REAL ESTATE: WHEN SHOULD YOU SELL YOUR HOUSE IN THE USA?

 REAL ESTATE: WHEN SHOULD YOU SELL YOUR HOUSE IN THE USA?

Determining the best time to sell your home in the USA can result in a higher selling price while minimizing stress. Invest US provides advice and information.

When is the best time to sell your house in the USA?

Generally speaking, the best time to sell your home in the USA to maximize your return and minimize your property's time on the market is around May 1st to 15th. According to real estate website Zillow , homes sold during the first half of May sell 6 days faster and for $1,600 more than the average listing.

Additionally, homes listed on Saturdays receive an average of 20% more viewings during the first week on the market, compared to properties listed on Tuesdays.

Of course, this is only information based on statistical data. It's important to consider market circumstances, which influence the best time to list your home in the US real estate market.

Listing a house for sale in the United States: the best time varies by region

While May is a popular time to list your home in the United States, it's undeniable that the best time varies by region. Seasonal trends in property sales in the United States help determine the best time to sell your home based on its location:

New York: May 16-31

Los Angeles: May 16-31

Chicago: May 1-15

Dallas: July 1-15

Philadelphia: April 16-30

Washington DC: April 1-15

Miami: July 1-15

Atlanta: June 1-15

Boston: May 16-31

San Francisco: April 16-30

The Impact of Seasonality on Selling a Home in the USA

Obviously, the season in which a property is sold impacts the outcome of a transaction, as well as the length of time it is on the market:

Selling a house in spring

Generally speaking, buyers are more likely to purchase a property when temperatures rise. It therefore makes perfect sense to prepare for the sale during the colder months so that you're ready for spring. Buyers who have received tax refunds also appreciate the warmer weather, making it easier to consider a summer move. It's therefore easy to understand the factors influencing the sale and purchase of properties in spring.

Selling a house in summer

Just as in spring, the summer heat, school holidays, and longer days make it possible to organize open houses and home tours. Of course, since summer is the time when most Americans take their vacations, the real estate market can slow down. Some regions, particularly affected by the summer heat, are more prone to unpredictable weather.

Selling a house in the fall

Many buyers take advantage of the fall, before the school year resumes or the arrival of less favorable weather, to venture into property acquisition. Many buyers are forced to relocate due to a job transfer, layoff, short sale, or family issue. As a result, they are also more price-conscious.

Selling a house in winter

Although winter is traditionally the quietest season for home sales, some regions enjoy pleasant weather year-round, such as Florida and the Southwest United States. In these regions, selling a home in the USA during winter is entirely feasible. It can even attract people looking for a more favorable climate to live or work in.

Factors Influencing When to Sell a Home in the United States

Seasonality isn't the only factor to consider when determining the best time to sell a home in the U.S. The state of the local housing market should also be considered.

Selling in a buyer's market

A buyer's market occurs when the number of homes available for sale exceeds the number of potential buyers. As a result, inventory is high, and sellers generally expect their property to remain on the market longer before receiving an offer. They may also have to sell below their expected price or make additional concessions.

Selling in a seller's market

A seller's market is the opposite of a buyer's market, meaning there are more potential buyers than properties available for sale. This situation is ideal for sellers; it generally allows for faster sales and more offers.

Economic data

In addition to seasonality and the nature of the market, the economic data of the region in which the property for sale is located are also important. If there is job growth in your area, it is a good time to sell. Indeed, there are likely job seekers or recently relocated individuals in your geographic area looking for a home for sale.

Loan conditions

Low borrowing rates encourage buyers to purchase their own homes. For several years now, mortgage rates in the United States have been at historically low levels, although they have begun to rise. As such, many economists agree that rates will likely continue to rise as the U.S. economy recovers. The higher the rates, the more effort buyers must make to acquire their dream home. When interest rates are low, they particularly benefit first-time buyers, who are more inclined to purchase.

Tax incentives

Certain tax incentives improve the chances of selling a home in the U.S. While there are currently no tax incentives for first-time buyers, as was the case with the tax credit between 2008 and 2010, it's important for sellers to stay informed about the financial conditions in their state and region.

Personal factors

While the best time to sell a house in the USA depends on many external factors, factors directly related to the seller must also be taken into account. Changes in employment, family situation... It's important to feel ready first!

In an ideal world, a seller should never be in a hurry. In reality, things are often different. In 2020, the average time to sell a home in the U.S. ranges from 55 to 70 days, including 25 days on the market. Real estate professionals suggest allowing at least two months of preparation time. This gives the seller time to research the local market, hire a real estate agent, prepare the home for sale, make minor repairs, calculate the down payment, and handle the practicalities of listing.