An old rule of thumb in real estate is to wait for the flowers to start blooming before selling a home in Idaho.
There's a
good reason behind that. Spring is the time of year when people get their tax
refunds, the weather is perfect for going outside to see a property, and summer
holidays are coming up, making moving easier.
But that is
not the case: the increase in home sales ignores the normal seasonal trends.
Home sales
this fall far exceeded last year's figures, spurred on by historically low-interest rates, according to the National Association of Realtors, which showed
a 20.2 percent increase in contract signings last October.
When Is The Best Time To
Sell?
"Spring and summer are always the hottest times to sell," but where you live and local market conditions also have a big impact on the best time to list your home. Factors beyond your control include local job growth, tax breaks, and neighborhood inventory.
All in all, the ideal time to market your property can depend very specifically on your location. For example, winter is usually the slowest season for selling homes, but if your climate is warm year-round, your sales window may extend to the off-season.
Why
Covid-19 Hasn't Gotten The Housing Market Into Trouble?
Seasonality
isn't the only factor to keep in mind when deciding when to sell a home at the
right time. It is also important to take into account current market conditions.
Experts including Danielle DiMartino Booth, a former consultant at the Dallas Fed, predicted a home crash earlier this year due to a recession caused by the coronavirus pandemic and massive job losses across the country. But the opposite is true.
Tips To Sell Your Home In 2022
According to
a report by the Federal Housing Finance Agency, U.S. home prices rose 7.8
percent from the third quarter of 2019 to the third quarter of 2020, the
fastest year-over-year increase since 2006.
This growth
was driven by several factors. People who are working from home because of the
pandemic, expecting not to return to the office, have sought larger home office
space and often move to a larger home. Low rates attract people to buy, while
stocks of homes for sale remain low.
That could also be the case until 2021.
This means
that if the current situation persists, people who want to buy
houses for cash will have a good home for a while. According to a 2020
study by the National Association of Realtors, the average selling price of a
home is $66,000 more than the purchase price, up from $60,000 last year.
"There are many buyers who are diligently looking for a home that they have not yet been able to find. Right now, sellers can sell all winter, and they'll keep rates low, so I think the market will continue to boil like this for a while, at least next year."