Real estate markets are cyclical and can last ten years as weâ€™ve recently seen, but even within a cycle there are better times during each year in which to sell.
The short answer is the worst time is in the winter, with the best times being in the spring and fall but hereâ€™s why. Psychologically, it appears buyers are more motivated to get a home early on in the year. Writing a huge check to Uncle Sam in April could be one incentive, and fulfilling oneâ€™s New Yearâ€™s resolutions could be anotherâ€”both are frequently mentioned. Whatever the reason more buyers come out in the spring and tend to pay more for a home (as a percent of asking) than any other time.
The yearâ€™s spring market started off rather unremarkable due to the uncertainty of real estate as a holding while many buyers took (and continue to take) a wait and see attitude.
This graph illustrates the favorable fall selling conditions with the seller receiving a high percentage of their asking price. Notice that in October the amount a seller receives typically bounces back up? We call this phenomenon the â€œfall bounceâ€ as October sales are consummated in September/October.
That could make this fall a prime time to sell in this yearâ€™s cycle. Fall is typically another window of opportunity to sell and obtain the most money for your home and this one appears to be shaping up quite nicely. The market has been rebounding steadily since the beginning of the year, and appears it may crescendo this fall, at least for the year.
We wrote a series on our blog at BeautifulMountainBlog.org about whenâ€™s the best time to sell where we analyze the important market indicators to determine favorable selling conditions. Some of which are::
Â· The monthâ€™s supply of homes for sale
Â· The amount a seller received of asking
Â· The days it takes to sell a home, or DOM
If you are considering moving this fall weâ€™d be glad to answer any questions you may have about the process.