Thinking of selling your house this year?
When’s the best time to sell your house? Ron Hoy Fong says ideally you won’t ever have to sell your house. If you need money, just refinance it. But assuming you have decided to sell your house due to personal circumstances (migrating, relocating to another area, downsizing), when is the best month to sell your house?
It’s difficult to time the market. market timing is best left for speculators. However, obviously it is important to know what is happening in the property market and the economy as a whole, before you sell your house.
Let’s have a look at the following 2 graphs:
The above 2 graphs show steady increasing prices over the last 5 years.
History tells us that the summer months December to February have less volumes. This is understandable because people are busy planning for their Christmas holiday in December and likely putting off the buying decision.
January and February traditionally also has lower volumes as people are focused on settling the kids back to school.
Volumes particularly pick up in March and April and is especially busy season for buying and selling homes.
Looking at the time taken to sell: Again the longest period of time is around December, Jan, and Feb. The other months achieve quicker sales times mainly because there is more activity and willing buyers and sellers. Around December and January, activity is sluggish also reflecting the fact that it takes more time and effort to arrange finance.
Most importantly, if you have chosen to sell your house, make the house appealing to buyers and choose the right real estate agent. With the right real estate agent, you won’t regret the price you sell your house for.