Properties sell all year round but the real estate market is very cyclical in Minnesota, and greatly revolves around the school calendar, football, holidays, and the weather. Sometimes events happen in life and you don’t have the opportunity to strategize the best time to sell your home, but if you do have the time; consider these factors:
- There are less buyers out when the Vikings or Packers are playing well. If we get a lot of snow or if it is below zero, they tend to stay home as well. If we are having beautiful weather in the summer, a lot of buyers head to the lake.
- Buyers typically go out of town or spend time with family over the holidays, so it usually makes more sense to list your home after a holiday.
- Families with school children try not to disrupt the school year and typically buy in the spring, so they can move over the summer.
- If you are selling a home with a pool or waterfront it is important to start taking photos the summer before you sell. Buyers are most serious once the ice is out, and the properties don’t show their best until June or July. The peak time to sell these properties is April -August.
- If you are selling a condo, townhome, or acreage the market is pretty consistent; other than the holiday slow down.
- Keep in mind, that if the buyer is getting financing for the purchase of your home, it typically takes 45-60 days from the time a purchase agreement is accepted until closing, when ownership is transferred and you get paid. If the buyer is paying cash, the closing can take place as soon as all contingencies are removed and the title work is complete. This can be done in as little as 10 days.
- In Chisago County in 2015, the months with the highest average sale prices were May and April. The months with the lowest average sale prices were January and February.
If you are thinking of selling in the near future, now is the time to talk with an experienced real estate agent for advice on the best time to sell your home faster and for the best possible price.
Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to firstname.lastname@example.org. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.