When is the best time to sell a house? This is a question that gets asked all the time and at all months of the year. What time do you think is the best time to sell a house?
The answer is very simple because there isn’t one. There is no single month that anyone could point out and say, “this is the absolute best time to sell a house”. The truth is that there are circumstances that help your chances to sell during certain months, especially in a city like Chicago. Let’s go through all four seasons in the Chicago real estate market. I think the best way to articulate when the best time is to sell a house is to go through the pros and cons of each season so that you can make that decision for yourself.
Is Spring The Best Time To Sell A House?
Chicago Springs have their perks. Let’s face it, we all go through hibernation for previous 5-6 months and await the start of a fresh new baseball season. Once Spring training begins we know that the Chicago spring time festivities are on the way with sidewalk cafes bustling, the lakefront invaded by runners and bikers, and the parks are filled with Chicagoans.
But what does that mean with the real estate market here in Chicago? Spring time is a busy season in the real estate market. In my career Spring and Summer have always been the months we had the most closings. Lets go through some of the pros for selling a house in the Spring time.
Many home buyers tend to put off their home search until the Spring time. In Chicago many people want to be in their new home by summer. The thought of moving in the winter time is dreading, which helps many buyers make their move earlier.
A great advantage to listing your house for sale in the Spring time is that there tends to be more buyers in the market. The more potential buyers, the better chances of you selling your property for highest and best dollar. It’s a simple example of supply and demand. If you have some outdoor space like a nice yard or deck, it shows much better in nicer weather and allows buyers to picture themselves living there. Your landscaping will also bring life to outdoor areas, which also contribute to livening the place up.
Springtime is an ideal time to list your home for sale but there are also some cons to it as well. For the very same reasons I just mentioned above, there are many other people in your same shoes? This means that you may have more competition in a Spring market than you might in a winter market. Theoretically, you will also have more buyers, but that will differ from market cycle to market cycle. Also think about where you are going to move. If you are going to be buying a house you have to time it out correctly, especially if you have to sell to buy.
Is Summer the best time to sell a house?
Summer time is also a very good time to sell a house. It is much like the spring season, but you see a little bit of a twist on it. Remember that Chicago summers are all out. There are baseball games going on, street festivals every weekend, concerts, the lakefront is packed, and the lake is full of boats on the beautiful waters of Lake Michigan.
I always see a little rush to find a new home in the earlier summer months. Many times it’s because a school year may be starting for the kids and a family wants to get into a house before the year begins. Many leases are expiring so you tend to see many first time buyers also come out of the woodworks. As far as showing your house, there probably is no better time than in summer. The quality of your pictures and videos will be far better than in the gloomy winter months. All of your landscaping should be in full bloom during summer months, which always helps. There is an equal balance between Spring and Summer time. In my career, I have always had the most closings in the month of July for some reason.
There are a few cons of selling in the summer time, but not many. One of those are that the summer time tends to be a very busy time where people are enjoying their weekends, taking road trips, and not focused entirely on buying a house. The month of July is always the busiest in terms of “things to do” in Chicago. My closings in July have always been very good, but transactions written in July (meaning they would close in August or September) are not as high. You will still have a similar level of competition as you do in the Springtime.
Is The Best Time To Sell A House In The Fall?
The start of football is amongst us. Many of us are pooped out from the craziness of summer, but many are also very very sad. Another Chicago summer is coming to an end and that only means one thing….
Believe it or not I see the fall months as some of the best in the real estate business.
Fall brings in a second “rush” of buyers in a normal market. It’s not odd for July to be slow and then everything picks up in August and September. Remember that many leases are expiring at this time, school starts, and people tend stop any procrastination since the harsh Chicago winter is coming. The fall real estate market is always pretty strong. Typically you can expect a good buying demand until the end of October. Once we hit the winter months things can slow down a bit.
There are not many cons of selling in the fall time. The only real con deals with the thought of the upcoming winter season. For showing reasons if you have a property that has a great amount of outdoor space, your landscaping starts to die and it doesn’t look as pretty. Also potential buyers might not be as motivated knowing that they are going to have to wait a year to use the rooftop deck with the cooler months just around the corner. If you live in a high rise building and you have a pool and nice outdoor common areas, this can also be a concern for buyers. When someone buys a house they want to move in right away and enjoy the benefits. With winter coming those benefits can be postponed.
Is Winter The Best Time To Sell A House?
What we all been waiting for…Chicago winters. There is much talk about it’s worth trying to sell a house in the winter time. There are split answers on this as well. There is no doubt that things tend to slow down in the Chicago real estate market from around Thanksgiving until after the New Year. With the holidays and cold weather it is a time you can expect a slowdown in the real estate market, but that doesn’t mean its a bad time to sell and here is why.
Many people cancel their listings for sale during the holiday months, which can be a very good thing if you are trying to sell your property. With less inventory comes a higher demand and there are always buyers in the winter time. The key to making your property stand out in a winter market, is to properly position it for sale by having a full online marketing plan. If you can pull this out you might find that selling in the winter time was one of the best things you could do. However if you are sitting around with no showings, it might be a good time to pull your listing and reposition it after the New Year and hit the second half of the winter market. Many people don’t realize that it’s just after the New Year when many resolutions become a reality. It’s still the winter market, but you have a chance of getting to the market before the Spring rush of sellers comes around.
The cons are the obvious for Chicago winter months. It’s dark and gloomy, which means pictures and videos for marketing your home might not be the best. When there is snow on the ground, potential buyers don’t get a very clear view of your surroundings. You don’t get to see people walking down the street or how much real action a specific neighborhood might have since everyone is inside staying warm. The holidays are probably the biggest obstacle. From the time of Thanksgiving to New Year’s we have three holidays that all have breaks. These holidays deter people from scheduling times to come and see your house because they are busy doing other things. Many home buyers who look in the winter months also expect a more desperate seller. There is a general idea that a home seller in the winter months NEEDS to sell and you are more likely to get a low ball offer. The key is making sure you are priced correctly and keeping your market time down to a minimum to create that desire to take action on buying your house.
There is no right or wrong answer on when is the best time to sell a house because situations are different. The best thing you can do in any market is to make sure that you are marketed correctly.
If you are looking to sell your home fast and for top dollar you need more than just another agent. You need a marketer! I promise you nothing but the best results or I’ll literally help you move. It’s only a conversation and you can see if I know what Im talking about.
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