We've just read a fascinating report on the best month to sell your home. We're going to delve into that article's national numbers and then take a look at Boston's housing market to see if the trends match up.
According to a newly released study by ATTOM Data Solutions, selling your home in May will net you an average of 5.9% above estimated market value for your home.
For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:
ATTOM even went a step further and broke their results down by day.
It should come as no surprise that May and June dominate as the top months to sell and that 4 of the best five days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season when competition is fierce to find a dream home, which often leads to bidding wars.
One caveat to mention though is that when broken down by metro, ATTOM noticed that while warmer climates share in the overall trend, it turns out that they have different top months for sales. The best month to get the highest price in Miami, FL, for instance, was January, and Phoenix, AZ came in with November leading the charge.
If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, homes sold in an average of just 30 days last month! If you list now, you’ll have an excellent chance to sell in May or June, setting yourself up for getting the best price!
Is Boston's Housing Market the Same?
We took a look at sales in Boston from April, May, June, and July starting in 2016 and this what we found: It depends. The median price for homes seems to be consistently higher. However, June was also the highest volume of homes sold. Therefore, there's more competition to get to that higher price, and you risk the chance of your home getting lost in the noise.
Click on the photos to see full graphs.
At Focus Real Estate, we maintain that the best time to sell is truly unique to each home and each homeowner. If you're on the fence, the best place to start is with a phone call!
This week, Focus Real Estate chats about all the signs that it might be time to sell your home...
Parts of this article appeared in Simplifying the Market.