For many homeowners, deciding when to sell their home is often filled with uncertainty and anticipation. And rightly so — your home is likely one of your most valuable assets. One of the most common questions real estate agents hear is: "When is the best time to sell a house?" In general, you can sell your home for thousands of dollars more in the spring and early summer than in the winter. But, as we delve deeper, you'll find much more to consider.
Best months to sell
Understanding monthly trends can make a notable difference when deciding the best time to sell. From 2011 to 2021, the best months to sell a house were May, June, and July. During this period, sellers recouped over 10% premium
. In particular, homes selling in the last two weeks of May performed exceptionally well. On average, you stand to make 15% to 18% in return for your home when closing deals in late May.
By contrast, sellers in October, November, December, and January struggled to make profits. During those months, you’d be fortunate to make anything more than a 6% premium
on your home sale. The difference between summer and winter sales is pronounced in Lake County, Ill., where average temperatures dip below freezing for much of the winter.
Selling by season
Each season provides distinctive opportunities for those looking to sell a home. Check out what to expect throughout the seasons below.
The fall season is serene and attracts homebuyers. Some people prefer buying homes in autumn as they see it as a fresh start towards the end of the year. The cool air and warm colors provide a lovely backdrop for showcasing properties. By working with excellent real estate agents who understand the local housing market, like The Hering Homes Team
, you can obtain a terrific price during this season.
The stillness of winter brings clarity and perspective to many house hunters. While listings may be sparse, it's a magical time for those homes on the market. This season can surprise sellers with the kind of buyers who are looking for their dream home to cherish memories of many winters to come. It's a time for buyers to find the perfect home to nest in and enjoy the cozy comfort of the season.
As nature reawakens, so does the housing market. Blossoming trees and the chorus of birds become the backdrop for bustling home tours and eager buyers. The momentum in the local housing market surges as the promise of new growth and fresh starts makes spring the epitome of peak market conditions.
Summer provides the perfect backdrop for selling a home. The desire of many families to settle in before the new school year adds a sense of urgency to the early summer market. However, as summer progresses and the days become quieter, sellers should remain aware of changes in the local housing market and adapt their tactics accordingly. Sellers can capitalize on this energy by pricing their homes competitively and preparing them for showings.
Recognize market conditions
The best listing agents navigate the market’s seasonality while offering sellers greater insight into the latest behavior of their local market. Generally speaking, the real estate market might favor buyers or sellers at any time.
Navigating a buyer’s market
A buyer's market arises when there's an influx of homes for sale and fewer buyers. Such conditions can make it more challenging to attract buyer interest. It's essential to ensure your house is in tip-top shape to stand out and attract potential buyers. Additionally, your agent can price your home competitively to entice buyers to make an offer.
Thriving in a seller's territory
A seller's market is when many buyers are vying for fewer homes. This ideal scenario allows home sellers to get more than their asking price, ensuring a swift and successful sale. With a savvy agent on your side, you can price your home strategically and negotiate with greater leverage than in a buyer’s market.
Navigating dropping mortgage rates
When mortgage rates drop, buyer demand surges. In theory, sellers can capitalize on market conditions by listing their homes in times of low mortgage rates. However, as an opportunistic seller, you may have to wait until at least 2024 for mortgage rates conducive to sales.
Assess personal selling indicators
Sometimes, the best time to sell a house is when you're ready for a fresh start or a lifestyle change. Before jumping into the local housing market, ensure all repairs are completed. A home in pristine condition is likely to sell quickly and for a better price. Moreover, being financially prepared can streamline the real estate transaction, allowing you to make the most money from your sale.
How to prepare your home for the market
Once you decide on an opportune time to sell your house, it’s time to jumpstart your sales process and preparations.
Ready your property
As the Hering Homes Team will tell you, the condition of your home can make or break your sale. A pristine, uncluttered surface will bolster your profit considerably. Besides your home’s cosmetics, you’ll want to ensure its systems operate correctly. Make necessary repairs early to avoid stumbling blocks in negotiations. As a rule, houses that appear lovingly maintained command higher prices.
Pricing and marketing
The first step in marketing your home for sale is pricing it. Accurately priced homes draw in genuinely interested buyers and culminate in swifter sales. By contrast, homes with inflated prices may inadvertently spotlight neighboring properties as more lucrative deals. A competent agent will ensure your property is priced well and well-marketed across online channels.
Closing the deal
The selling process can be a dance of disruptions. Brace yourself to ensure you’re prepared for any slight adjustments you need to make. After inspections, potential buyers might haggle over repair costs. Moreover, a robust offer backed by financing can often rival, if not surpass, a cash proposal. You can rely on your agent to juggle all the aspects of your sale through the successful closing.
About the Hering Homes Team
From buying to selling, the Hering Homes Team
goes above and beyond to ensure their clients are happy throughout their real estate process. The Hering Homes team brings unmatched dedication, professionalism, and enthusiasm to every experience. If you want to buy or sell a home or have questions about the Illinois real estate market, contact the Hering Homes Team
*Header photo courtesy of the Hering Homes Team