In selling your home, timing is important to boost your chances of getting a good profit. But how do you know when it’s a good time to sell your home?
There are many factors to consider, and one of these is the month or season. Spring, particularly the first two weeks of May, is generally considered the best time to sell a home in the United States. It has been found that, on average, homes listed during this period sell at a higher price and shorter time.
However, the sweet spot for selling a home also varies by location. While spring may be the ideal season in most parts of the country, this is not the case in many other areas, including Texas.
Bucking the Trend
In a study released in 2018 by Atom Data Solutions, January emerged as the best month to sell a home in the Lone Star State – or at least in four of the five major metropolitan areas included in the research. Overall, the study looked into the data of around 14.7 million homes sold from 2011 to 2017 in the largest real estate markets in the US.
The result bore out the long-held belief that spring to summer, particularly the period from early May to the end of June, is the most favorable selling window in most of the country, with homes selling at a premium of 8.1% to 9.1% of their market value.
However, some exceptions stood out. In four of the largest real estate markets in Texas, the highest premiums for home sellers were realized in the month of January:
- The San Antonio-New Braunfels MSA sellers enjoyed a premium of 17.2%
- Dallas-Fort Worth–Arlington homes sold for 7.9% more
- Houston-The Woodlands-Sugar Land MSA sellers sold their homes for 9.8% more
- Austin-Round Rock homes sold for an average of 7.2% more
The only surveyed Texas MSA that showed a different result was El Paso, where August emerged as the top month for sellers, with an average premium of 10% above market value.
Selling or Buying a Home in the Dallas-Fort Worth Area
If you’re looking for homes for sale in Weatherford, TX, or any other community in the Dallas-Fort Worth area, January is a good time to shop. A large number of homeowners decide to put their properties on the market at the start of the year.
If you’re planning to sell your home in the area, January is a good time, as well, as shown in the Atom Data Solutions study. However, it’s a mistake to assume that your home will sell fast and at a high price if you list it in January. There are many factors that can affect the salability of your property regardless of the month, and it’s best to address these before listing your home. These factors include:
- Pricing – Make sure you do not overprice your home, which can drive away potential buyers
- Your home’s condition – Too many needed repairs and signs of wear and tear can make your home undesirable
- Marketing – Your strategy should be targeted to the right buyers, or those who are looking for a home just like yours
- Other market conditions – Factors like interest rates, job growth, and nearby amenities can impact homebuyers’ decisions
Work with local real estate experts who are intimately familiar with the Dallas-Fort Worth area and can help you navigate the market successfully. Call us, the HBS Real Estate, at 817.550.6666 or leave us a note here.