Understanding the seasonal trends in the real estate market is an essential first step in determining the best time to sell your home. But the decision to move is often a personal one. It is important to take into consideration other factors such as your financial situation, the current condition of your home, whether you plan to make any improvements to it, and whether or not local market conditions are in your favor.
This guide will tell you what you need to know to choose the right time to sell.
If you’re looking for someone to buy your home in New York, we’ll take a look at the best month and time of year for higher selling prices and faster sales. We’ll also look at other factors such as the housing market, world events, interest rates, and your home itself.
In most areas, the best time of year to sell a home is during the first two weeks of May. You can expect to sell 18.5 days faster than any other month and 5.9% more cash. Elsewhere, early April or June is better for home sales than May. There are pros and cons to selling a spring home.
- Tax refunds arrive in late winter or early spring, freeing up more money for repairs and renovations
- Warmer weather and longer days mean more home buyers are looking for homes
- The attraction of borders improves as trees, flowers and grass bloom (and less mud seeps into your home)
- You can go ahead with the summer competition and beat the rush
- School lets out, allowing children to finish the school year as soon as buyers close the house
- The best time of year to move in is coming for buyers, so they’re more likely to buy a home with that in mind.
- It may not be the best season to sell if the weather is still rainy, snowy or muddy
- The competition is the fiercest, so if your home is imperfect, selling can be even more difficult.
- If you have children, you may need to take them out of school if your house sells out quickly
- The weather can be unpredictable, spoiling your open houses
- Neighbors may do major renovations or host spring events (like graduation parties) that make parking and sightseeing more difficult
Like spring, summer is the best time of year to sell. In some areas, June paves the way for house closings. In fact, June 28 is the most likely day of the year to close a home, according to ATTOM Data Solutions. There are a variety of other reasons why summer is the best time of year to sell a home. But the drawbacks of a listing between mid-June and the end of August are also present.
- More daylight hours and weather forecasts in most places means more time for home shows
- You (and buyers) have more flexibility with the holidays and more after-hours time to view or visit homes
- Buyers have a sense of urgency to install their school-aged children
- There is more data available on spring home sales to use in pricing your home
- With their buying window closed, buyers are more likely to bid more competitively and close faster.
- The weather in some areas is very hot and unsuitable for finding a home
- Competition intensifies in areas where the main summer selling season is higher, with buyers demanding more concessions and features
- It’s vacation time, and fewer home buyers may be looking for a home in your area.
- You might face higher display costs because you will be using the air conditioner and maintaining your garden constantly
- Your kids might hate it if you keep your pools and other outdoor spaces exposed and they can’t use them – not to mention they’ll be out of school and their belongings all over your house.
- Professionals are busier, so finding the best real estate agent, landscape architect, contractors and more becomes more difficult, further driving up costs to sell.
While fall isn’t the best time of year to sell a home for most sellers, it is a good choice for others. You can live in one of the hot spots from late April through summer, or live in Hurricane Alley.
Your home may not be “family-friendly” or you may live on the coast, where some areas may be hazy and cool all summer but warm and beautiful in the fall. And may your garden be amazing with changing colors. If so, this may be the best time of the year to list your home.
- Lack of stock and competition from sellers of family homes
- Serious buyers who were unable to buy in spring and summer have the motivation to close before the holidays
- Your home repair costs go down and you will have better access to professionals to help you at the end of their peak season.]
- Sellers can make real estate listing photos more visible with foliage and decoration, which makes their homes stand out from the remaining competition.
- Security increases as peak burglary season ends
- Buyers can become more demanding if there is less competition for your home
- The market slows down when school starts and people move in for the winter in parts like New England and the Midwest
- Cold weather, wetter weather and incoming snow keep buyers away
- In some areas, the curb appeal wears off when your trees lose their leaves, the flowers die off, and the grass turns brown.
- Heating costs go up while keeping your home warm longer to find a home
- Landscaping is difficult to maintain as leaves fall and foliage deteriorates
Like in cold weather, most people shudder at the idea of selling their home at this time of year. Selling a home is probably the most difficult in most areas.
Either way, if you understand the pros and cons of selling in the winter, this might be the best time of year to sell yourself a home.
- Very enthusiastic buyers who want to close before the end of the year to take advantage of tax benefits
- Less inventory means less competition for the interest of buyers, especially in off-season markets
- Moving buyers need to find a home to start new jobs or seize other opportunities in December, January or February
- The best real estate agents looking for year-end sales take up the challenge of selling your home
- Giving your home a vacation feel helps buyers consider living there during this time of year
- Snow can cover some of the ugliest features in your garden – at least until it turns to mud.
- Selling in warm winter markets means more competition
- Many buyers are “bargain buyers” looking to play on the seller’s desperation for a good deal.
- Limiting gravity isn’t the best and the snowy landscape is hard to see.
- People focus on vacations and hibernation.
- The days are shorter everywhere and cooler in most places in the United States.
- After-sales moving is more difficult in winter, especially during holidays or during the colder months of the year like January and February
- This is the worst time of year for major renovations or checks you will have to do
- The downside of keeping your house show-ready while enjoying the holidays, especially with kids
Best time to sell a home in New York
From our New York real estate transaction data, August appears to be the best month to sell your home in New York. It usually takes about 3 months for your home to close, so we estimate that if you put your New York home for sale in May, you could sell your home 88.30% more than the annual average!
Best time to sell a house fast
If you’re looking to sell your New York home quickly, the best time to close your New York home sale is probably August. Since it typically takes about 3 months from listing to closing, we estimate that if you put your New York home for sale in May, you can sell your home 31 days earlier than if you had listed it. Sell another month.
The best time to sell your home is the right time for you. It’s true that homes tend to sell faster and closer to asking price in the spring, but that doesn’t mean listing your home in May will guarantee a perfect outcome.
After all, many homes sold during the toughest year-end months were listed in the spring. They just didn’t sell. This could be because sellers ended up asking a price too high, which is one of the most common reasons why homes stay on the market.
Understand that people are successful sellers even when it’s not the best time of year to sell a home. Changes in your financial or family situation may force the immediate listing of a home. But those same things could force another family to come shopping.
As long as you know the pros and cons of selling during each season and in your area, you are in a position to be successful in selling your home.