If you’ve been thinking about putting your home on the market and you’re ready to take the plunge, it can be difficult to decide when you should get started. Should you list in the spring when the real estate market is booming, or should you wait until the fall, when there are fewer homes and the buyers are feeling more pressure? Here, you’ll learn the best time of year to put your home up for sale.
By the Numbers: A Recent Study
A study conducted by a group of researchers at Zillow found that homes entering the market during the first half of the month of May sold about 18.5 days faster than all other homes listed during the same year. What’s more, buyers paid an average of 1% more for those homes, which means the sellers earned themselves about $1700 extra on average – just for listing during this timeframe.
This Year’s Smaller Inventory
The National Association of Realtors says that a record low number of homes were on the market this spring season. This means that the inventory was much, much smaller than previous years, which influenced supply and demand quite a bit. There were more buyers competing for the same small number of homes, which led to aggressive bidding and the willingness to spend more. This seems to have culminated in the first half of May, which means that this is by far the best time of year to sell a home if you want to sell it at a premium.
Will This Change?
Although housing and availability trends seem to change overnight at times, experts agree that May will likely always be the optimal time to list your home. Kids are just getting out of school for the summer, and because parents prefer waiting until summer break to make a major move, the pressure is on to find a home during this month so they can close, move in, and settle prior to the next school year. What’s more, May is typically a nice season in Pennsylvania, with temperatures on the upward rise. Even if more homes go on the market next spring, sellers are likely to get more for their homes if they list them during this time of the year.
The only thing that may truly influence your ability to sell your home in May is a late winter. Believe it or not, people find it hard to shop for new homes, go to open houses, and move into new homes when it is cold and snowy. Fortunately, this doesn’t happen often in Pennsylvania, so the odds are quite slim. If it does, your real estate agent can give you valuable advice as to whether you should list your home in early May anyway or wait until the cold snap relents. Sometimes, it can make quite the difference.
In Pennsylvania and most other parts of the country, the best time to sell a home is in early May. People are shopping for homes with some urgency during this time of year, and they’re willing to pay more for a home that suits their needs, too.