Everyone has at some point heard from someone that this month or is the perfect time to sell their house. Believe it or not, that is not a myth! There is indeed a seasonal pattern when it comes to the housing market. While the pandemic may have disrupted that flow, with things calming down again, timing is once again a crucial consideration for those looking to sell their home. Read on to find out the best and worst times to sell a house in Tenafly.
Best Season
What is the best season to sell your house? The short answer is: Summer. Summer and Spring sees the most amount of listings likely because there is better weather and more daylight. The hottest months in Tenafly are between late May and September, where temperatures on average fall above 76°F. Most prospective buyers would begin looking for their new home around this time as they want to take advantage of the long hours and good weather. Furthermore, this timing would ensure that they can get their new home ready before the new school year is upon them.
If you are also looking to buy a home, then ensure that you have your finances prepared before spring rolls around. This means you will need to make sure that your credit and debt-to-income ratio are all in order for a mortgage preapproval.
Best Month
The best month to sell your house, based on earnings, is May. In the past decade, homes that are sold in May see 12.6 percent more in seller premiums than the home’s market value.
If you are unable to list your home in May, then consider listing your home in June, July, or April. Between these four months, there were nearly 17 million homes purchased. June pulls ahead of July marginally with a 10.7 percent seller premium, whilst July net a 10 percent, and April saw a respectable 9.2 percent.
Worst Month
The worst month to sell your house is October. Predictably, as the summer season ends, seller premiums begin to decline, dropping to an average of 7.9 percent in September. By this time, most buyers would have acquired a house already or would be more focused on the coming school year, meaning the amount of prospective buyers would decrease. The falling temperatures and decreased amounts of daylight will also not do your listing any favors.
However, October is undoubtedly the worst time as it nets an average of 5.2 percent in seller premiums. The premiums remain low in the following months as winter sets in. Naturally, if you are a prospective buyer yourself, you should consider seeking out a new property in the colder months. Due to the lack of other buyers, sellers would be more willing to negotiate with lower prices.
Best Day of the Week
This may sound ridiculous, but we also know the best day of the week to sell your house. For those that are looking to optimize their earnings as much as possible, list your home on a Thursday. It seems that Thursdays sees a peak in both house-hunters and new listings as it allows sellers to plan for showings over the weekends. Naturally, Friday is the second-best day to list your home for sale though it allows for less exposure time. Avoid listing your home early in the week as it will not gain much traction and will be pushed down by newer listings by the end of the week.
