People often think that spring is the best time to sell a house; however, that is not always the case. Severe winters often extend into spring in many parts of the country, pushing the usual activity in the housing market until later in the spring season. When this occurs, people who list their house or start looking to buy a house in spring may not complete the transaction until summer. Trends show that around 60 percent of home purchases occur from May to August.
Summer is actually known to be the best time to sell your home. Studies of housing data often show that in the largest cities, the price a buyer pays for a house is highest during summer, dips in the fall, and is lowest during winter. Demand for homes is also very high during summer, allowing sellers to maximise their asking price.
Buyers should know that summer is the most expensive time to purchase a house. Home prices in most urban areas are highest during June and July. Inventory of houses is also very high during these months, but so is the competition. Thus, the best time to buy a house is actually in spring.
Many families start looking to buy houses during spring so they can get settled into their new area by the time school starts for the kids. Buying or selling a house within the school year can disrupt kids’ routines, both academically and socially.
Some people want to complete home transactions before tax season starts. Whether buying or selling a house, doing it before the end of tax season can allow people to settle their tax obligations without the distraction of all the paperwork associated with buying or selling a house.
At the end of the day, you have to sell when works best for you and there could be a buyer that falls in love with your home regardless of the season.