The Best Time of Year to Sell Your Eastern Shore Home
You may find yourself Googling: “what is the best month to sell a house?” or “when is the best time to sell a house?”
It’ll tell you spring is one of the best times. Longer days, warmer weather and bluer skies -Not to mention the ever warming water! – make it the perfect time for buyers to hunt for their new home.
But if you ask any Eastern Shore local, we won’t let you forget about fall in Maryland. Fall is another great time to sell as there are fewer listings which means less competition. According to the Maryland Association of Realtors, 5,128 homes sold in Maryland last October and 4,408 sold in November, compared with 6,591 in July and 6,106 in August.
Spring and fall both have their advantages. To find out the best time of year to sell a house, read on.
Both Seasons Welcome Different Demographics
In spring, warmer days means buyers are ready to begin their search. And when spring comes around, buyers will know what they’re looking for and will have their finances set.
Another reason to sell in spring is that families with children don’t want to disrupt their school year. It can take 30 to 60 days from the time the home contract is signed to the closing date so browsing early is key. Families are eager to find their new homes a few months before school starts in September.
But more than half of buyers are unmarried so children don’t influence their decisions. For example, empty-nesters and millennials prefer searching in fall.
These buyers have waited through the busy season hoping for a better offer so factors like shorter days and bad weather won’t bother them. All that waiting means they’ll most likely make an offer closer to the listing price.
Also, employers who need to move their workers wait for the market to cool down, making fall their best option. They will also want to close the deal which is great for sellers as it guarantees a speedy closing.
To find out when is the best time to sell a house or the best month to sell a house, try to decide which demographic will prefer your property.
Better Curb Appeal
First impressions can make or break a sale but luckily for sellers, springtime and fall can work to your advantage. Both seasons are the best time of year to sell a house as they let you show off a property’s assets.
A house looks more inviting in spring when it’s under a blue sky and surrounded by azaleas. Got a swimming pool? Create a pool-side seating area so buyers can imagine themselves there in the warmer months.
To optimize your home’s curb appeal in fall, plant fall flowers like chrysanthemums to brighten up your lawn. As the holidays are approaching, decorate your front door with a wreath made from fall foliage to make it more inviting.
Fall is the perfect time to sell your waterfront property. The view of the water and the surrounding trees covered in yellow, red and orange will leave a lasting impression on the viewer and could get you a deal.
Fall means shorter days so install lights to illuminate walkways and make your property look homier.
If your home stays on the market through the winter, here are a few good tips for keeping up with curb appeal into the colder months.
In Spring, Properties Sell for a Higher Price
Welcome to ‘bidding wars’ season!
Springtime creates a larger pool of buyers and more buyers mean more competition. Bidding wars are common as buyers are desperate to move into an area as soon as possible.
In spring, prices tend to be higher which means there are more closed sales. Your agent will also have access to more comps that better reflect the market and your home. Statistics show that homes listed in spring sell 2 weeks faster than average and for an extra $2,500.
Fall Increases Your Chance of Selling
Unlike spring, fall is a quieter season for real estate. In warmer months, the market becomes flooded with properties and it may turn into a ‘buyer’s market’ which could get you a bad deal.
But, in fall, you have less competition which means your chances of a successful sale is higher.
Plenty of Foot Traffic in Spring
Technology in real estate has changed how buyers view a property. With the rise of virtual tours and 360-degree videos, buyers can view listings online. This helps agencies tap into the millennial market as the new generations begin to view properties.
The National Association of Realtors’ 2018 Profile of Home Buyers and Sellers reports that first-time homebuyers made up 33% of the total share of homebuyers last year.
Spring is a great time to welcome more foot traffic to your home. This season gives you more opportunities to sell so contact a realtor to put your house on the market.
Spring is also the best time to list a house because it can take a few weeks to prepare your house for viewings. Your listing agent will gather all the details on your home such as the number of rooms, lot size, and square footage. With this data, they’ll be able to put your house on listing services within a week. Once listed, properties take an average of two months to sell.
Add 30-60 days for escrow, and you’ll be closing around the beginning of summer. A good tip is to decide on your target “sell by” date and work backwards so you can hit your mark.
Other Factors to Consider
While spring and fall are the best seasons to sell a house, you should still consider:
Location: Suburban and rural properties may take longer to sell. If this is the case, begin the listing process earlier. Or plan for a longer listing period to give you and buyers more time.
Know the Market: Maryland is a steady market. Data shows the average sale prices for homes in Maryland climbed in 2018 and 21 out of 24 jurisdictions posted gains in average sale price from 0.6% to 12%.
Find an Agent: Find an agent who has dealt with Eastern Shore properties in the past. Craig Linthicum is an expert in the local market and uses his expertise to help clients make the right buying and selling decisions.
Repairs and Upgrades: Your home inspection may show you need to repair a water heater or radiator. Or you may renovate the property to increase its value before selling.
When Is the Best Time of Year to Sell a House?
As we’ve seen, fall and spring inspire different demographics to find their dream property and are both the best time of year to sell a house.
Late spring increases your chances of an easy sale and fall improves your chance of selling. As the Eastern Shore flourishes in both spring and fall, decide on who your property will benefit the most.
If it’s a house with multiple rooms and a yard, consider listing in spring for families. Or, if it’s a waterfront property perfect for a second home, consider selling in fall.
Are you looking for a home on the Eastern Shore? If so, I’d love to help. Contact Craig here for more details.