9 Tips for Selling Your Luxury House

In 2018, the number of homes sold in the US was more than 5 million.

It's incredibly rare to live in the same house for your entire life. The chances are that at some point, you're going to move. But when is the right time?

The housing market is highly seasonal. Choosing the wrong time to sell can have a serious impact on how long the sale will take and how much money you can get for your home.

Read on as we look at nine important tips for when to sell your house. 

1. You've Run out of Space

Your house will often tell you when it's time for you to sell.

Families grow, but houses don't. If you have a growing family, at some point you are likely to run out of space. Those siblings may be happy sharing a room whilst they're toddlers, but you know that's not going to last.

If your home is beginning to feel cramped, and the queue for the bathroom is getting out of hand, it's a sure sign that it's time to think about selling.

2. You've Got Too Much Space

When all your kids are living at home, you need as much space as possible.

But as they begin to leave the nest, you may find that your home is suddenly more house than you need. If you're not using a number of your rooms, then it might be time to downsize.

Not only will you not have to worry about the upkeep of a house that is way too big for you, but you can also either release the extra equity in your home, or use it to move to a smaller, but more luxurious house.

3. You've Got the Money to Sell

It may sound crazy, considering that you're on the verge of selling the most expensive item you own.

But to sell your home, you're going to need some money up front. There are a lot of expenses that you'll need to cover before and during your sale. They include any cosmetic improvements you plan to make, costs for the services of a realtor and a real estate attorney, and more.

You should hold off on selling your home until you are financially ready to do so.

4. Analyze the Local Data

Once you're in a position to sell, it's time to look at when is the best time to put your house on the market.

The first thing you should do is take a look at the housing market in your location. There are plenty of websites that will allow you to look at real estate transaction data for your locale. Take a look at previous years and examine both the number of sales and the sale prices for different times of the year.

You should be able to spot patterns that will help you determine when the optimum time for you to sell will be.

5. Check the Current Inventory

How quickly your house will sell, and for what price, depends on the number of other houses that are selling in your area.

Ask your realtor for their months of supply data. This is information on how many months it would take them to sell their current inventory, based on the rate of sales in your area. If this number is between 5 and 7 months, then you're in a pretty stable market.

If it's below 5 months you're in a seller's market. It means that demand is high and you're in a great position to sell quickly and at the price that you want. But if it's more than 7 months, then things are pretty slow and you may struggle to sell your house for the full price you are asking.

Use this information to guide you in your decision of when to sell.

6. If in Doubt, Sell in Spring

If the data isn't giving you many clues as to when the best time to sell should be, then you can't go far wrong by selling in the spring.

This is traditional the best season for house sales, with May being the best month of all. Studies have shown that you can make as much as $1,600 more on average by selling your home during May. Houses also sell almost a week faster than they do during any other month.

7. Summer Is Fine Too

If you've missed the window for spring, don't worry.

Selling in the summer is the second best option on average. Sales tend to rise sharply in March and April and decline until September when they hit a plateau. Selling your house during the summer is still a good choice.

8. There's Less Competition in the Fall

If getting the highest possible price for your home is more important than a quick sale, then there are some benefits to selling in the fall.

With far less competition around, those people looking to buy during the fall have a much smaller choice. If they're looking for a four bedroom home and yours is the only one available, then that puts you in a strong position. Remember that some people will have to move outside of the spring and summer.

Maximize your chances of selling out of season by following these 4 tips for preparing your home for sale.

9. And Even Less in Winter

If you have to sell in the winter, then you have an even stronger position when it comes to competition.

Winter is by far the time when fewest house sales occur, so there will be fewer listings like yours. If you're happy to play the long game, then selling in winter could get you a great price for your home.

But remember if there's no one looking for a house like yours, then it's not going to sell.

Have You Decided When to Sell Your House?

If you've figured out when to sell your house, there's still plenty more to do.