A Recession Doesn't Equal a Housing Crisis
2020 through 2022 were exceptional years for the housing market. Demand was so high, and inventory was so low, that seasonality didn’t play as large a role as it normally does.
We’re still experiencing some of those conditions—but higher mortgage rates and other factors have brought some normalcy back to the market. That means the seasons are making a difference again, and if you’re going to sell a home, you should take them into consideration.
It’s common knowledge that late spring/early summer is the busiest time of year in most real estate markets. It’s also one of the best times to sell. Your landscaping is looking good, which means your curb appeal will be on point. Additionally, more buyers are entering the market at this time. People tend to wait out the winter because of the holiday season (too busy) and the weather (unpleasant). But by springtime, those conditions are better. Late spring is usually the end of the school year, too, which means many households will be looking to buy now so they can get settled into a new home well before the next year begins.
A greater number of buyers in the market makes it easier for your property to find its perfect match. That competition also means you’re more likely to get a full-price offer—and if you end up with multiple offers on your home, you’ll benefit financially from the ensuing bidding war.
If late spring is the best time to list your home, which month exactly is the best choice?
May is the best month to sell a home.
Statistically speaking, May is the best month to list and sell your home. You’ll sell faster due to a higher number of buyers in the market, and you’ll make more money.
How much more?
Homes sold in May nab a 12.6% seller premium on average—meaning they sell for 12.6% over their market value. To put that in perspective, the average U.S. home value is $334,269. If the owner of that home sold it in May, they could end up with an extra $42,117 in their pocket.
What would you do with an extra $42,000? Let’s find out.