Is there a best time of year to sell your home? Certainly seasonal factors come into play but there are other factors to consider as well, like supply and demand, as well as unique local market conditions. No matter when a home goes on the market, one should take few things under consideration that will likely affect not just the ability to sell a property but, more importantly, the ability to get your asking price. Timing, it seems, is everything.
The Economy: The market will tell you what a home is worth. The problem is, during an economic downturn, the market may value your home lower than you had hoped . If the economy is under fire people are nervous about their jobs; there is generally a reluctance to spend, accumulate debt or make major purchases. That may remove a number of buyers from the potential pool. For those who must buy a property though, the economy will play less of a factor in the decision to purchase, however, it may give them power at the bargaining table. Interest rates figure into this as well. The lower they are, the more the pool of buyers may increase as well, as the cost of borrowing comes down and people in theory can borrow more.
Springtime: Seasonal influences play a large part in creating good selling conditions. Wintertime brings with it a series of challenges, among them weather, holiday distractions and lack of interest from buyers. When the snow thaws though and there is a hint of spring in the air, buyers tend to re-emerge. The spring tends to be the peak of the market, simply because the timing suits people in general. The weather is more favourable, properties can be better displayed and closings can be more reasonably managed through the late spring and summer months.