Selling a house is not an easy venture. From hiring a realtor, getting your house renovated, setting a listing price, staging it for home buyers, scheduling the home appraisal and inspection, reviewing and negotiating offers, to processing the necessary documents, and closing the deal, there are several steps you need to take and factors to consider to make sure that your property sells for the best possible price.
If you are planning to sell your house in Tennessee, one of the key elements you need to take into account is the timing of your listing and home sale. The real estate market continues to be competitive, especially in the Memphis area, and experienced real estate professionals know that the timing of your home sale can significantly influence the entire home buying process.
As a homeowner in Memphis, you want your Tennessee real estate property to yield the highest home sale value and prevent it from staying on the housing market for a long time. Certain times of the year generate higher premiums for home sellers. It’s important that you know the best and worst time of year to sell a house, its corresponding consequences, and the impact it has on sale prices.
If you want to get the best value for your property, you need to educate yourself on the different variables that could affect the selling process. To give you a better understanding of how it works, let us take a closer look at how the Memphis housing market is doing, the consequences of selling at a particular time of year, and how you can maximize your home’s sale value and secure the largest possible profit.
The Best Time of the Year to Sell Your House in Memphis
While the time of year plays a significant part in the home buying process, you should also take note of certain aspects such as the real estate market conditions, current housing market trends, and your property’s condition. In addition, the home buyer’s financial situation and your real estate agent’s home selling strategy can also influence the duration and success of the sale.
If you want your Memphis home to sell quickly and you have a bit of leeway with your sale, knowing the best month or time can help you get better offers and ensure that your home value and listing price increase. Generally, the peak of home sales in the United States is during spring and summer. Houses placed in the housing market in these months usually get sold faster and yield a higher home sale price. Homebuyers are more inclined to buy a house during these months since their kids are out of school and the home buying process is relatively easier due to the warm weather.
Local data shows that Tennessee also follows this general housing market trend. Most houses, especially in the Memphis area are sold during the month of June. Keep in mind that it takes an average of around 73 days to sell a house in Tennessee. This time frame starts from the day the house was listed on the housing market until the closing date. If you want your Memphis real estate property to sell for more than the typical yearly average, it would be best to list it in March or April.
The Worst Time of the Year to Sell Your House in Memphis
Memphis homes hitting the housing market in the fall and winter usually receive lower home sales. Unless your realtor has a strong home selling strategy in mind, he may discourage you from placing your house on the market during these times. Even if you have less competition from other home sellers, expect your home sale value to drop since you have less motivated buyers. Tennessee home seekers during this time of year are not pressured to secure a deal compared to the peak selling months.
Best Month of the Year to Sell Your House in Memphis
In the United States, the best month to sell a house is in May. The spring months generally offer sellers a high level of motivated and qualified home buyers. The competition in the housing market is fierce during these months, and spring is usually the most profitable and busiest time for home sellers.
Based on the experiences of professional realtors and several housing transaction data, the quickest and best month to sell your Tennessee house is in June. Properties sold during this month tend to sell faster and for more than the usual annual averages. It is important to note that this home sale trend can vary by region. The best month to sell in Nashville may be different for Knoxville and Memphis. Generally speaking, you have a higher chance of increasing your home price and yielding a lucrative profit if you sell your Tennessee home in June.
Worst Month of the Year to Sell Your House in Memphis
On the other hand, real estate properties listed in the market during the fall and winter months normally see less motivated home buyers and lower seller premiums. Selling a house is less than ideal due to the cold weather, as it would be hard to conduct property viewings especially to home buyers from other states. As per various housing data, January is the worst month of the year to sell a house in Memphis. Properties sold during this month tend to take longer to sell and they typically receive the lowest sale offer. If you want your house to receive the price offer it rightfully deserves, makes sure to avoid listing your home during these unfavorable months.
Should You Sell Your House in the Winter?
Selling your Memphis house in the winter might prove to be difficult compared to other months. On average, there are fewer home buyers in wintertime due to the cold weather and poor home searching conditions. Buying a house is not an easy endeavor, and most home seekers are not willing to spend their holidays going to house viewings or talking to realtors. Securing a home is simply not on top of their priorities especially during the busiest time of the year.
Buyers who are interested in purchasing a house during these months are often considered serious home buyers. Some of them may be relocating for work or want a bigger space for their families. If you receive an offer during the winter months, it is highly possible that it might be less than your listing price. Moreover, curb appeal is practically non-existent in the winter. Remember that your house’s exteriors and its surroundings can add to your home value. If your driveway and yard are covered in snow, you won’t be able to capture the interest of potential home buyers. Listing your Memphis house in the winter will only give you less profit and more hassle.
Selling to Cash House Buyers Regardless of the Time
In a conventional home sale, time is of the essence. However, if you need to sell your Memphis house during unfavorable months, one option is to sell your house to a cash buyer. Working with reliable and experienced companies that buy houses in Memphis or firms that advertise “We buy homes Tennessee” can give you a better chance of getting a fair offer for your house without the unnecessary hassle.
Selling a house online to a cash buyer is one of the most convenient ways to sell your home. By going with the cash route, you don’t need to spend thousands of dollars in renovations as cash buyer companies purchase properties in any condition, even those that are hard to sell. They will buy your house as-is and will take care of all the necessary paperwork. You don’t need to worry about upfront fees, agent commissions, closing costs, or other expenses that are usually present in a traditional home sale. The cash selling option also makes sense to homeowners whose houses are at risk of foreclosure, don’t have enough money to renovate or repair structural damages, and those that need to relocate quickly due to certain major life events.
Selling your Tennessee home need not be difficult. If you want to sell your property in a conventional way, make sure to time the sale properly and do your best to make your house as attractive and pristine as possible. Knowing the best and worst months of the year to sell a house can make a huge difference in terms of profits. Avoid listing your property in the fall and winter, and take advantage of the prolific housing market during the summer season. Alternatively, if you don’t want to burden yourself with the renovations, paperwork, and other essential home selling details, consider selling your house to a cash buying company.
Regardless of the method you choose, it is important that you are satisfied and happy with your decision. Make sure to weigh the pros and cons of each selling strategy and go with the one you are most comfortable with.