When Is the Best Time to List Real Estate for Sale?

Want to put up your Philadelphia real estate for sale? Selling a home can be long and challenging, but it certainly helps when you know the best time to list your Philadelphia homes for sale. Here is what you should know.

May was historically the top month to list and sell a property, but the best month to list a home shifted to March a few years ago. Properties listed during March's second and third weeks sold the fastest in 2019. If you want to sell your home above the asking price, you should aim to list your property for the fourth week of April.

And it’s crucial to list your property before September since that’s when most families with grade school kids begin settling down to start the school year. October typically is the worst month of the year in terms of selling properties above asking price.

List your property on a Thursday if you want to boost your chances of selling your home quickly and for more money. Properties listed on Thursdays usually go pending more quickly than any other day, with all other factors being equal. On the flip side, homes listed on Sundays typically sit on the real estate market for about eight days longer on average than properties listed on Thursdays.

Saturdays and Mondays are only slightly better than Sundays. It usually takes about a week longer to sell your property when it’s listed on Saturdays and Mondays than if it’s listed on Thursdays. Thursday listings are more likely to sell for more than their asking price, whereas Saturday or Sunday listings are less likely to sell for more than the asking price.

Spring is usually the best time of year to list Philadelphia homes for sale, as it’s when potential home buyers typically come out of hibernation and begin hitting the real estate market. People love to look at homes when the weather gets warmer, so it’s best to spend the winter months prepping your Philadelphia property and list your home in the spring if you want it to sell quickly. Spring is usually the best time to buy and sell real estate for multiple reasons. People have fresh tax refunds in their bank accounts, warmer weather in the forecast, and summer break for their kids, so they like to start looking at homes in the spring.

The same goes for summer. Many homebuyers like to shop for homes in the summer since their kids are on school break, the weather is warmer, and there are more hours in the day to take home tours and attend open houses. That being said, there is some slowdown in the summer since many people take vacations during this time.

Some home buyers shop for homes in the early fall since they want to move into their new home and get settled before the school year gets too busy or the weather becomes too cold. That being said, many potential buyers shopping in the fall are moving due to family issues, short sales, layoffs, and job transfers, so they are likely to be more sensitive to home prices. Winter is the slowest season in Philadelphia when it comes to home sales for obvious reasons. The weather is cold and snowy, and people prefer to be inside when possible.

 

Seasonality is not the only factor to consider when figuring out if it’s the appropriate time to list your property. You also need to think about the state of the Philadelphia real estate market and if the market conditions are right for selling your home. A buyer’s market happens when the number of homes available for sale is higher than the number of potential homebuyers. When the real estate inventory is high, home sellers know their property will stay on the real estate market before they get a home offer, and they might need to sell below the listing price or make extra offers to the buyer.

On the flip side, in a seller’s market, there are more potential buyers than homes available. A seller’s market is the right time to list your home since you can expect your home to sell more quickly, and you are more likely to get multiple home offers and sell your property for either full price or above the asking price. Philadelphia, and most of the country, is currently in a seller’s market, so it’s the right time to list your home.

Mortgage rates have been historically low over the past few years. When mortgage rates are higher, potential homebuyers need to stretch their budgets more to buy the homes they want. However, when mortgage rates are low, as they are now, first-time homebuyers are more eager and ready to purchase homes.

The best time to list your property comes down to when you are ready to list your home. A number of personal factors impact your decision to list your home, including family and job changes, financial benefits, and emotional readiness. Downsizing, a growing family, relocations, and job changes are some of the most popular reasons people choose to list and sell their homes.

And financial benefits are a common reason to sell. If your property has gained some substantial home equity, that value might be enough to put a down payment on a dream property or give you an excellent cushion for retirement.

Putting up your Philadelphia homes for sale? Reach out to trusted Philadelphia real estate expert Douglas Pearson for guidance.