Summer is generally considered to be the best time to sell your home.
Prices and buyer demand both tend to be higher, creating a competitive market that leads to homes selling quicker. Here are several benefits to consider if you are thinking of selling your home this season.
Higher sales price
According to ATTOM Data Solutions, the sellers’ premium, or the sales price above the estimated market value for that time is as high as 10 percent in July and almost 8 percent in August. This is likely due to increased demand and lack of housing supply, causing market appreciation. Such a competitive environment is an excellent, and lucrative, reason for sellers to list their homes in summer.
Strong market trends
Experts anticipate that the market will heat up this summer as mortgage rates are likely to stabilize or even drop, making it potentially more affordable for buyers. In addition, as the number of millennial homebuyers continues to increase— they made up 43 percent of buyers in the 2022 summer market—it may create an even tighter market that may further drive up both price and demand.
Better curb appeal
Summer curb appeal can be a great asset when selling. The natural beauty of colorful flowers in full bloom and lush green lawns, shrubbery, and trees can make any home look attractive. If you have an outdoor living space, this, too, can make a great first impression on buyers. Pleasing curb appeal may be one of the deciding factors for buyers as it can make a big difference in how they envision themselves living in your neighborhood and the home’s resale value.
Marketing your home during the summer has many advantages. For one, it allows you to highlight its benefits, such as a pool, deck, or large backyard for activities and entertaining. It’s also easy to showcase its best features with photos taken on the ground and from overhead. Keep in mind that it’s best to get a professional photographer who has the expertise to capture the essence of your home, which can attract more potential buyers as they do their online searches.
While summer is generally a hot time to sell, market trends can vary across the country, so speak with an experienced real estate agent. They can help you understand the local sales trends and neighborhood-specific information to help you determine if selling in summer is right for you.