The timing of a house sale benefits from considering several factors and from solid professional advice. These factors include home sale statistics over time in the local market, as well as the seller’s own personal and financial needs.
Investigating sales averages in an area, both for closing price and days on the market, can reveal definite peaks and troughs in annual trends. For example, in the years 2014-2017, the numbers reveal definite best months to sell a home in Nashville, TN, if the priority is to get a higher-than-average offer. The best month was June (listing in April), with selling price at 3.48% above average. June grows even stronger in 2017, with sale prices at 5.76% above average.For these years, May through July were all above average, as was December, where closing prices were 3.09% higher.
Focusing on 2017 only, December increased to 4.74% higher than average. The anomaly in 2017 was August; while not making a remarkable showing for sales in the four-year numbers, its closing prices in 2017 were 4.77 higher than average. Many forces can account for a trend shift in a particular year, from weather conditions to changes in local business. A surprising jump like this one underscores the importance to sellers of a realtor experienced in the local market and what affects it.
If a seller’s priority is having the home spend the fewest days on the market, June remains the prime month for closing in the four-year data, and in the numbers for just 2017. As with selling price, 2017 strengthened an existing trend: homes sold 4.8 days faster than the average in June, and 7 days faster in 2017. July remained second in both the multi-year and 2017 statistics, with homes selling 4 days faster than average, up to 6 days faster last year. 2017 also shows May closings sold 6 days faster than average. As with many markets around the country, late spring through early fall offered better “days on market” statistics than the rest of the calendar.
There are other factors in each seller’s circumstances that can, and often should, influence when to sell a house. These may include changes in family size and needs; additions to the family, children maturing into young adulthood, or the “empty nest” phase of life can all make it time to sell a house. The space requirements for a new home office or home-based business may necessitate selling. A homeowner may decide to stop using financial or environmental resources for large-scale heating and cooling, a pool, or high-maintenance landscaping.
Neighborhoods also change over time. New development may make property more valuable or highly desirable and worth selling. It may change the lifestyle of an area to something livelier or quieter than the owners’ ideal. People with young children or “empty nests” may wish to live somewhere with similar families and the right amenities. The variety of personal, financial, and market factors emphasizes how invaluable an experienced local agent is in the timing and handling of the best house sale.