July 8 2024: Discover the Best Time to Sell Your Home for Maximum Profit!
A question I often get asked is, “When is the best time to sell my house?” Today, I’m going to walk you through the process of answering that question for you and your family, and the answer may not be what you think it is. You’ve probably heard that the best time to sell your house is in the spring or summer, but is it really that simple? Let’s dive in.
Understanding Your Reasons for Selling
First off, what is your reason for selling? Are you looking to get top dollar so you can upgrade your home? Do you need to relocate for a job by a certain date? This will help you gauge your priorities so you know what market phases will be most advantageous to you within the timeframe you need to move.
If you don’t have a specific date by which you need to move out of your current home, then you have more flexibility to list your home throughout the year. However, if you’re trying to get into a new school district before the next school year begins, for example, that’s going to have a huge impact on when your home needs to hit the market.
Market Trends and Timing
Now, let’s talk numbers because I know that’s what you’re dying to hear. Over the last decade, the Kansas City housing market has seen the highest home sale prices in the summer months from May through August, with prices peaking at 4.71% over the average in July. Keep in mind those homes were listed 30 to 60 days before they closed, so you have to back up just a little bit and think about when you would put your house on the market.
On the flip side, February home sales are 6.08% lower than the Kansas City market average. That said, recent years have seen some interesting changes to the norm. Just last year, home sales skyrocketed to 35.32% above the yearly average in February, typically the lowest month, with November seeing the worst at just over 40% below. In 2022, we saw a similar pattern with February having the second-highest home sales under May and December the lowest.
While longer periods of time can tell you the story of the market as a whole, there’s still a lot of room for variance in the here and now. That’s why it’s essential to work with a seasoned real estate agent who knows your local market. They can compare recent sales of similar properties to know just what the trend is in your area.
Selling Your Home Quickly
If you need to sell your home fast, the trends are a little different. The speed of home sales over the last decade picks up in May and stays above average typically through November before slowing down just before the holidays. June is the quickest month overall, taking 11 fewer days to sell than the average.
In 2023, you could see quicker-than-average home sales in January, March, and April, bucking the overall trend. June remained the shortest month to sell, at 18.6 fewer days than the average, but the trend for the year punctuates the point that year-to-year changes in the market can radically alter the months that are the quickest to sell.
Balancing Speed, Price, and Competition
So, does that mean June is the best month to sell if you want to go under contract fast? Maybe. You also need to consider that the more active the market is, the more competition you’re going to have. Spring and summer, when the weather is nice, school is out, and renovations are easier to complete, are when the majority of homes hit the market each year.
While June typically sees the shortest days on market, it also sees the highest volume of new listings—about 5,400 on average in Kansas City. If you’re selling a dated home or one that needs some repairs, this could put you at a disadvantage against newer or updated homes in the same or adjacent price range.
On the flip side, selling your home during the slower winter months when buyers have fewer options and are more motivated to make an offer could work to your advantage.
Conclusion: The Right Time to Sell
Wait, so the best time to sell is spring and summer when things sell fast and high, or is it in the winter when there’s less competition? That’s just it—the right time to sell your house is when it makes the most sense for you. Remember my first point: you need to evaluate why you are moving and whether it’s more important to sell quickly, for the highest amount possible, or with the least amount of hassle. Yes, ideally, you get all three, but different times of the year favor different priorities, and the right marketing strategy will put your highest need at the forefront and make sure it’s met no matter what time of year you choose to sell.
If you need to sell for top dollar in the winter, February 2023 home sales are proof it can be done. If you need to sell as fast as you can in the winter, a skilled agent will price and market your home to get the most eyes on it possible so that buyers get in the door for showings. No matter what time of year your house hits the market, there is a marketing strategy that will put your needs first.
The Importance of a Listing Consultation
This is why it is so essential to have a listing consultation with not just one but multiple listing agents. Interview them on their marketing plans so that you know exactly how they plan to align their selling strategy with what’s most important to you while still getting you top dollar during that phase of the market.
If you want to learn more about Nelson Home Group’s highest-rated real estate marketing plan in Kansas City, we have the tools and expertise to get over 40,000 online impressions each month and get you in the email and mailboxes of almost 30,000 people in the Kansas City metro. As always, if you’re looking to make a move in the Kansas City area and want to put the number one real estate marketing plan to work for you, give us a call. Let Nelson Home Group be your real estate experts of choice.