Conventional wisdom has it that spring and summer are the best times of the year to sell a home. In fact, trying to sell a home between Halloween and New Year’s Day has long been considered foolhardy by many. However, a recent article on Trulia points our that November may be the ideal month to sell a home, for the following reasons:
- Motivation to Buy
Spring and summer have always been considered prime buying seasons for the simple reasons that families won’t have to move school-aged children. However, these days more than 50% of potential buyers don’t have children so this is no longer such a compelling reason. Trulia argues that if a buyer is looking for homes in November they are “extra motivated” to buy.
- Competition is Less
For all the reasons cited above, many do not put their homes on the market in November so the competition will be less.
- Tax Benefits
Would-be buyers may be looking for end-of-the-year tax breaks. Also, if a buyer sold their home in the summer they have 180 days to buy to avoid capital gains tax, which may be another motivation to buy.
All of the above may not be compelling enough for some to try to sell during November but, for others, this fact alone may make it the perfect time.
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