With interest rates rising and the economy showing signs of slowing it may now be the time to sell your home.
When can I sell my home for the highest price?
Conventional wisdom says that the summer is the best time to sell your home, since there are the most buyers and it’s more convenient to move during warm weather.
Based on the 2,656 homes we have sold at Trelora since 2015, the best time to sell a house in order to maximize sale price is March. In our data, the average sale price is actually lowest in the heat of summer. The average home we’ve listed in July has sold for just over $430,000, compared to almost $495,000 for homes listed in March.
When can I sell my home fastest?
If you aren’t able to list in February, the rest of the spring is good too: March, April, May, and June all have below-average time on market, at least among our listings.
Homes tend to sell slowest in the late summer through early fall. A home listed in September or October will take an extra two weeks to sell compared to one listed in February. That may not seem like a lot now, but when you are opening your home for dozens of showings or even paying two mortgages, the cost of that time can be significant.
What’s the best day of the week to sell my home?
Listing on a Wednesday or Thursday gives buyers time to coordinate with their agent to schedule a showing for the upcoming weekend. Going active too late in the week (on Friday, Saturday, or Sunday) means many sellers won’t be able to see your home until the following weekend. Listing too early in the week (Monday or Tuesday) can inflate the all-important days-on-market for your house — if a house sits on the market too long, buyers may start to assume something is wrong with the house.
How does the economy affect whether I can sell my home?
The effects of macroeconomic conditions on your home sale can be hard to determine, and even harder to predict. Right now the key metric to track is whether interest rates are rising or falling. A good rule of thumb: rising interest rates tend to make it more difficult for buyers.
How much can I afford to spend to sell my home?
Selling a home can be expensive–traditional agents charge 6% of the gross sales price of your home, which on average equates to nearly 20% of your net proceeds. If you can afford that, great. If you can’t then know your options: Trelora.com.
When do I need to move and how does it affect selling my home?
It may seem obvious, but thinking through the timing of when you want to move, and (just as importantly) when you absolutely need to move can help you decide when to list. Even in a seller’s market like our backyard in Denver, you may need to budget more time than you think.
Is now a good time to sell my home?
Ultimately, there’s no one answer for every person, every home, or every neighborhood. But given the likelihood of further deterioration in the general economy sooner is better than later.
In the markets we serve (Denver, Seattle, Raleigh, and Phoenix metro areas), demand for housing remains high, as more and more people move to these desirable cities for job opportunities and quality of life. Plus, inventory remains low, meaning fewer homes for buyers to fight for.
If you aren’t sure whether it’s a good time to sell, Trelora’s agents are happy to help. Sign up for our mailing list to get monthly updates on the state of your market. Or, reach out to a Trelora agent to find out the best time to sell your home!
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.