It’s commonly accepted in real estate that houses sell more in spring and summer than in fall and winter. But there’s more important timing to consider. If there’s no reason to move right away, it makes sense to hold off until the housing market is favorable. In other words, wait until there’s a seller’s market in the area.
A seller’s market means there’s a low inventory of houses for sale. Houses sell quickly, sometimes within days of going on the market. It’s a pure supply and demand situation. With few homes available, buyers compete by one-upping each other with their offers. Prices rise and sometimes a bidding war will start.
A buyer’s market is the opposite scenario. There are more homes for sale than there are buyers who are interested. The buyers are calling the shots and homeowners may be forced to lower their prices in order to sell.
Obviously, if someone has to move for a new job or other valid reason, they could get stuck selling in a buyer’s market. If they have any control over their timeline, however, it’s best to wait for the market to turn in the seller’s favor.
A seller’s market might have a homeowner tempted to try an FSBO (For Sale By Owner) sale. Saving on commissions might sound like a good way to pocket more of the sales price. But sellers, as well as buyers, can find the process complicated. It’s usually best to leave it to the professionals with real estate experience.