When you are thinking about selling your home, the time of year makes a difference. Some times of the year, you may be able to sell it more quickly, during another time, perhaps for a bit more money, and during other times, there may be more or less competition. The best time to sell a home quickly in North Carolina and for more cash depends upon where you live.
You may not always have a choice when you sell. The timing certainly isn’t the only consideration, but knowing how it might impact the sale of your house can help you make the best decision. Just like with any big financial decision in your life, you can make the best decision for you and your family when you know the impact of different parameters when sell your home.
Let’s take a look at some of the different seasons for home sales in North Carolina to help you decide when to sell your house.
Best Time To Sell Your House for Price
Regarding value, according to Redfin data the best month to sell a house in North Carolina in July. The median cost for North Carolina homes in July is $267,000. When you compare it to January, the worst month, you can get an additional $33,000 for your sale using median home prices. This amount to an increase of over 10% from peak to trough.
Selling Your House More Quickly
Sometimes, speed matters. In that case, the data indicates something different. Then you want to list your house in May. This can take you just under two months at about 59 days on average. This is almost a month quicker than the slowest month of February which takes an average of 72 days, again, using Redfin data.
Of course, data always makes a difference. One report says that June is the better month for price and July is the better month for speed. Zillow takes a slightly different approach, combining the two nationally into one month to optimize for both speed and price. They claim May as the best month, though may markets also list the June and July timeframe, indicating that the North Carolina specific data for selling your house is pretty close at least.
Deciding When to Sell Your Home
The short story is that your best timing for selling your house is in the late Spring or early Summer. You can significantly increase the sale price and reduce the time to sell your house in this timeframe. If you’re in a hurry, though it’s important to remember that even this can take two months to close. This is why a cash sale can be significantly quicker with fewer fees.
This timing makes a lot of sense. You have families looking to move during the summer and have the kids in summer in time for the next school year. Parents can more easily use vacation time to move. The summer logistically is much easier.
Other times of the year, do have their benefits. For example, selling in the Fall or Winter can mean less competition. Other sellers and their agents know these dates and times too, so more homes tend to be listed and buyers can make less competitive bids. According to Zillow data, more homes are sold above list price in the Spring than in the Summer in the Charlotte, NC region. Given that we know that sales prices are higher in the summer, perhaps the slower markets means that sellers tend to list for lower prices. Later Spring and summer remain a better time to sell your house.
Making the Most of Your Chances
Of course, the time of year is only part of the decision. Sometimes, you don’t have a choice or you don’t want to wait that long. Consider fixing those small things you’ve been putting off. Maybe you want to update the paint. Sometimes, there are a few small investments you can use to improve the value of your home.
At the end of the day, your best options are to sell during the late Spring and Summer. Your house will be on the market for a longer timeframe and is more likely to sell for more. At the same time, there will be more competition and if you need to invest money in your house that should weigh into your decision.