Why now is the best time to sell your Silicon Valley home?
According to real estate market trends, the best time to sell your home is early March through June. There are two main reasons for this: it is when parents are seeking to relocate their families in time for their kids to start fresh at a new school, and it is also the time when buyers have their tax refunds checks in hand.
Zillow, the real estate database, carried a study that showed the homes listed between May 1 and May 15 sold an average of 18.5 days faster than homes not listed during that time. The same study also indicated that these same homes sold for an average of 1% more than normal, translating to a value-add of roughly $1,700 on a $170,000 home. According to Zillow’s Chief Economist SvenjaGudell, in late May or early June there tend to be more buyers and due to the time pressure they are more desperate than other times of the year so they are willing to close sooner and spend more. If you list during this time period, you can anticipate you will have more buyers motivated to make a deal because they want their kids settled quickly before school starts in the fall.
Its true people want to move in and out of the neighborhood in conjunction with the school year. So if you are a smart buyer and want to make the best use of real estate market conditions, you should look in December and try to find a house that is been on for a long time. Generally, you will be able to negotiate with sellers in that situation because they are most likely motivated sellers.
A seller should also consider not only the best month but also the best day during the month to list their homes for sale. According to real estate agents, not all homes sell quickly, especially if they are not priced right and the timing is not right. A seller should list their home on the right day, which is Thursday. It has been found that homes listed on Thursdays are more likely to sell faster, above listed price compared to those homes listed on any other day of the week since buyers get ready to shop for homes on weekends. But unfortunately for sellers, only 18% homes are listed on Thursdays. Saturdays, Sundays and Mondays are generally the worst times to first list your home.
The second best time of the year to sell a home is September-to-October but it is a distant second to spring when you will find more buyers in the market. Below is a chart showing the real estate activities over the last few months.
Work with Cynthia Trinh if you want to discuss the future sale of your home with a professional real estate agent. She will provide you with excellent customer service during the entire selling process. She will work diligently for your best interests to obtain the highest possible sales price for your house in the shortest possible timeframe. She will negotiate on your behalf, help you prepare your closing documents and guide you through the closing process.
Call Cynthia Trinh on 408-802-3680 to discuss your home selling needs.
| APRIL 2017 | PREVIOUS MONTH | YEAR-OVER YEAR | |||
|---|---|---|---|---|---|
| Median Home Price | +5.8% | $1,182,500 | $1,117,500 | +4.6% | $1,130,000 |
| Average Sales Price | -2.7% | $1,194,870 | $1,227,850 | +5.2% | $1,135,490 |
| No. of Homes Sold | +14.3% | 48 | 42 | -5.9% | 51 |
| Pending Properties | +19.3% | 68 | 57 | +51.1% | 45 |
| Foreclosures Sold | N/A | 0 | 0 | N/A | 0 |
| Short Sales Sold | N/A | 0 | 0 | N/A | 0 |
| Active Listings | -8.3% | 33 | 36 | -34.0% | 50 |
| Active Foreclosures | N/A | 0 | 0 | N/A | 0 |
| Active Short Sales | N/A | 0 | 0 | N/A | 0 |
| Sales Price vs. List Price | +4.1% | 109.7% | 105.4% | +1.1% | 108.5% |
| Average Days On Market | -23.9% | 10 | 14 | -29.2% | 15 |
Work with Cynthia Trinh if you want to discuss the future sale of your home with a professional real estate agent. She will provide you with excellent customer service during the entire selling process. She will work diligently for your best interests to obtain the highest possible sales price for your house in the shortest possible timeframe. She will negotiate on your behalf, help you prepare your closing documents and guide you through the closing process.
Call Cynthia Trinh on 408-802-3680 to discuss your home selling needs.