5 Reasons May Is The Best Month To List Your Home
Just as TV shows have a prime time, so does the real estate market. And THAT TIME IS NOW!!
Spring is busy ticking off the milestones! Watching the flowers blossom, celebrating Mother’s Day & tossing graduation caps!
Another item you may want to add to your list? Putting your home up for sale — specifically in May, when homes often sell faster, and for a bit more than the national average.
1. The timing aligns with the new school year. If families intend to move, they really want to close on a new home before the end of summer. Why? Changing school districts after the school year starts is no picnic for anyone.
2. Buyers are getting serious. When the spring housing season begins, typically right after Presidents Day in mid-February, many buyers feel as if they have plenty of time to find their perfect home and perfectly time their summer move. So they might bid more aggressively and offer less than asking price. If no sellers bite, though, by the time May rolls around, these same buyers may relent to submitting more competitive offers in the hopes of finally sealing the deal. Remember, though, that May is typically a seller’s market. When buyers are just starting to look at this point, they are excited and have not experienced the agony of defeat by being outbid once, twice, or three times — at which point deal fatigue sets in. After missing several deals, buyers begin to feel as if they are settling and then begin to think that it would be better to just wait. As we move into late June and early July, in addition to being weary of looking, buyers make house hunting less of a focus for this year and more of one for next year.
3. The weather is beautiful. People normally discuss the weather for two reasons: When there’s a huge weather event or natural disaster, such as a hurricane or tornado, or when they have nothing else to talk about. But there’s actually a third reason: Weather plays an important role for home sellers and their open houses. Lovely weather also means lovely homes and people wanting to get out. Your home will look its best [in the spring] as flowers start blooming and the lawn is green.
4. People haven’t left yet for summer vacation. If you’re marketing to a clientele that typically “summers” elsewhere you need to catch them while they’re still around. Take Tampa, for example, where individuals may bail on the warm weather for the mountains up north. If you wait until July to list your home, you’ve lost [those buyers] until after Labor Day.
5. Tax refunds are burning a hole in buyers’ pockets. Scraping up money for a down payment and closing costs can be quite a formidable undertaking. After filing your taxes you have a clearer picture of your financial situation. So when you get that big refund from Uncle Sam (if you’re lucky), you might be in a better financial situation to buy. Or if you owe, you at least have that expense out of the way.