Spring is in the air! The flowers are blooming, Mother’s Day is coming up, and graduation is right around the corner. Another item you may want to add to your list? Putting your home up for sale, specifically in May when homes typically sell faster, and for more money than the national average. If you’re wondering why May is the best time to sell a house, read on!
1) The timing is impeccable with the new school year. If families intend to move, they would really prefer to close on their new home before the end of the summer. Changing school districts after the school year is definitely a challenge. If buyers take the time to search for a home in May, they will most likely be able to close by July or August, giving them a little more time to be settled in before school.
2) Buyers are getting serious. Typically in mid February, buyers are feeling as if they have plenty of time to find their dream home as well as perfectly time their summer move. During this time, they might be more confident in bidding more aggressively and for less than asking price. When May approaches, and if they’ve been burned too many times, these same buyers may begin submitting more competitive offers so they can really seal the deal and be moved in during their ideal time.
3) The weather is absolutely beautiful. Here in Billings, we can have some intense winters (especially this last winter!) and people have a hard time wanting to go house to house in the snow. As soon as the temperatures start warming up and hitting the 60’s, you better believe that people will find any excuse to get out and enjoy the sunshine. Not only that, but your curb appeal will be killer with your nice green yard and blossoming flowers.
4) People haven’t left for their summer vacations yet. Yes, there are plenty of lucky ducks who take off during the summer months to live out their dreams of traveling abroad, or, if we must be realistic, hanging out with the in-laws. Since school is still in session, May is the month to catch them while they’re still around.
5) Tax refunds! Many buyers have a hard time scraping up the money for the costs associated with purchasing a home (down payment, closing costs. etc.). Tax refunds can help lighten the load and also give buyers a clearer picture of their financial situation. Sellers: you can also take advantage of your refund by putting that money towards repairs and sprucing up your home before you list.
6) Spring fever is in the air and the mood is right! Most people are home from their April spring breaks, schools are still in session and taxes have been paid (or, if you’re like me- extensions have been filed!). The sun is shining, the colors are popping, flowers are in bloom and everything is fresh and new. Who wouldn’t be in a home-buying mood?
When do you think the best time to sell is? Let me know in the comments!