After months of high rates and slow sales, home buyers and sellers can collectively breathe a sigh of relief and get ready for what promises to be a busy home buying-and-selling season. Most experts agree the best time to list a house is typically in the autumn and winter, when inventory drops because of distractions such as weather and the holidays. But since home sales are emerging from a slump, listing or starting your home search now will position you ahead of what is sure to be a hectic summer season.
According to a new ATTOM Data Solutions analysis reported by Forbes,“Out of 14.7 million home sales from 2011 to 2017, the best month to sell a home is May. This month reaps the biggest premiums above estimated market value, at 5.9% on average, compared to any other month.”
Now is the perfect time to list your home or look for another for several reasons:
- So Cal Home Sales
Southern California, where Exact Escrow is located, enjoys a mild climate. This makes home buying and selling easy no matter the time of year. But this winter produced more precipitation than Southern Californians generally encounter. The good news is that the heavy downpours watered thirsty lawns, which has made lawns appear lush. Listing your home now will maximize green grass and gardens, before the summer sun dries everything out, returning everything to dusty brown.
- Less Competition
Whether you are buying or selling, if you list your home in April, you’ll face fewer competitive listings than if you wait until school ends in June. If you’re a buyer, that means you will be less likely to find yourself in a competitive bidding war. If you’re selling, you will have more control over sales price if fewer homes like yours are on the market.
- Easier Move-In
With less competition in April and early May than you would face in the summer, buying or selling in spring will mean lower prices on everything from movers tostagers todecorator items for your new home. June is the busiest month to sell a home. So, avoid the rush. Remember what they say? The early bird gets the worm.
- Faster Sale
Zillow reports that the best time to sell a house (to get the highest price and minimize time on the market) is in the spring – specifically, during the first half of May. In parts of the country where all four seasons exist, spring attracts potentialbuyers who are done hibernating and are ready to do the legwork of visiting homes in person.
- Easier on Families
Another good reason to sell your house in the spring is that families with children prefer to move at a time when the school year won’t be disrupted – namely, summer. However, it usually takes 30 to 60 days or more from the time a home contract is signed to the time a house closes. Therefore, families eager to move during the summer will need to find and make offers on their homes several months prior. So, act now!
About Exact Escrow in La Verne, California
If you plan to buy a home, please consider hiring Exact Escrow to manage escrow funds. An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure account, which is released only after terms of an agreement are met, as overseen by the escrow company. Call today to speak directly to an escrow officer (909) 542-0162.