Is It a Good Time to Sell My House?
Hey, Dave Edwards, Treasure Valley Dave here in Nampa, Idaho. You might have had an occasion to ask yourself, “When is the best time to sell my house?” Well, I asked myself the same thing recently.
When is the right time to sell your house? I researched and wanted to share some of what I learned with you.
Zillow says that the best time to sell a house is in March if you want to sell quickly. However, it’s in July to maximize your profits. They also said the best day to go live with your listing is Thursday. Sunday is the worst day, usually adding an extra eight days to the process.
As per my experience, Thursday is a great day to go live. We create some excitement with the “coming soon” status. People can’t see your house except for the pictures on the internet, which generates some excitement.
Often, we’ll go live on Thursday, have an open period, or even an open house on a Saturday, Sunday, or one or both of those days. That’s usually the best time to sell the house and get a lot of eyes on it.
When is the best time to sell your home? According to Bankrate, the best times are the late spring and early summer. Those periods also come with lower mortgage rates and a short supply.
Ah, so there’s the rub right there. So, do we have lower mortgage rates? We don’t have low mortgage rates, but they are lower today than recently. I’m not sure what trends that will give us — if it will keep on staying steadily lower or get jacked up again. It seems like there’s so much uncertainty out there. Everyone has an opinion, but nobody knows for sure — not even the people making the decisions.
Yes, we do have a short supply of existing homes. Many people have a lower interest rate and would rather suffer in a house that doesn’t work for them than get a different home.
Now, part of the fallacy is that the house prices are lower now. That means whatever house you buy will be cheaper than it was. On the other hand, that means selling your home will be for less than it was, but it is what it is.
If you want to upgrade to a new house, sellers and builders typically pay a massive amount to help with closing costs and buy down your interest rate. You could get your interest rates down to the sixes or somewhere in the fives. We can work on that with you.
NerdWallet agrees that late spring through summer is the best time of year to sell your house, and that’s accurate. Spring, when it starts to warm up, becomes the season.
People anticipate moving over the summer when the kids leave school, so they want to start the process around April. But then you get the early people — the kind of people that show up to garage sales at six o’clock in the morning. They start their housing search maybe in March or late February.
Is It a Good Time to Sell a House Now?
These websites said the same thing: the best time to sell your house is when it’s right for you. Depending on your circumstance, that takes precedence. So, if there’s a reason that you need to sell your home, there’s no reason to wait for March or April or the end of July or whatever. It’s whenever it is best for you.
Even Warren Buffett doesn’t attempt to time the housing market. He goes for what makes sense and what looks like it will make sense. And that’s what you need to do as well. Typically, if prices are up for the house you want to buy, the prices are up, and vice versa. If you’re waiting for the price to go down, then more than likely, the market will push your house’s price down.
If you’re going to buy a home and have plenty of time, waiting till the optimal time, something like April or late March, to go on the market is fine. If there are no other considerations, then that’s fine. But if you are moving out and the house is going to be vacant, it might be a good idea to go ahead and sell it right away.
You will save some expenses for one property’s taxes and insurance. I know in Idaho, the chances are not that great, but somebody might hurt it, damage it, break it, or something like that. Then, you can mitigate risks by not owning it anymore.
Also, I know that Treasure Valley Mareen moved into her house in the dead of winter. She said that buying a home in late December was remarkable. Fewer homes were on the market, but plenty was still available. She found that the seller was very motivated because fewer buyers were out. That put Mareen in a much better position, and she still got a great deal on it.
They moved to Idaho just about Christmas time. Sure, they’re living out of boxes for a while, but you know what? It was a good experience. So yeah, that’s great. Thanks, Mareen, for that story.
Ready to Sell Your Home?
So, what is the best time for you to sell? If you want to talk about it with somebody, throw some ideas around, call me, text me, or email me. We’d be glad to help you.
When it comes time to sell a home, buy a home, or even relocate to the Treasure Valley, your Treasure Valley Dave team is your real estate expert by your side, helping you get home.