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Money Matters Blog

Tuesday, May 7, 2019

When Should I Put My House on the Market?

If you’re thinking of selling your home, think spring. That’s because the season of blossoming flowers and gentle breezes has traditionally held the designation as the best time of year to sell a home. Before you start prepping your home for a photo shoot, take a moment to consider your particular circumstances and needs.

What makes spring so well-suited for house-hunting? Let’s take a deeper look at the sell-in-the-spring rule so you can make an informed decision about when to put your home on the market.

Why spring?
The beautiful, mild weather of spring showcases your property in all its glory. Pleasant weather also makes it easier for you to tend to repairs and upgrades on your property. Aside from delightful weather, springtime brings the end of the school year. House-hunting in the spring often makes the most sense for families that include school-age children. This way, they can be settled into their new homes and schools before the new school year. Finally, spring means more daytime hours to show your home to potential buyers.

Do homes listed in the spring really sell quicker and at higher prices?
An ATTOM Data Solutions analysis of 14.7 million home sales showed that houses sold in May closed at 5.9% above their estimated market value when compared to other months. Another study by Realtor.com proved that homes listed during the spring are 1% less likely to sell with a price cut than homes listed during the rest of the year.

Also, a Zillow study showed that homes sold during the first two weeks of May tend to be on the market less time than homes sold any other time of year.

Does this rule hold true for everyone?
“Springtime to market” might be a good rule of thumb for most home sellers to follow, but it does not apply in every case. Here are some factors to consider when deciding when to list your home:
  • The local market. If your neighborhood is full of for-sale signs and your home does not have any distinguishing features, consider waiting until the market cools off to give your home a fair shot. 
On the flipside, if your home has one or more features that set it apart, you’ll want to list it when the neighborhood is full of house–hunters for optimal exposure.
  • Your preferred time to move. Pick an ideal moving date and work backward to decide when to list your house. You can estimate 50 days to close after going under contract, and then add up to a month for preparing your home for market, choosing a selling agent, making any necessary repairs or upgrades, and finding a buyer.
  • Local climate. In some areas, like Southern California, pleasant, mild weather is a year-round delight. Conversely, in many northern states, the warmer weather doesn’t set in until early summer, and you’ll want to wait a bit before putting your home up for sale. 
Interested in buying or selling a house this spring? Contact our Mortgage Services team to help guide you through the process. Learn more at cfcu.org/mortgage.

Your Turn: Have you sold a home in the spring or summer? Tell us all about it in the comments.

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