If you’re thinking of the best way to sell a house in Salt Lake County, you’ve come to the right place. Here are some tips on timing the sale of your property.
The best time to list your home
Generally speaking, the best time to put your home on the market is the spring and summer months, which are considered peak season for real estate.
According to data from the National Association of Realtors (NAR), the months of May, June, July and August are the busiest time of the year for real estate sales, with as much as 40% of annual home sales volume and roughly 2.1 million transactions taking place during this period, on average.
There are more buyers on the lookout for real estate deals during this time, and increased competition swings the transaction in your favour as a seller.
A 2019 report by ATTOM Data Solutions found that June, the first month of summer, is the best time to sell. Selling during this month allows homeowners to net a 9.2% premium.
The next best month for home sales? May. ATTOM found that sellers get a 7.4% on home sales during this month.
Zillow states that homes sell faster and for higher prices in the first half of May, with properties getting pulled from the market 18.5 days faster than any other time of the year and for $1,700 more on average.
Spring and summer are a great time to list your home because the beautiful weather allows you to take better real estate photos. There’s more natural light, the greenery is lush, and you don’t have to worry about snow or rain ruining the shoot.
Likewise, the amazing weather means that more buyers are willing to come out and attend open houses as opposed to say, the dead of winter, when harsh conditions and holiday preparations dissuade buyers from house hunting.
Moreover, families with small children are concerned about getting settled in time for the school year.
The slowest months for home sales are October and December, according to ATTOM.
Life events that motivate you to sell
Life happens, and when it does, selling your home might be the right thing to do, even if it isn’t peak season. Life-changing events like marriage, divorce, retirement, the birth of a new child, or the death of a family member may force you to re-evaluate your current living situation and move to a new home.
Divorce may necessitate the division of assets, with many couples agreeing to sell their home and splitting the proceeds. Many homeowners trade up to a bigger property upon marriage or welcoming a new child, while most retirees downsize to a smaller, more manageable home in a retirement community.
Likewise, you may end up inheriting a home but find that you don’t want to deal with maintenance or property taxes.
Selling makes sense in all of these scenarios. Working with a real estate agent will help you facilitate a sale regardless of the time of the year.
Capital Real Estate is here to assist you. We buy and flip properties in Salt Lake County. Get in touch with our team today to start the process. Get in touch with us at 801.330.8986 or info(at)capitalrealestate(dotted)co.