your home sale. On the other side, if you’re in the middle of improvements or repairs, wait until they’re complete.
You’re Financially Ready
A home sale comes with many costs to repair, market, and close on an offer. Make sure you can finance a home sale and move before starting. An upturn in your financial situation can create the means for an upgrade. On the other side, finances can also drive sellers to downsize.
The Bottom Line
Ultimately, there are several motivating factors for selling a home. Determine the best time to sell your home by paying attention to seasonality, market trends, and personal factors. For sellers in New York, stick to warmer months like spring and summer. This is when buyer demand is highest. Sellers can count on quicker and higher-priced home sales.
Selling your home?
Sellers ready to list their properties should partner with a local, experienced real estate agent like those at the Sherwood Group. They have a current understanding of market trends and seasonality in the area. With this information, they can help you time your home sale for success.