Age Old Question: When is the Best Time to Sell?

Many of our sellers ask us: “Do you think we should wait until spring to sell? Isn’t that when there are the most buyers?” The best answer is……….(wait for it)…………, “it depends.”

Sales data show us that we typically have the most activity in late winter and early spring, with the most closings – and highest median prices – in the second quarter. In New Orleans, this cycle is tightly correlated with Carnival, as many buyers and sellers wait until after Mardi Gras to look for a new home or sell their house. We can “wait until after Mardi Gras,” when we will almost certainly have more buyers. We will also have more competition – every other seller seems to be playing the same game.

We are about to enter the holiday season with the same concerns – “let’s just wait ‘til after the holidays before we put the house on the market as we don’t want any disruptions right now.” That’s always a personal decision, and it’s OK if the timing is not right, right now.

Oddly, we find that right in the middle of the holiday season can actually be a great time to sell for these reasons:

• While there are fewer buyers, those that are looking are usually MUCH more serious. Buyers who are willing to disrupt their own celebrations to look for houses are possibly under time pressure and are motivated. If you choose to wait until after the holidays to list your house, you might miss that seriously motivated buyer.
  
  Conversely, the “fewer buyers” factor also means that buyers will have less competition. Compared with the super-low inventory and bidding wars that we were experiencing in the past 2-3 years, buying a home during the holidays can be a great idea.
  
  I recall a few years back I had two different buyers scoop up bank foreclosure houses between Christmas & New Year’s Day. No one else was looking, and they both got great deals. Ten days later, both houses had multiple backup offers.
  
• Buyers may get current-year tax deductions by closing before the end of this year.
  
• The end of the year is a time of planning and closure. People are ready to get things done, and a house sale or purchase is a big milestone for many people.
  
• Holidays are fun, and most of us feel good. When people feel good they tend to be easier to work with. This positive energy translates into better outcomes and more win-win transactions.

Of course, there are myriad reasons why some folks are simply not ready yet, so they probably shouldn’t rush. Overanalyzing all of this starts to feel like timing the market, and we know that waiting until the best time might not prove to be the best time. Ultimately, it all depends on your needs and personal schedule. We’re just here to remind you not to assume that the holidays are a bad time to sell your house. In reality, this can actually be a great time to sell or buy a home, especially if you are ready.