Since the beginning of the 2020 pandemic, most of the country has been experiencing an unprecedented seller’s real estate market. With the supply chains being interrupted in all areas, the construction of new homes has created more demand than available listings. This is great news for homeowners from Maryland to Michigan that are looking to sell their homes this year.
While a seller’s market can help increase the profit you make on the sale of your home, it’s still critical to ensure that you maximize your return by selling at a premium time. As the winter snows begin to recede, you will start to see more people creeping out into the world and beginning their search for a new home.
Historically, the summer is the best time to sell your home, especially in areas that have four seasons of weather. Let’s take a closer look at the best time to sell your house in Maryland.
June Is Prime
The real estate market has been healthy in Maryland for several years and has favored sellers since early 2020. While it’s always a good time to sell your home in Maryland, the numbers suggest that homeowners should aim for a June sale. Homes that have been listed in June sell for an average of 13 days sooner than any other month. Houses also sell for an average of $23,000 more during June.
One of the reasons that June is such a prime time to sell your home is the seasonality of the time. While Maryland doesn’t experience the severe winter weather of the northeast, there are still cold days that keep buyers away during the winter.
How Seasonality Affects Home Sales
It’s not unusual for homes to sell during the winter; however, you will find that the market is in a resting period during the winter, and you may not get the best price.
Once the weather starts to turn in the spring, the market begins to flood with new listings. This may seem like the prime time to sell, but the closing process generally doesn’t happen until a bit later in the year. Many potential buyers take their time looking at the multiple listings in the spring months and narrowing down their choices. As the new school year approaches, buyers with families are becoming anxious to get the deal closed on a home before starting a new school year.
June is the perfect time to sell for buyers with families. The closing can take up to 90 days, and the necessity of getting moved into a new home becomes a priority as the new school year approaches. By the time June arrives, most buyers are ready to make serious offers on their top choices.
While the right time to sell your home in Maryland may seem like an obvious decision, many factors go beyond seasonality. The economic conditions, job growth in the area, regional development, and neighborhood popularity can affect the real estate market in your area. Depending on economic factors, one neighborhood may experience a higher market than a nearby area.
The best way to determine if now is the best time to list your home for sale in Maryland is to work with a licensed real estate agent. Your realtor will be able to share their extensive knowledge of the local markets and help you pinpoint the best time for you to sell your home.
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