Written by Guest | October 31st, 2019Our goal here at BestCompany.com is to provide you with the honest, reliable information you need to find companies you can trust.
Guest Post by Julia Aldrich
Memorial day is coming up and believe it or not, summer is just around the corner. Not only does this signal the beginning of a season of warm weather, vacations, and activities, it also reminds us to finish up any projects we wanted to complete by the end of spring, like cleaning or yard work. For many Americans, though, the holiday means selling their house. And, selling around Memorial Day can lead to a better sale all around.
According to experts in the real estate industry, Memorial Day proves itself as one of the best times to sell your house. If you’re planning to sell your home, here are several reasons why you should prepare for this specific holiday.
Memorial Day unofficially marks the end of spring
Most Americans can agree that summer begins right after memorial day. The holiday also closes off the spring selling season, which is a very popular time in the real estate industry. This end, combined with the fact that many people in the country have Monday off, puts Memorial Day Weekend in the hotspot for finishing off sales and officially closing on properties and houses.
This idea has been proven true for several years in a row, as shown by the data. Last year, over 15,000 homes were officially sold, making Memorial Day one of the best times to sell in the United States. If you’re currently in the selling process, work to tie things up this Memorial Day weekend. Not only will buyers likely have more time, but they’ll probably want to finalize the process before summertime. Furthermore, the plunge in 2019 mortgage rates have triggered an increase in buyer demand. With 30-year fixed averaging at 4.1 percent, buyers are rushing to the finish line to close on their home.
Competition gets higher after the weekend
The less competition in the market, the better it is for the seller. Sellers have a better chance of selling for their asking price and in less time if fewer homes are also being sold in the area. Data shows that thousands of houses are added to the market after Memorial Day, thus increasing the competition. In 2018, over 19,400 homes were listed over the course of the weekend, and thousands more were listed by the end of the next weekend.
Summer is a busy season for everyone
There are hundreds of reasons why people may be buying houses on Memorial Day weekend, but one of the most prominent is likely because of how busy summer becomes for people. With vacations, summer activities, no school, and more, the last thing people want to do is shop for a house (or even sell a house, for that matter!) Further, it makes sense for most families to settle into a home before the beginning of fall, when school starts back up and everything begins to slow down again before the holidays.
If you’re selling your home, consider Memorial Day as a weekend to finalize the process and close. Given the points above, selling during this time allows you the opportunity to sell for a better price and to move the process along quickly and painlessly.
Julia Aldrich is a HomeLight content writer and real estate blogger.