Are you considering selling your home this year? Before listing your house on the market or tackling renovations to see a higher ROI, you might want to know when the best time to sell your home is. Thankfully, Zillow has the answers and the data to prove that some seasons are better for home selling than others. Here’s what you need to know.
What is the best time of year to list your home?
Typically, the best time of year to sell your house is when the buyers are shopping. Homebuyers usually purchase a new home in the warmer months between March and November. While home buying can happen during the holiday season, many house hunters avoid perusing the market while their attention is divided among family gatherings.
Additionally, homes tend to sell more frequently during the summer, but many homeowners begin searching for their dream property in spring. According to a new Zillow analysis, “Homes listed in the last two weeks of May sold for 1.6% more, a $5,600 boost on a typical U.S. home.” Many homebuyers start their searches in March. By the end of May, eager shoppers are ready to begin signing off on a new home.
How mortgage rates can affect home buying and selling
While the warmer months are better suited for home buying, selling, renovations, and moving, seasonality is not the only factor to consider when putting your home up for sale. Mortgage rates can greatly impact your sale. According to Orphe Divounguy, a senior economist at Zillow, “When rates fall, more buyers rush in, putting upward pressure on prices, which could happen at any time of year.”
This also means that fewer buyers will rush in when rates are high, and prices may need to drop to meet shoppers’ needs. Divounguy says, “In the past few years, mortgage rate fluctuations upended the traditional spring home shopping season.” So, while spring is typically the best time for listing, mortgage rates can affect this trend.
Location can impact the best time to list your home
Another consideration homeowners should take before listing their homes is that location will impact the best time to advertise to buyers.
Warmer locations will see an earlier spring season, while colder climates will see more activity later in the summer months. According to Zillow’s data analysis, the best time to list by metropolitan area “was as early as the second half of March in San Diego and Austin, and as late as the second half of November in Phoenix.” In Tampa, Florida, the best time to list was the first half of October.
Consider what the weather and seasons are like in your area prior to listing. If you live in an exceptionally warm climate, you may want to list earlier or later than the summer months.
How to get the most out of selling your home
According to Zillow, there are a few ways you can get the most out of selling your home to ensure you get the best ROI.
Go for maximum buyer exposure
Zillow recommends having your agent list your property on a Multiple Listing Service (MLS). This will put your home in front of thousands of shoppers to ensure that you get maximum exposure. The more eyes on your sale, the better.
Highlight trending features
Another important thing to do to ensure a high ROI when selling your house is to highlight any trending features. Things like outdoor kitchens, pizza ovens, outdoor showers, pool houses, or even indoor features like saunas can enhance the appeal of your home. Trending features are highly sought after and can boost your home value.
Use high-res images and 3D tours
When listing your home, you should always use high-res images with good lighting. Paying for professional photography or photo editing can also help with color correcting or poor exposure. Zillow also states that “Zillow Showcase listings that have high-resolution images, 3D Home virtual tours, and interactive floor plans sell for 2% more than similar homes.” Be sure to include plenty of quality images and invest in virtual tours to get the most out of selling your property.
Many factors go into selling your home, but knowing the right time of year to sell can greatly impact your return on investment. Be sure to speak with your agent to find the right time to list your property and include all the necessary features to make your house more desirable among shoppers.
