If you stumbled across this blog post, I’m guessing you may be curious when the best time to sell your Austin area home is. Generally speaking, homes in Austin tend to sell for more during the spring. However, this isn’t true for every neighborhood or every home. Regardless of what time of year you list your home, homes that hit the market on Thursdays tend to do better. This is why I always advocate for my seller clients to list their home on a Thursday. It may appear to be an arbitrary day; however, when you think about it, the rationale for listing on Thursday is quite strong.
Home buyers often shop for homes on the weekends. When you list on Thursday, your home is top of mind among buyers who then must coordinate with their agents to see your home. A 2018 study by real estate brokerage, Redfin, found that homes listed on Thursday sold for $3015 more on average than those listed on any other day of the week. Those homes also sold more quickly. The same study found that those listed on Thursday went under contract 6 days faster than those listed on Sunday, the worst day to list your home for sale.
So, there is certainly a strong case for listing your Austin home for sale on a Thursday, but which Thursday will yield you the most money on your home sale? The seasonality of the Austin Real Estate Market strongly correlates to the public school year. Most people want to move when the kids are out of school for the year. This is why you often see the highest sales prices in May or June. In 2019, the highest median sales price for Austin Area homes occurred in May. Based on the median sales price for the Austin area, you could argue that selling your home in May vs. February would result in an extra $60,000.
Now, you must be thinking, if you live in an area where there are families, you should list your home for sale on a Thursday in May. Not so fast, the highest median sales price usually occurs in May, but that does not mean that listing your home in May will result in the highest price paid for your home. If home sales in May are the most profitable, you must list earlier. It usually takes about 30 days to go from contract to the closing, and in May of 2019 the average days on market was 48. This means, if you want to sell your Austin home for the highest price, you need to list your home in March or April in order to sell for the most money,
What about the UT area condo you purchased as an investment property and now are thinking about selling? It may not follow these same trends. Every property is different, and determining the best time to sell your unique property is not black and white. If you’re curious about when the best time to sell your Austin Area property is, contact me today. I’d be happy to provide a thorough analysis of your unique market.
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