What is considered the selling season in real estate? This can vary some due to the property’s location. Are the months considered the selling season truly the best time to buy or sell a home?
The highest number of closings typically do occur during March through September. This means the contracts were written from January or February through August. Real estate closings are approximately thirty to forty-five days later than the execution date of the contract. The days a home is on the market before a contract is accepted may vary some during those months, but overall, it remains fairly consistent.
More buyers enter the home buying market during those same months. This accounts for some of the higher sales, along with factors like the weather or potentially the school year and other life adjustments. Most buyers start their search many months before they ever tour a home. Generally, from that point takes approximately three to six months to find and purchase their home.
More homes on the market and more buyers ready to look and purchase seem like an easy answer to our question about the selling season. There are downsides to this for both parties trying to make a transaction come to fruition.
Sellers may think that more buyers in the market place, mean their home should sell quicker, and it may, however, there is more competition because more homes are on the market create more choices for the buyer as well.
Buyers during those same months may think they have more to choose from when indeed, they do, but they too have more competition to purchase the home they like. It may likely be a home someone else may see and desire to own as well.
Looking at these variables, does it make sense to sell in the months that have slightly lower sales and fewer buyers in the market? It’s true there are potentially fewer buyers, but those who are actively looking to purchase during the fall and winter months are often ready to make a move because they are not able to wait or just don’t want to wait till the summer months. This possibly propels them to decide on a home a little more quickly.
The answer lies in each individual life path and centers around life changes, desires, and what makes sense for their long-term plan. Real estate purchases and sales are important decisions that involve a large amount of money. Education, planning, and implementation are important keys to a successful outcome.
The market itself fluctuates to a certain degree all the time. The selling season isn’t the only factor and many other variables enter into the equation, such as interest rates, an increasing, stabilized, or decreasing economic conditions in a region. The middle Tennessee market is currently a strong stable market and appears to be on a positive path for some time. Real estate historically doesn’t make rapid changes up or down with the exception of a infrequent points in time. It’s a long-term investment and is slow to react, therefore, confidence in selling or buying rests more in the context of life than the immediate positive or negative perspective in the general public.
The best plan for any home owner who may need or desire to make a change is education, preparation and a plan to implement, regardless of the season or time of year.
A consultation with a professional Realtor is a great way to start. From that point, make a plan with a time frame and begin to move forward. Remember, education, preparation, implementation.
Deanne Nelson is the Broker Owner of New Key Realty in Nashville TN. Her passion for real estate started 17 years ago when she decided to pursue it as her career. She carries a license in both TN & FL. Deanne fell in love with Tennessee in the early 90s, moved here and is a graduate of Belmont University. Deanne currently serves on various committees & is Chair of the Membership Committee at Greater Nashville Realtors. Her intent is to give back to the community by being a positive influence & impact within the real estate industry for the consumer and other agents.
