I’m asked this question a lot. My counsel is always the same, wrought from almost 20 years in the business of selling #realestate.
1. Homes sell year round in Northern #Utah. There are time periods, however, when a home will generally sell quicker and at a better price and terms for the Seller.
2. The number of available Buyers in the market is fairly constant in Northern Utah. Fluctuations are usually driven by interest rate changes of +/- 1% and the availability of loan programs (especially loan limit and down payment requirement increases/decreases), NOT the number of available homes to choose from, also known as “inventory.”
3. Simply put, more homes on the market does NOT mean that there will be more buyers in the market.
4. In my experience, there are two “best times” to list your home for sale. The first, and ideal, is the week before Easter. The second best time is the first week of October. If you are unable to meet the first date, then next-best for early year sales is no later than the week before Memorial Day Weekend. There is also a next-best for late year sales and that is anytime up to the first week of December. Some of my best closing months, and happiest clients, have happened in November and December. Thanksgiving and Christmas sales work because it is a natural family centric, homecoming, memory making time of year. Buying a new home is the perfect gift!
In Summary, when is the best time to put your home on the market?
#1 The Week Before Easter
#2 The First Week of October
#3 The Week Before Memorial Day Weekend
#4 Anytime Between October 8th and December 7th
So what about the rest of the year?
The most inopportune time to have your home on the market in Utah is July. We’re a two holiday state with lots of government and military employees (especially up north) with lots of accrued vacation time. July 4th Independence Day and July 24th Pioneer Day which ends up with at least ⅓ of the month with everyone on vacation. The windows of opportunity lie with the week between the two holidays and the week after the 24th.
If your home falls in the first time homebuyer price range (up to $250,000), there is another phenomenon that occurs that I not-so-affectionately call the “Back to School Doldrums.” The market comes to a screeching halt from the third week in August until the second or third week in September as house-hunting focus changes to that of back-to-school activities. Market activity returns to normal heading in to October.
January and February are inversion I-can’t-breathe months in Northern Utah. We even have State of Utah Division of Air Quality bad air advisories telling us not to drive, or to even go outside, during these months. Not the ideal environment for great showing activity. The exception to this are showings on homes in Ogden Valley (Huntsville, Eden, Liberty) and Mountain Green/Morgan. Lots of advertising includes references to moving up above the inversion, where the air is clean and you can breathe … resulting in strong closing activity.
Can you beat the odds? Yes. Watch for Part 2 to be posted tomorrow.