With summer in the air, it’s time to take that final step of putting a sign on the lawn (or getting that post on the cyber web)- at least if one of your to-dos is to know the most profitable days to sell your home and get to the big move, while the weather is warm and comfortable.
Who wants to be moving in the middle of winter or fall when it’s cold and wet? No one. These are the two seasons when everyone’s at home enjoying the comforts of their warm abode and good company.
Spring and Summer are indisputably the best times to sell. Getting into the nitty-gritty of it, researchers have gone through sales data, time and time again, to show that these two seasons give your home the biggest exposure to would-be buyers and garner a healthy premium on your sales price.
Researchers have gone so far as to pinpoint the exact days during the year that gross you the highest returns. In particular, Attom Data Solutions has meticulously tracked sales data for the past 11 years to complete a full analysis. The conclusion drawn is that May, June, and July will net you a decent 10% premium on your sale price versus selling at any other time during the year.
The month of May shows to be a clear winner and leads with the top 15 best days for selling your home. The five best days to sell as per historic data land on the 16th, 19th, 20th, 23rd, and 27th of May.
After May, home sellers can still expect to stake a healthy premium. Average premiums for the top five months are as follows:
- May – 12.6%
- June – 10.7%
- July – 10%
- April – 9.2%
- March – 8.9%
The above reinforces that Spring and Summer are the best times to sell, no surprise there.
So if you are considering, and have been in the talks about selling your home, now is the time to commit to it, put pen to paper, and get to work selling your home.
Okay, so some of your hesitation and concern about selling at the opportune time is somewhat alleviated. And you’re now committed to selling within the golden window of opportunity. Where should you begin?
Well, first, a good house cleaning and readying your home to be put in front of the eyes of buyers may be needed.
This shouldn’t be a big issue if you are a home-owner occupier. A few hours to tidy up, and you should be able to check this item off your list. Plus, you will do whatever it takes to complete the sale, whether it’s hustling the kids (or your significant other) out the door for a quick impromptu showing. Or routinely tidying the place, so you don’t have to worry about showing the home at a moment’s notice.
If your home is tenanted, you have a few more considerations when there’s an incumbent resident other than yourself. What is convenient for you may not be convenient for your tenant. This is where transparent, friendly communication with the tenant is critical.
Ensuring showings are on a routine schedule slotted within the tenant’s working hours when they are less likely to be at home would be more convenient for both parties involved. If there are pets, as much as they are lovable, you do not know who will be stepping through that door (protect your animal friends, protect the humans, aatchoo!). Minimizing interruptions to your tenant’s daily routine is key.
The goodwill gestures you show can mean a lot, whether hiring professional cleaners before showings or having an assigned dog or pet caretaker take furry friends out for a short tour around the neighborhood. It also helps to give your tenant assurance that a home sale doesn’t mean imminent displacement. If your tenants are under a fixed-term lease, they’ll have the right to residency until at least the end of their term. And if the new homeowner intends to move into the home, ample notice will be provided, with a minimum 2-month leeway time, if not longer.
Leverage Your Returns
Unless you plan to be on call 24/7 (you never know who will be your lucky buyer) or take on the role of chief coordinator and event planner (if the place is tenanted), hiring a qualified real estate agent will be your next best bet.
Partnering with an experienced neighborhood agent can net you both more money and time. Putting someone else in charge of managing the sale of one of your biggest assets is daunting, but this is where you will devote your time to selecting, interviewing, and screening your agent candidates. Reach out to your social circle for referrals, and don’t be afraid to ask pointed questions to your potential hires. Remember, your primary job is to find someone who is knowledgeable, capable, and transparent in getting you the best value for your home. Once you’ve done your part as a recruiter, let the qualified agent get to the hard work to rally homebuyer interest and fill out the paperwork to bring you a solid sale price for your home.
We are excited to share more information in the coming weeks, especially as we head into the busy season for real estate sales and buys.
Let’s help you make the best of the Spring/Summer real estate market. Schedule a call with us to get started right away!