Putting your property up for sale requires the right timing: Estate agents can tell you that much. The Californian real estate market ebbs and flows, and home sellers only get to make the most of it when they close the deal at the right time.
The pandemic’s impact from last year has only made the situation more volatile, leaving even the savviest owners to sell with caution.
So, when is it a good time to sell a house in California? Since time is relative, your answer might be a bit deductive, and you might have to consider several factors. The article aims to highlight some salient points which should give an average seller an idea of when to begin the sales process.
Understanding Current Market Trends
California enjoys a robust reputation in the state’s real estate industry. It has one of the fastest-growing rates for housing sales and purchases, resulting from the prevalent housing shortage in the area.
The positive outlook has been on for a few years and only got strengthened in 2023. Property prices have gone up, with nearly two out of every three houses selling higher than their original value. Also, there are favorable California laws for selling a home as quickly as you can manage.
Furthermore, the average home prices are currently hitting new highs, with southern California leading the charge. In February alone, property prices hit a record $600,000 average mark for the first time in southern California, with the numbers not too far off elsewhere in the other parts across the state. Generally, the consensus is that 2023 is generally a great time to sell a house in California.
However, it is not enough to list the property at the next given opportunity, as missing the timing by a few months could see the seller earning fewer profits than the market projects. Besides, the market quickens and slows as normally as it happens globally, so you can’t always expect positive results.
What Time of the Year Is Best to Sell?
While market trends might speak of good demand and supply levels, it is only half the California property industry’s narrative. Generally, demand and price would rise and fall with the seasons’ changes, which belies specific gain scenarios for the sellers. You must pick the right time in the year to close the deal to enjoy the maximum benefits.
In California, Springtime sees peak demand for homes. It is because the weather becomes friendlier at the time, allowing for smoother move-ins. More importantly, springtime happens to be the tax season, when people hope to get tax refunds. By implication, there is technically more capital for making home purchases.
Summertime is also an excellent time to sell a house in California, thanks to the warmer and comely weather. However, summer is not as ideal as spring, as it’s the season prospective home buyers would most likely go on the summer holidays. Property market activities tend to slow down a bit as a result.
What Month Is Best to Sell?
You might need to be more specific as you plan to sell a house in California, so picking the suitable month to sell isn’t out of place. Since the consensus is that homes get sold the fastest in spring, the seller could consider months around the period.
However, May stands out the highest as the most profitable month for house sales. You’d stand to gain marginally more profit should you sell your house in early May. Also, sellers can complete the deal significantly faster within the month.
Average Time Taken to Sell a Home in California
Several factors determine how long it would take to sell your home in California. The significant considerations have to be the market type you operate – seller or buyer’s market. Still, seasonal factors and the upward 2023 market trend could help the average time for homes to fly off the shelves.
Bear in mind that the national average time taken to sell a home stands at 43 days. The number factors in time from the buyer’s application to the final deal closing. However, you can expect a shorter average sale time in California, thanks to its more robust property market.
The numbers are between 32-36 days and could be lower if the house exists in California’s more attractive parts, such as San Jose and Oakland. Proximity to essential utilities could help elsewhere as well. If you could manage to keep the property in tip-top condition, you’d drive the average sale time down even further.
Getting a Fast Sale
You may want to take advantage of the rise in house prices in California when selling your house. Sellers would typically consider the seller’s market, as it readily affords them a chance for a faster sale and much less hassle than elsewhere.
Buyer companies are suitable for such an arrangement, as they tend to make a home deal work much faster.
There is no rigid theory to selling a property at the right time in California. Still, several precedents should make it easier for sellers trying to figure out the best time to sell a house in California. Selling at the right time has the benefits of ensuring great profit, faster sale time, and fewer hassles.
Furthermore, it would be best if you invest in the house you’re putting up for sale: cleaning, renovating, and staging for the best impression on the market. Minor – and sometimes major – repairs could attract the highest price possible for the property and make it generally more attractive to buyers.
On the other hand, selling real estate in California gives room for putting a house for sale as-is. The market has the correct demand growth rate to allow sellers to put up fixer-uppers for sale and successfully get buyers. It means that you get to invest very little in repairs while you still benefit from competitive prices and faster closing durations.
Overall, the tips listed above would help you figure out what time is best to sell your house in California, down to the finer details.