This is one of the most common questions that we receive from clients. The short answer in the current market with extremely tight inventory is: Anytime! Of course, there are many factors that play into how to optimize the timing of a home sale. Given the current historically low mortgage interest rates, this also makes it more appealing to sell now. Ultimately, the best time to sell a house involves various factors such as location, type of property, and the local market. For this article, we will focus on the South Florida housing market (Palm Beach, Broward, & Dade counties).
Location, location, location! We have all heard this phrase in real estate. The location of a given property is also a significant driver for home sales. Perhaps the most glaring example of this would be the oceanfront condo market. In South Florida, many of our oceanfront condos are occupied during the winter months as seasonal residents return to enjoy the mild winter. Therefore, waterfront condo sales in this market typically see a spike during this time of the year since that is when our seasonal visitors are here. It is not uncommon for seasonal residents to rent oceanfront condos for several winters before deciding to purchase. Since they are here during the winter months anyhow, this is when they tend to search for properties.
Alternatively, single-family homes in good school zones typically sell quicker during the springs months. In this case, it is all about timing of a potential move for these families with school-aged children.
Type of property
The type of property is a significant factor in selecting the ideal time to sell. We are all probably very much aware of the “spring buying season”. This is certainly the time of year when we see the most movement in the market. During this time, single-family homes are the focal point. In particular, families with school-aged children tend to buy homes in the spring in order to be able to move during the summer months when their children are out of school. Logically, this makes the most sense and thus we see the largest volume of sales during this time of the year. For other parts of the country, this is also a time when the weather starts to slowly warm up and more people are actively searching for properties.
As with any market, the selling of a home is always relative to the current market. For example, some communities may have a handful of models to choose from the builder. When it comes time to list your home for sale, it may be that there are many other options of your exact model home for sale in the community. Needless to say, this may make it more challenging to sell your home. On the flip side, perhaps your home will be the only property listed for sale in the community. If this is the case, it is quite possible that you will garner significantly more interest and possibly sell the home quicker than you normally would.
It is always beneficial to consult a real estate professional for guidance on the local market. He/she will be able to provide you with a comparative market analysis that will show recently closed sales along with the current inventory of active listings for sale. With this information in hand, you will be able to better determine the ideal price and timing to list the home for sale. Are you thinking about selling your home in Palm Beach, Broward, or Dade counties? Live South Florida Realty, Inc. has friendly and knowledgeable real estate agents ready to assist you! Contact us today!