Summer is a hot time for sellers
While summer is usually known to be a hot market for real estate, a recent study from ATTOM Data Solutions confirmed it. Sellers who sell in the summer months are more likely to make a higher profit.
Eight of the nine best days of the year to sell a home, in which sellers typically get a 10% premium, are in the summer, the sole outlier being Feb. 15. The report looked at home sales from 2011 through 2018, analyzing 28.3 million home sales.
Overall, June 28 was the best day for sellers. With more than 110,000 homes analyzed, sellers saw a premium of 10.8%, offering a median sales price of $205,000 and a median estimated value of $185,000. May 31 and June 21 offered sellers a premium of 10.7%, while June 20 gave sellers a premium of 10.6% and sellers who sold on May 24 saw a premium of 10.5%. The median home sales price across the dates was above $190,000.
“Since summer is a time for vacations and outings, it’s no surprise that it’s also a time when people are most likely to move,” said Todd Teta, chief product officer with ATTOM Data Solutions. “Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations.”
Overall, June was the best month for sellers, the average seller premium is 9.22%, followed by May at 7.4% and July at 7.3%. Comparatively, those who sold in December and October only saw a premium of 3.3% over the last eight years.