Chapter 12. March Madness (When to list your home)
Updated: Dec 19, 2021
When should a house be put on the market to sell well? Today's article contains more specific information that may answer the question.
Each market will be different, but every market has its own time when it is hot. In the United States, relatively cold regions usually have their peak time during late summer. On the other hand, hot regions have their peak time during early spring. For reference, in the Chicago area where I live, June and August are usually the peak times in real estate.
In fact, it is pretty obvious. When the weather is nice, more people will be more active. Eventually, more people will come to see the houses. Likewise, more people who want to sell their houses will put their houses on the market. That is why it is often said that a house must be put on the market at the beginning of a year to sell it well.
So, when is the exact time of the beginning of a year?
Zillow analyzed the best time (Nationwide average) by analyzing the number of visitors to zillow.com, the number of contacts to realtors through zillow.com, the number of listings on Zillow, and their sales results. And, Zillow’s analysis shows that the best time to put a home on the market is the last week of March, on the national average.
The book describes the best time to put your home on the market as the following:
" After you fill out your NCAA March Madness brackets,
but before someone slips on an ivy-green jacket at the Masters golf tournament"
Homes listed in this period not only sell faster than houses listed in other periods but also sell for 2% higher price than the US average.
Then, what are the worst times to put your home on the market?
The below table shows when the worst house listing times in each big city. The % in the table shows how much lower the final selling price of the houses listed in that period compared to the average annual price.
For example, Houses for sale in the third week of December were sold at an 8.6% lower price than the average annual sale price in the Chicago area. Overall, putting your home for sale between the second and third weeks of December doesn't seem like a wise choice.
We encourage you who read this blog to communicate with your realtor to put your house up for sale at the most appropriate time and sell it at a good price quickly.