Best Time To Sell a Home?

Posted by Jeff Aughey on Friday, March 30th, 2007 at 11:57am.

Bergen's Azalea photoA client asked me this common question recently and I gave her my standard answer. Later that night when I was home pondering the day I asked myself the question again and why I believed that my answer was correct. Well, I bet most of you know the answer I gave my client. Spring of course. It was an answer based on a feeling I developed over my 18 years of selling real estate. We have all heard spring is the best time to sell a home but is that really correct? Is it backed up by facts or only a feeling we get because our homes look prettier in the spring? Drawing back to my engineering days I pulled up my data from the past few years and spent a couple of hours with my calculator crunching some numbers. Here is what I found. From the data I analyzed the total number of spring sales is in fact about 27% higher than late summer and fall and about 10% higher than early summer. However this spring advantage is offset to a large extent by an increase in the supply of homes for sale in the spring which goes up by about 22% over the average supply during the rest of the year. Simply put, even though more sales occur in spring the buyer has a larger supply to choose from so a seller’s chances of selling, while a bit higher in the spring, is not enough to be the only factor a seller should consider. Economic factors can easily offset the spring advantage making another time in a given year better than the spring. This is how I would answer the question now. The spring market will generally result in a sale about 15 days quicker than in the summer and fall and 25 days quicker than in winter. If the seller is going to purchase a new home at the time they sell then spring also offers the advantage that the seller will have about 22% more homes to choose from when they sell. To sum it all up, spring is the best season to sell a home but the advantage is not so large that other factors can be ignored. As always, the most important thing a seller must do when choosing to sell in the current market is to stage and present their home at its best and to choose a marketing plan that includes a strong internet based presence. All the best, Jeff

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