The decision to sell your Lehigh Valley home is a big one. You want to get as much money as you can for your home, and you want your home to sell relatively quickly. To do this, you need to identify the perfect time to sell your home.
Understanding Seasonal Trends
Understanding seasonal trends in real estate is a key step to knowing when the right time to sell your home is. At the end of the day, selling your home is a personal decision. This means that you have to get a firm grasp of your personal circumstances in addition to understanding seasonal trends. This includes your financial situation and the condition of your home. Once you grasp these ideas, you can look at market conditions to see if they are in your favor.
In most markets, spring is the best time to sell a home. This is historically when most home transactions take place. It is also the time of year where homes sell the fastest. Seasonal trends impact supply and demand in the housing market. This fluctuates throughout the year. In May, pending home sales spike. At the same time, houses for sale flood the market.
Summer months compete with spring months for when homes sell the fastest. Typically, it took a home 58 days to sell during the winter in 2019. Comparable homes sold in 38 days during May.
The retail season varies depending on the seasonal changes experienced in the location where the home is selling. For example, in Minneapolis, Minnesota, home sales during the winter grind to a halt. This is because winter in Minneapolis is freezing, there is a lot of precipitation, and the overall conditions are not conducive to a move. In cities like Los Angeles, where temperatures stay relatively even, the retail season is less volatile.
There are several factors to consider when looking at real estate seasons. For example, if your home is located in an area with a booming economy or new jobs recently became available in the area, homebuyers will be willing to overlook inclement weather. For example, in Denver, where the economy was booming in 2018, homes sold in just 31 days.
The Human Factor
There are human reasons why now could be the best time for you to sell your home. Maybe you are just tired of where you are living and want to upgrade to a different or better home. Or you and your partner may have decided to start a family. Now you need a place that is bigger so it can accommodate your growing family.
Some people decide that now is the best time to sell their home because they need to relocate to care for their parents, they have a job transfer, or changes in their employment mean they can no longer afford where they are living.
Retirement, job changes, and family milestones can create a sense of urgency that requires you to sell your home even if the retail season is not perfect. Delaying in selling your home could have greater consequences than missing out on a few thousand dollars because you sold your home during an off time.
The Condition of Your Home
When homeowners in Lehigh Valley talk to Lehigh Valley real estate agents, one of the first questions the real estate agent is going to ask is about the home’s condition. They may recommend that you take some time and effort to prepare your home.
If you are looking to sell your home fast, you may want to focus on cosmetic updates and minor repairs. These have predictable timelines, and you will know when your house will be done.
However, if you are not in a rush, doing the right remodeling projects can add value to your home, increase your sale price, and reduce the days your home is on the market. Another option is to do no home prep at all and sell your house as-is. You will need to adjust your home’s listing price to reflect its condition. Some companies are willing to make all-cash offers without you ever needing to list or show your home.
Several factors impact when you should sell your home. It behooves you to take the time to do research and consider your personal circumstances before deciding to put your home on the market.