You’ve probably heard it many times before, but it’s still just as true as it’s ever been: spring is the best time to try to sell a house. There are the obvious reasons, of course. Winter’s inclement weather is gone, the sun is out, and people are more inclined to be out house hunting. There are, however, less obvious – but perhaps more important – reasons why you should sell your house in the springtime.
Viewing Is Better
The sun is shining, the days are longer, and buyers are in a better mood in general – all good reasons to sell your Chicago house in the springtime. But there’s also the benefit of houses looking better in the spring. Because the light is better, lawns are greening, and flowers are blooming, your home just looks better and more appealing.
In addition, daylight savings is back in effect. So days are longer, which allows more viewing time in better light. Interested buyers won’t be driving by to look at your house in the dusk after work.
Higher Sale Price
Basic supply and demand generally means lower prices when inventory is higher. But with real estate, it’s just the reverse.
In the springtime, when far more houses are listed, prices are higher. The reason for this is that real estate is highly seasonal, with home buying driven by weather and the school year, so there are a lot more buyers vying for the available homes during the spring. And that’s definitely a good reason to sell your Chicago home in the springtime – because at that time of year you are likely to get more money out of it.
A related reason to sell your Chicago house in the springtime is that it will generally appraise at a higher valuation. Appraisers, remember, figure the value of your house chiefly on the basis of the value of comparable houses in the area. So if you put it on the market during a low-price season like winter, your house will be worth less.
When you want to sell during an “on” season like spring, experts recommend waiting till a few houses around have gone up for sale before putting your house on the market. That way, the appraiser can use the higher seasonal values of those other comparable houses to give yours a higher valuation. A word of caution, though: make sure your appraiser does, in fact, know the neighborhood and the home values.
Bidding Is Better
What could be better than having several buyers bidding on your home, fighting it out in a bidding war to see who the winner will be? That’s what can happen if you sell in the springtime. If you get your house on the market when inventory is high, you increase your chances of getting multiple offers.
With multiple offers and bidding competition, you not only can get a higher sale price, but buyers are also less likely to request concessions for repairs and closing costs. In addition, cash buyers are often particularly aggressive bidders in situations like this. And a buyer with cash in hand means a quick closing and a lot less headache for you as the seller.
Its pretty clear, then, that if you’re looking to sell, you should sell your Chicago house in the springtime. What’s not always as clear, though, are the many other factors that influence price and selling speed. Just relying on the season alone may not be enough.