Selling your home is a big decision that you don’t want to take lightly. When it comes to putting your home on the market, you don’t want to make a mistake that will end up costing you much more than you anticipated. And once you decide you want to sell your home, there are many things to think about before listing it, including the time of year (and time in your life) you choose to sell. Here’s what you should consider before selling your home, and whether or not there is a perfect time to do so.
Consider your personal finances
First thing’s first: you have to consider your own personal finances in any major homeowner decision you make, especially when it comes to buying or selling a home. This is highly important when trying to figure out if there is a perfect time to sell your home. While real estate trends can come and go, there may be a right and wrong time for you personally to sell your home. To figure this out, you can ask yourself the following questions:
- Am I financially obligated to sell my home?
- Do I need to sell as soon as possible, or am I financially able to wait until the market is best?
- How much am I willing to invest into selling my home (can I afford to make home improvements, hire a real estate agent, etc.)?
Research the nation’s home sales trends
Many online resources like Zillow report home selling and buying trends. These can give you a better idea of the best time of year to sell your home. For example, Zillow reports that historically, Spring is the best season of the year to sell your home. Specifically, the first half of May is the time of year to maximize your return and minimize your home’s time on the market, according to Zillow. While this trend can help you decide when to list your home, it is important to remember that trends vary, and they are not a guarantee that your home will sell during that time. Home sales trends are simply another way you can determine the best time to sell your home, though you should not rely on just a trend to make such an important decision.
Research when homes in your neighborhood historically peak in sales
The homes in your region, state, city, or even neighborhood may peak during a specific season or month of the year. Research when homes in your area historically peak in sales and consider listing your home on the market during that time. Homes in your neighborhood may sell the most during a different time of year than the nation’s trends. For example, while Spring is the most common time of year for home sales to peak, you may live in a climate with mild weather year round, and home sales could peak in your neighborhood during a different month of the year than the nation’s average. It could be a good idea to sell your home when home sales in your area tend to peak so you have the best chance of selling your home for the price you are looking for.
What is the best choice for you and your family
If you are looking to sell a home that you and your family are currently living in, then the decision to sell will impact your family. Above all, you should consider what is most important to you and your family when determining when to sell your home. If you have children, you may want to list in the late spring and move out by the time your children are on summer break. If you are looking to sell your home because you are transferring jobs to a new area or state, consider how long you have before your work transfer. Keep in mind yourself, your significant other, and your family, because selling a home just as much a personal decision as it is a financial one.
