Here’s a question I get a lot. “What is the best month to sell your home?” The absolute, most accurate answer is, “That depends on your situation.” But without knowing anything about your particulars, and I had to pick one month, it would be May. Here’s why.
1. The Weather Is Tremendous
I’ve found it very interesting, just how much weather plays a role in house hunting. When you compare home sales from year to year, bad weather pushes sales down while sunny days move it higher.
So it stands to reason that the beautiful Spring weather we get in May draws out the home shoppers. Seriously, Louisville in May is gorgeous. And to top it off, most homes look great this time of year!
2. In Between the School Years
It just makes sense. If you’re going to move your family from one house to another, especially when relocating to a new state, doing it during the Summer months is smart. Changing schools mid-term isn’t fun. Ask anyone!
List your home in May, just before school is out, and catch those buyers who want to get a jump on the competition. Just make sure your home is picture-perfect when you list!
3. Vacation Sandwich
Many families take multiple vacations. If they take one during Spring Break and then again in the Summer months, they have time to house hunt in May. Bet you didn’t think of this one!
4. Extra Cash
Here’s a tricky one that may not apply to everyone, but it definitely applies to some. Homebuyers are always looking to make their home purchase down payment as large as possible. Sometimes that means using the tax refund they just received!
Think about it. Tax refunds are considered by some as extra cash. It’s not part of their monthly budget. So, why not throw that into the down payment bucket? A good number of home buyers do exactly that.
5. Market Timing
When thinking about the best month to sell your home, you should always think about market balance. It changes from city to city but depending on housing inventory, May starts the change from a buyer’s market into a seller’s market.
Did you know that on average homes sell for more in the Summer than they do in the Winter? Why? Because of increased competition. Sure, there are more homes on the market but there are also many more home buyers. More buyers mean more competition and more multiple offers. That’s good for home sellers, right?
Best Month to Sell Your Home
All of these points are true. But to really know what’s optimal for you, expert agents take your personal situation in mind as well. Questions like:
- How long have you lived in the home?
- What’s your mortgage payoff?
- How much time do you need to get your home ready to list?
- Where are you moving to next?
- Are there many or a few great options for your next home?
There are even more questions than these but you get the idea. Just because May is a great month to sell a house doesn’t mean it’s automatically the best month for you. I’m happy to help you find the best time if you contact me.