The best and worst times of year to sell a house
The best time of year to sell a home is during the summer, while kids are out of school
ATTOM Data Solutions analyzed more than 28 million single-family home and condo sales over the past eight years and determined that those who sold homes in the summer had more success selling their home quickly and for their desired price.
"Since summer is a time for vacations and outings, it's no surprise that it's also a time when people are most likely to move," said Todd Teta, chief product officer with ATTOM Data Solutions.
According to the study, June and August reported the highest numbers of home sales, 2,881,400 and 2,802,268, respectively.
"Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations."
Homes sold in June and May turned the highest profits for sellers
The analysis found that seller premiums were highest in June (9.2%), May (7.4%), and July (7.3%). The median sales price for homes sold in June was $200,000 with an AVM of $183,124 and homes sold in May had a median sales price of $190,000 and an AVM of $176.875 — meaning that, on average, homes sold for more than what they were valued at.
Bankrate also explains that kids going back to school at the end of the summer may encourage homebuyers to act quickly. Those looking to buy a house during the summer may want to be moved in before the school year starts. Therefore, homebuyers shopping around during the warmer months could be more inclined to close a deal faster than buyers during other times of the year.
Homeowners who sold their houses during October and December reported the lowest seller premiums
Those who sold their homes during colder months — namely, October and December — reported much lower seller premiums than those who sold their homes in the summer. Homes sold in October and December sold for a median price of $188,000 with an AVM of $182,000, only making a 3.3% premium for the seller.
Holidays, cold weather, and the start of a new school year can reportedly have a negative effect on home buying
Shorter days, higher travel rates, and the commencement of a new school year leads to fewer people venturing outside to look for a home, and those who do buy homes tend to pay less for them.
The median sales price of homes sold in January and February was $170,000, and the lowest numbers of home sales also occurred during those months. In January, about 1.76 million homes were sold, compared to about 2.8 million in June. In February, only 1.69 million homes sold.
If you're trying to sell your home, try to strike while the iron — and the weather — is hot.
- Read more:
- The 9 biggest mistakes people make when they try to sell their homes, according to real-estate agents
- 11 things that make a home unsellable, according to real-estate agents
- 6 signs you should sell your home, according to experts
- 13 real-estate agents reveal the strangest and most extreme requests they've ever received from clients
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