Home prices are expected to rise in 2019, though at a much slower pace than last year. The reason experts are giving for the mere 1% increase includes an overall economic uncertainty and increased interest rates. Despite the bleak outlook, there are still more eager buyers in the market creating a demand that is outpacing the supply.
Although a hefty profit may be on the horizon for sellers, you must keep in mind that some buyers face affordability challenges, which could lead to fewer offers for your home. While it remains a seller’s market, we suggest you price your home right, check out your competition, and make your home stand out from similar homes in the area.
The transition between spring and summer is a great time to sell. Compared to other months, houses closing in June sell the fastest. We typically see median home prices peak in June and the probability of selling higher than the listing price is second only to May, April, and March.
According to ATTOM Data Solutions, the best time to sell a home is May, however, the best single day to sell is June 28. The average sellers premium is 9.1%, however, June is normally a tough time for home buyers in the market. Some variables are difficult to keep up with, therefore we suggest checking with an agent to find out what to expect.
The Best Time to Sell Varies by Region
The typical response to the best time to sell is the spring. However, that’s not always the correct answer. It actually depends on your location, season, job market, and interest rates. The number of national listings in May is about 577,043 and the total inventory is about 2.16M. In contrast, June’s new listings average about 558,375 and the total inventory drops to 2.15M.
Here’s an example of the best times to list and sell real estate based on population:
- In New York, the best day to list is Friday and between, May 16-31. The average sales premium is $3,100, and homes sold eleven days faster.
- Chicago's best day is Friday, and between May 1-15. The average sales premium is $3,300 and homes sold 10.5 days faster.
- Homes in Washington DC sold an average of 6 days faster and the average sales premium was $3,800. The best day to list is Thursday between April 1-15.
- In San Francisco, Friday is the best day between April 16-30. Homes sold an average of 2.5 days faster and the sales premium was $10,000.
5 Tips for Selling Your Home in June
- Understand the market: For instance, in Phoenix, the average daily temperature is over 100 degrees in June, which may deter house shoppers. If you live in this area and can be patient, we suggest listing your home in September. In climates where the temperatures are not as extreme but still hot, and you are getting foot traffic, lower the air conditioning temperature, to give prospective buyers a refreshing place to cool off.
- Increase curb appeal: Keep flowers watered and if you have a garden clear out the weeds, and keep the lawn mowed and trimmed. And don’t forget to refresh the mulch as well. It’s also a good idea to power wash the siding and inspect for signs of mildew. Additionally, touch-up peeling paint with a fresh coat.
- Keep the inside bright: Be sure to replace any burnt-out bulbs, turn on all the lights, and open all the shades. Declutter to make your home feel spacious, and you may offer summer refreshments like iced tea or lemonade during the open houses. Summer is also the perfect time to showcase any outdoor spaces such as a deck or pool area.
- Avoid mistakes: once you decide to sell your house, don’t get emotionally involved and think of yourself as a home seller and not the homeowner. Not partnering with an agent is an easy mistake to avoid. A good agent will help you set a fair and competitive price that will increase the odds of selling your house quickly.
- Keep an eye on interest rates: The Federal Reserve adjusts Interest rates. Lending institutions offer mortgages based on those rates which helps to determine the monthly house payment. The good news is the Fed predicted a rate hike freeze for the rest of 2019. However, it’s possible that decision will be overturned.
To get the best outcome on the sale of your home, we suggest partnering with a local agent. An experienced agent knows the market, understands housing trends, and will help you determine if June, or another time of year, is the best time for you to sell, based on your goals and needs.
Clever Partner-Agents provide full service for a flat fee of $3,000 or 1%. Contact us today and we’ll answer all your questions.