A question that I hear a lot is, “When is the best time to buy or sell a home?” A valid question at that. Spring is usually the busiest time in the market but does that necessarily mean it’s the best time? Let’s take a closer look.
The spring selling season usually starts around January, right when everyone is done with all their holiday festivities. Listings really start popping up around May and you will notice that trend staying strong throughout the summer. Then things start slowing down a bit in September and then noticeably more in October and November. This doesn’t mean to say that there aren’t buyers or sellers in December, there are just fewer options during that time.
However, a study done by the researchers at Zillow found that homes sold from mid-March to mid-April sell around 15% faster and for 2% more than the average listing. They found that one of the reasons why this is that case is because there is a boom of people that list their homes in the last couple of weeks of February until the beginning of March. So if you list your home during this time you might get outranked by the surge of other people in your area trying to sell them home. The researchers found that you have a higher chance of being listed right after this surge, so according to them, your best bet would be May. Being based in California, this still rings true since the researchers also found that people are more likely to go home shopping when it is nice out. But if you’re reading this and live in an area where May might still be too chilly, that window might shift for your region depending on when the weather starts to get nicer.
Another reason why more buyers come out in the spring is because some of them might have gotten their tax returns in the bank (quick reminder, you all have 5 days to get those done!). But with that extra cash in their accounts, buyers might be more willing to seriously shop around.
If we get down to the nitty-gritty, it has been found that the best day of the week to list your house is Thursday. The reason being that it will be available for weekend showings and by Saturday, which has been deemed by some as the most important day of the real estate week, your house will have only been shown for two days.
Though its true that people have been able to buy and sell homes throughout the year, there are some tricks in understanding and reading the market. If you would like to know more, please don’t hesitate to contact me. Happy hunting!