Real estate can be exciting and confusing at the same time, especially, when you’re getting ready to sell your home. You may have heard many opinions about when to buy or sell and when to hold or even when to stage (preparing your home for sale). Cases can vary by location but if you own a home in Palo Alto, when is the best time to sell?
Here’s the thing, there’s no magic formula but there’re definitely peaks and troughs to look out for when planning for a home sale. But it also depends on each situation because if you bought your home the right way, then anytime should be great to sell.
However, there are times that are much more advantageous than others. That’s why knowing the Palo Alto market can help you get the most out of your home sale.
For instance, when everyone is in the buyers market, that’s usually when you can sell for the highest price because the competition is high. But when the market is slow and fewer home sales are being made, that’s usually when you want to buy because you can get properties for the lowest price. Pretty cool, huh?
Let’s take a look at our peaks and troughs in the Palo Alto housing Market.
Peak Times to Sell Your Home
March – May:
Whether you’re selling or buying a home, spring is one of the best times to conclude real estate transactions. The warmer weather normally attracts new wave of homebuyers that are actively searching on the open market for a new home. But spring has some additional advantages; so let’s take a look at each in detail.
1. Higher Quantity of Homebuyers
Spring is definitely the busiest time of the year in the Palo Alto market. Since there are more buyers in the market, you’ll have more activity through your real estate agent (peaked homebuyer interest) and a lot more traffic during open houses.
2. Catching Vacation Fever!
Most people want to get it over with before the summer! Therefore, plenty of buyers start looking for their new homes in the spring because they want to close and move by summer, wouldn’t you?
Not to mention that they won’t have to worry about interrupting their kid’s school year. But another reason is that it allows them to take a celebratory vacation in the summertime.
3. The Weather
This is a big one! Not only is it busiest in spring but it’s also the best time to flaunt your home’s curb appeal. Most homes are just more attractive during this time. You can easily get homebuyers to say ‘WOW’ by doing things like planting fresh attractive plants or trees. A well-kept landscape can give you an edge over other homes that aren’t maintaining their yards.
June – August:
While there’s still a lot of activity happening in the summer months, it may not be the best time to sell a ‘family home’. Let’s face it, it’s so close to the school year and no parent wants to relocate his or her children during this time. Also, families are taking holidays in the summer and many of them travel overseas for their vacation.
However, smaller homes still sell well during the summer. People have gotten over the holiday season, winter is gone and for those without children, this is the best time to relocate.
So is it better to buy or sell a home during the summer and spring?
Well, quite often, the demand for homes is stronger during the summer, making it a whole lot easier to buy at a cheap price. Since it’s tough to sell certain kinds of properties during this time, it’s advisable that you speak with your real estate agent first. Spring, on the other hand, is a great time to sell almost any type of home.
Trough Months to Sell Your Home in Palo Alto
September – November:
Historically, the fall has always been a decent time to sell house real estate. But never as good as the spring and summer months! This is because as quickly as homebuyers flood the market in autumn, they mostly vanish at the end.
If you plan to sell during this time, you’ll want to list your home for sale on the market before late September. This will increase your chances of concluding the sale before Christmas because most people don’t want to move during that time.
December – February:
Festivities take precedence over anything else for most of us around the end of the year, so the fall is really your last chance to sell your home before the New Year.
So is it best to buy or sell during the fall and winter?
Not really! During this time there are fewer homebuyers in the market, which means competition is low for buyers. This is the best time to get the perfect home for less.
In fact, astute investors and consumers typically take opposite paths during this time. While homebuyers aren’t making any home purchases, smart investors use the opportunity to grab properties at affordable prices.