Struggling to decide if you should sell now or wait? Here’s some information to help.
For the last nine or so years, the number of homes on the market compared to the rate of home sales has been on the decline. Conventional wisdom says that a market with less than four months of inventory is a seller’s market. Our market has been at that level for a long time; in fact, inventory is currently under two months. That makes it a very hot seller’s market, which means that you don’t need to lean too much on seasonality to make your decision.
According to the data, the absolute best times to put your home on the market are December, January, and February. The reason behind that is most everyone thinks it’s a better idea to wait until the hot spring market to list their homes because there are more buyers in the market then. However, because there are so few homes on the market during the winter months, it’s in a seller’s benefit to list during that time.
“You might get more money by listing your home next year,
but you’ll also have to pay more for a home to replace it.”
In general, I’ll say that listing later is better for the long term, since home prices are on the rise. However, a few months won’t make much of a difference if you’re planning in the short term. In fact, you’re better off listing earlier than later; you might get more money by listing your home next year, but you’ll also have to pay more for a home to replace it.
In the end, when it comes to deciding when to list, keep the big picture in mind and make sure that you’re meeting your own needs beyond just your financial ones. If you’re trying to time the market, getting your home on the market before the spring rush is your best bet.
If you have any further questions about selling your home, don’t hesitate to reach out to us. We’d love to help you.