Real estate has a lot of folklore. A lot of “we have always done it this way”. And one thing I LOVE about data, is that it helps us get some perspective from what we think and what is actually happening.
Let me start off my saying I think it is 100% a lousy idea to try to time the market, either as a buyer or a seller. Very rarely will you get it right, and if you do, it is almost blind luck. What I DO believe in is understanding the data and making educated decisions.
Over the past 7 years, we have had the most number of homes sold during June and July, with the exception of last year, when the number of sold homes peaked in May. And across all years, we have had the most available homes for sale in September.
So let’s get nerdy about “the best time to sell”:
We know that the average transaction takes 25-45 days to close. We know that the average market time in our hot market was 15 days, and the other markets around 30. That means that the time it takes from the day the home comes on the market til the day it closes is 40-75 days. So, if the months of June and July have the most number of sold homes, then we can assume that the homes that sold during those 2 months went on the market in April and May. If we think this years market will follow the early trend of 2018, then a home that hits the market in March or early April will be in the “best time to sell” sweet-spot.
So if you are thinking about selling in 2019, you DON’T want to be the house on the market in September with all the other guys. Let’s get you up for sale in March or April to get the best possible terms for your house and the shortest time on market.
Spring into action! (Pun intended)