Wondering if now is the best time to sell your home in New Jersey? The answer is – it depends. There are many different factors that go into this big decision.
Even if you feel like you might want to wait a year or two to see where the market will go, you will never know what's going to happen. There's no real estate crystal ball that tells us exactly when you should sell a home. (Trust us, we wish it existed, too!)
For example, think about homeowners in 2006 who figured they'd wait another year to sell and let the value of their house keep appreciating. We all know how they probably felt after 2008…
Regardless of the state of the current (or near future) economy, you can still maximize your home's sale price and try to time it as best as you can. Here are tips on selling your house at the right time.
The Worst Time to Sell Your House: Fall and Winter
Most real estate experts agree that you shouldn't try to sell your home during winter. December is usually the worst month out of the year to sell your house.
Between kids being back in school to holiday plans, the real estate market can slow down quite a bit.
Winter is the worst time to sell your home for a few reasons: people have plans for the holidays, families don't want to move in the middle of a school year, and snowy conditions can make for less-than-ideal aesthetics of your home.
The main point we're trying to make here is that buyers are less interested during the winter. Fewer buyers mean a lower chance of selling your home
Plus, from your perspective on the seller's end, do you really want to spend time cleaning up after potential buyers who track snow through your house? Or have to keep clearing out snow to show off the best version of your house?
While keeping all of this data in mind, Zillow reports sellers in New York City, South Florida, and Philadelphia have seen quick sales the week of December 23rd-29th.
The Best Time to Sell Your House: Spring and Summer
Spring and summer are considered the best times to sell your house!
May has always been the best month of the year to sell your house. However, recent data from Zillow shows that March and April see the most homes sell above asking price.
Redfin data reports that the best time to sell a home in New Jersey is July, as most homes sell faster and for a higher price over asking than any other month out of the year.
Spring signals a time for change. The grass is lush and green, the warm weather is perfect for going out and viewing homes, kids will be out of school for the summer, making it easier for families to move, and most people get a decent tax return to help with closing
While spring and summer tend to see the most home sales, this also means it's going to be more competitive. With an influx of inventory, buyers could be overwhelmed and become pickier about the house they want since there are so many others to look at!
What Time of Year Does Your Home Thrive In?
All the data gathered above is great, but it's just for regular, run-of-the-mill houses. In reality, the absolute best time to sell your home really depends on, well, your home!
Getting the most money for your home happens when the curb appeal is at its peak.
For example:
If you live in a mountaintop or ski resort town, winter could actually be the best time to sell your home. This is when the area is bustling with travelers for the holidays, and the snowy atmosphere will work wonders for your beautiful home.
Selling a house in Florida where there technically is no winter? Listing your home during fall and winter means the snowbirds will be visiting and looking for their next summer homes!
Do you have gorgeous fall foliage where you live? Listing your house in the fall shows prospective buyers the perfect charm it has during the season.
Does your house have a huge swimming pool and backyard that's perfect for summer?
While you can control the time of year you list your house, you should also make sure there aren't any other factors keeping your house from selling. The most common issues our real estate team has seen include not having professional photos of your home or working with the wrong listing agent.
What's the Best Day of the Week to Sell Your House?
Most studies have shown that Thursday is the best day to list your house. Homes listed on Thursdays were sold the quickest!
Listing your home on Thursday means prospective buyers have time to set up a showing or plan to attend an open house over the upcoming weekend. Plus, it's easier for most people to view houses on weekends versus weekdays, as they usually don't have to worry about getting off work.
More buyers viewing your home means more competition, more chance your house will sell, and a high probability you'll get multiple offers over the asking price.
We don't recommend listing your home over a weekend (Sunday is the worst day to list). You'll probably have fewer prospective buyers come by, and your house might sit a bit longer. Try to list on a Thursday or Friday.
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There's More to Selling a Home Than Timing
Okay, so you've figured out the absolute best time to sell your house and repaired everything you can to get your home in great shape. However, there's still one huge mistake home sellers could make that could make or break their profits: pricing their home incorrectly.
Some sellers don't realize how important list price is when selling a house. Take it from us – it's a big deal!
You only have one chance to make a first impression on buyers (and online listing algorithms).
If you price your home too high, it could be filtered out of the budget ranges of qualified buyers! Alternatively, if your home is priced too low, potential buyers might get freaked out and wonder what's wrong with it. Or, they'll think it's priced low to intentionally drive up a bidding war and ignore it anyway.
Yes, of course, you could re-list your home at a lower price in the future. However, this isn't the best way to go about pricing your home. Buyers are looking in the price range they're qualified to buy for, not overpriced homes they hope the seller will negotiate lower on.
Determining the best price for your home is best left to the experts – plus, it's one of the things a good real estate agent should do for you! They will pull together data of recently sold homes in your neighborhood to help you list for the best price.
We Can Help You Sell Your Home at the Right Time in New Jersey!
We're a real estate firm specializing in selling homes throughout central New Jersey. Check out some of the homes we've recently sold.
Contact us today for a FREE market analysis! We will value your home for what it's truly worth and make sure you get the best sale price possible. Listing your home with us means you'll have a whole team dedicated to showcasing your home's best qualities, negotiating on your behalf, and offering expert guidance.