One of the most common questions we get as Realtors is, when is the best time to sell a home in Albuquerque? It’s a fair question to ask if you’re not under any sort of deadline and want to get the best value for your home. The answer depends on the season and current market trends. In this article, we’ll cover:
- Spring kicks off the selling season
- Summer brings the most buyer competition
- Fall sellers have less competition
- Winter buyers are more serious
- Sell when you’re ready
While the habits of prospective homebuyers govern the market, the decision to put a home up for sale ultimately falls to sellers. This gives sellers the advantage. If the trend is in their favor, they can be aggressive with list price and marketing; if it’s not, they can pull back and wait out the season.
Here’s a look at some arguments for when to sell a home in Albuquerque based on the time of year and the state of the local real estate market.
Spring kicks off the selling season
If you’re looking for straight, to-the-point advice about the best time to sell a home in Albuquerque, the simplest answer is spring. This is when the market is most active with both buyers and sellers, and there tends to be more of a balance between inventory and demand. Take a look at some fast facts about selling a home in spring:
- Your home is likely to sell quicker—as much as two weeks (18.5 days) faster
- There’s more market competition in spring, with homes selling for 5.9% more
- April and May are the two busiest months for home sales
Spring is a popular time of year for real estate for many, many reasons. For starters, people are eager to buy and sell after the winter season. Spring also tends to be a season with more financial stability—most people get a tax return and have fewer seasonal expenses. School is also letting out, which makes it an advantageous time of year for families to buy or sell a home.
The downside to springtime selling is that seller competition is high. More buying and selling activity means that while you might sell your home for more, you’re competing against more sellers. Springtime weather is also not on your side—a thunderstorm can ruin an open house or expose problems you didn’t know about (and need to fix) with your home.
Summer brings the most buyer competition
If your goal is to sell your home for as much money as possible, look to the summer season. Homes sell for a whopping 9.2% premium in June, according to analysis of 28 million single-family home and condo sales over eight years. July and August can also bear fruit for homeowners, with premiums of 5.8-7.3% during these months.
The summer season is often a continuation of heavy springtime market activity. It’s the best time to sell a home in Albuquerque because just about every factor swings in favor of sellers:
- Great weather, longer days and fewer climate-based obstacles
- More buyer availability during the summer season
- Springtime sales make great comps for setting summer list prices
- Looming deadlines for buyers (back to school, fall season)
- Lower inventory, down from the initial busy spring season
The real downfall of summer is how busy it can be. The buyer pool can shrink as early spring sales reduce the number of available buyers, while more prospective buyers leave on vacation. If the inventory in your area remains stable, you might have trouble getting the premiums you want from a diluted buyer pool. Nevertheless, buyer competition tends to be higher during the warmest months of the year.
Fall sellers have less competition
Thanks to Albuquerque’s relatively temperate climate, fall isn’t a bad time to sell a home like it might be in other parts of the country. That said, fall is a slower season for most housing markets, chiefly because summer is coming to an end and people tend to take a more conservative stance as the year winds down.
While it’s not the best time to sell a home in Albuquerque, there are a couple of distinct advantages to selling in the fall:
- After two busy seasons (spring and summer), inventory is lower in the fall
- Serious buyers who didn’t find anything during summer are looking to buy
- Closings are often quicker in the fall, so buyers can wrap up before the holidays
The main issue with selling your home during the fall is that the power dynamic shifts to buyers. Fewer buyers means less bidding, even if inventory is lower. Fall buyers are also often choosier and demand more concessions. There’s also the risk of marketing to non-serious buyers who may simply be doing research for a future next year. You’ve also got back-to-school to contend with, as well as the impending holidays.
Winter buyers are more serious
Winter is not when to sell a home in Albuquerque. While you’ll get more serious buyers, your home will invariably sell for less than it would at any other time during the year. You’ll also need to schedule showings and closing around holidays, which can extend the closing process by weeks. Cooler temps and the potential for inclement weather only add to the headwinds of selling during the winter.
If you’re looking for an upside, there’s one: you’ll face much less competition for marketing your home during the winter season.
Sell when you’re ready
The best time to sell a home in Albuquerque is when you’re ready—no matter what the season is or what the market looks like. While it’s advantageous to sell during the spring and summer, and fall holds some possibilities, ultimately you want to sell your home when it’s right for you.
You can’t always time the market—what you can do is work with a Realtor who understands the behaviors of buyers and current market conditions. If you’re ready to sell, taking the leap into the market with the right expectations will lead to confidence no matter what time of year it is.
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