Real estate is about location, location, location. As a corollary, it’s also about timing, timing, and timing.
Whereas location matters in real estate outcomes, the fact remains that a seller can do nothing to improve the location of an existing property. The same is not true for timing. Recent research has shown that sellers can optimize their returns on housing sales by picking the most opportune time to list and sell a property.
And the best time to sell for Central Maryland is in May. If you’re sitting on the fence wondering when to list, the time is now. Like Right Now.
ATTOM Data Solutions, a firm specializing in real estate analytics, crunched huge amount of U.S. data. What they found was that May is the best time to list a home for sale.
It maximizes sale price and minimize time on the market.
Sell Your Home in May – Makes More $$$
How big is the payoff? Selling in May gets sellers approximately $5,300 more than listing the property at other times. Furthermore, houses sell two weeks sooner in early May on average than at other times.
There is, of course, variance in the timing premium, which ranges from a reaches a high of $15,300 in San Francisco (for late April sales) to a low of $1,700 in Pittsburgh (in late March).
Interestingly enough in the Baltimore suburbs, the shortest time for “days on the market” is actually in July with 35 days. May clocks in at 40 days on the market as of last year.
If early May is, in general, the best time to list your house, is there a best day to list? Across the U.S., Zillow found the best day to list was Saturday. For large local markets in the U.S., other “best days” included Friday and Sunday.
However, the best single day of the year to sell a house in the U.S. was June 28. ATTOM analyzed 14.7 million sales from 2011 to 2017 in the U.S. to conclude that May resulted in the highest premium of 5.9 per cent above the estimated market value. However, the average premium jumped to 9.1 per cent above the estimated market value on June 28.
Weather Impacts the Spring Home Market
Unexpected cold or an excessively wet April, can put a damper on housing markets. In Central Maryland we’ve had a rocky weather cycle this year. The weather has churned from warm to freezing – and it’s changed week by week.
It’s “delayed” the spring home market for many, potentially pushing it into later Spring.
Housing experts cite several reasons for why sales and prices are higher in early summer than in other months. The cold winter months, when snow piles up in curb lanes and in front of houses, are not ideal for visiting or inspecting properties. If roofs and alleyways are also covered with snow, home inspectors may be unable to vouch for a home’s structural integrity.
Sell in May and Move Away?
At Wissel Homes, we like to say that no one chooses to sell in the Winter. Individuals are often forced to do so because of job changes or family matters. When the decision is theirs, most ideally choose to sell in Spring or Summer.
As the snow melts away and buyers shake off the winter blues, the itch to buy increases. Pent-up demand for housing purchases generally peaks in early summer, and finishes in fall.
It’s not hard to understand that houses show better with leaves on trees and lush grass spread across lawns.
During my time in finance, there used to be an old adage amongst seasoned stock traders: Sell in May and Go Away. With the thinking that the stock market historically drifts down and slows during Spring into Summer.
So let’s improve on this old adage. Let’s Sell in May and Move away. We’re happy to make that happen for you. Our team of Real Estate experts helps clients buy and sell homes – making the process as easy as possible.
Just remember that real estate is about location and timing. If you cannot pick a better location for your home, you can pick the absolute best time to sell.
The professionals at Wissel Homes know the Central Maryland market because it’s our home too. We live and breathe the local neighborhoods in Howard County, Carroll County, Baltimore County, Anne Arundel County and more. We understand what it takes to get the job done right. Contact us today to set up an appointment to list your home or to start the home buying process. Let our experience help move you into your dream home.