While many people have likely been thinking about buying or selling for a while now, May is often one of the best times to start work on closing real estate sales. Agents would know better than anyone why that's the case, so discussing the issue is a must.
Simply put, real estate professionals know full well that all of May and into early June is the best time for current owners to sell because that's when the most buyers are in the market and prices are the highest, according to Zillow chief economist Svenja Gudell, writing for Forbes. That, in turn, entices more sellers to list their homes at this time of year, potentially giving buyers more options in their area or price range.
Drilling down on the details
But where real estate professionals can lend their clients some really valuable advice is exactly when in May or June to list, and even on which days of the week. In every market, prices for homes can vary significantly based on which day of the week they're initially listed. Often, it's Saturday listings that will command the most interest, but in some cities it can be Wednesday, Thursday or Friday.
if agents can take a look at local data and determine the best days to buy or sell, that kind of advice can go a long way toward inspiring confidence among buyers or sellers, and establishing a stronger relationship going forward.
Why it's an important time for buyers
Of course, if prices are on the rise, some potential shoppers may think, "Why would I get into a bidding war at this time of year?" According to Eng Garcia Grant and Co., a lot of it has to do with scheduling. This is a good time of year to get the buying process started because it can take a few weeks or more and then, by the time all involved are ready for move-in, it's getting toward the end of summer. Many buyers with kids prefer to get settled into their new homes well before the start of the school year.
Moreover, many new owners - especially those who took a price cut on a fixer-upper - may want to take the late spring and summer months to get some home improvement work completed so that they can feel a little more comfortable in the space when colder weather starts to set in.
Finally, people tend to be in the best financial shape of the year in the spring because they usually get their tax returns and may not have any other sizable bills or planned expenditures coming up in the next few months. That might give them a little more flexibility to make a larger down payment and help lock in the best possible deal they can.
Agents should always aim to advise their buying and selling clients about the ways they can succeed throughout the real estate sales process, and encouraging them to get off the sidelines at this time of year is just a great idea.
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