Is now the best time? Will the market change? Where would we move to? These are all questions that likely pop into your head. It can be too much to consider and as we know, the confused mind says “NO!”
A new study was recently released by Zillow which showed that they did extensive research on the very BEST time to sell a home nationwide. The results are very revealing to say the least…
The researchers found that selling a home before May 15th not only allows it to sell faster, but also sell for a lot more money. As a matter of fact, those homes were sold for one percent more than those sold after May 15th. Coupling that with the fact that they also sell 18 days faster (on average) and this means it’s a far better option to get the home sold and closed prior to that mid-May date. Nationwide, a full 1% more for your home can mean thousands of dollars in additional profit as well as a much quicker sale time.
While this was a national study (rather than local) it certainly shows some facts you will want to consider when looking at a possible move.
One of the most important things noted within their research was marketing time. It reveals that it can take 45 to 90 days to find the right buyer for your home, so you’ll need to allow your agent some marketing time in order to get the property “in contract” and finally closed prior to that magic May 15th date revealed in the study.
Obviously, waiting until April or May to list your home may be too late as there’s little chance it would close by that time.
We’ve always known that price is a function of supply and demand. With so many of your neighbors listing their home for sale during late Spring and once children get out of school for the Summer, it simply drives values down due to the flood of homes available. If you’ve considered selling in 2020, be sure you beat the rush!