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- Timing can be everything when it comes to selling your house.
- According to a report by ATTOM Data Solutions, home sellers reported the highest seller premiums during May and June.
- The worst times of year to sell real estate were October and December.
- Visit Business Insider’s homepage for more stories.
Selling a home and netting the largest profit possible can oftentimes be a game of luck.
Reports, however, have shown that certain times of the year can yield higher premiums for sellers and more money in their pockets. When it comes to selling your home, it’s important to plan things in advance so your home can hit the market at the perfect moment, and secure you the perfect price.
Read more: 7 things I wish I knew before buying a house
According to research done by ATTOM Data Solutions, here are the best (and worst) times to sell a house.
The best time of year to sell a home is during the summer, while kids are out of school
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ATTOM Data Solutions analyzed more than 28 million single-family home and condo sales over the past eight years and determined that those who sold homes in the summer had more success selling their home quickly and for their desired price.
"Since summer is a time for vacations and outings, it’s no surprise that it’s also a time when people are most likely to move," said Todd Teta, chief product officer with ATTOM Data Solutions.
According to the study, June and August reported the highest numbers of home sales, 2,881,400 and 2,802,268, respectively.
"Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations."
Homes sold in June and May turned the highest profits for sellers
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The analysis found that seller premiums were highest in June (9.2%), May (7.4%), and July (7.3%). The median sales price for homes sold in June was $200,000 with an AVM of $183,124 and homes sold in May had a median sales price of $190,000 and an AVM of $176.875 — meaning that, on average, homes sold for more than what they were valued at.
Bankrate also explains that kids going back to school at the end of the summer may encourage homebuyers to act quickly. Those looking to buy a house during the summer may want to be moved in before the school year starts. Therefore, homebuyers shopping around during the warmer months could be more inclined to close a deal faster than buyers during other times of the year.
Homeowners who sold their houses during October and December reported the lowest seller premiums
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Those who sold their homes during colder months — namely, October and December — reported much lower seller premiums than those who sold their homes in the summer. Homes sold in October and December sold for a median price of $188,000 with an AVM of $182,000, only making a 3.3% premium for the seller.
See the rest of the story at Business Insider
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SEE ALSO: 7 things I wish I knew before selling my house
Source: Business Insider – feedback@businessinsider.com (Erin McDowell)