Timing is an important factor in selling your home fast and at the highest possible price. If you don’t have an urgent need to sell your property and can afford to wait for the right moment, you’ll have the best chance of closing the most profitable sale.
When is the best time to sell your home? Here are some tips to consider
It’s a seller’s market in Oklahoma
Going by real estate market trends, now is the perfect time to sell a home in Oklahoma. The Oklahoma Association of Realtors reported that, at the end of 2018, inventories in the state have gone down more than 17%. The diminishing supply means more competition among buyers, which can result in more offers for your property.
Oklahoma has been ranked by CNBC as the third most affordable state in the country. This makes the state a magnet for millennials and first time homebuyers looking for affordable properties.
Zillow predicts that home values in Woodward County will rise 3.1% for the year ending March, 2020. This is higher than the predicted 2.5% rise in home values throughout Oklahoma. Additionally, mortgage interest rates are lower this year compared to last year. Given these, more homebuyers are expected to start home shopping early to take advantage of the low interest rates and avoid a potential increase in home prices.
Late spring to summer is still the best time to sell a home
Traditionally, home sales surge during the spring and summer, and this continues to be the trend today. With the warmer weather, buyers are encouraged to go out and shop for homes. Many also want to close a sale and move to a new home before school starts. Additionally, the abundant sunshine and blossoming flowers and trees make for great listing photos.
According to Zillow, homes listed between May 1 and May 15 sold about 15 days faster and for almost 1% higher around the United States. The “sweet spot” for selling varies across the country, but generally falls within the second half of March to the first two weeks of July.
To find out the best time to sell in your locality, ask for advice from your Realtor.
The weekend is the best time to list your home
Listing your home on the right day can also do wonders. In the Zillow analysis, listings published on a Saturday got the most views on the first week of being on the market. This is closely followed by Friday, with Tuesday found to be the least favorable day to list.
There are benefits to selling your home in the colder months
While home buying activities take a dive in the late fall and winter, there are also advantages to selling in these seasons. Buyers who brave the cold to go home shopping are likely highly motivated to close a sale. Furthermore, there’s less competition on the market, so you get a better chance of selling faster and at a good price.
Selling your home in Woodward, Mooreland, and nearby communities in northwest Oklahoma? Get guidance from a local expert. Contact Katie McKinney here or at 580-374-5886. You may also email katie(at)smithcorerealestate(dotted)com.