Map of the Day: When to Sell Your House
The map above comes from real-estate website Trulia economist and Cities contributor Jed Kolko. Kolko and his team have combed through Trulia's data to identify the best time to sell a house, or in other words, when home prices peak across the 50 states.
So when is the best time to sell your home? Kolko writes:
Depends on where you are. If you want to buy when inventory swells (or want to avoid those months for selling), inventory peaks in the summer across most of the country, but not in the Sunbelt. In Miami, Tampa, and Orlando, inventory peaks in March; Las Vegas inventory peaks in October, and Phoenix inventory peaks in December – just in time to buy a home for Christmas.
Looking to buy low or sell high? Nationally, asking prices peak in May and bottom in December, so sellers can get top dollar in the spring, while buyers can find bargains later in the year. In other words, buyers should be more patient than they are, while sellers should move faster to get their home on the market. But prices tend to peak earlier in the South, as the map below shows, and later in the North, so the best deals come later in the year the farther North you are. And the harshest climates create the biggest swings: prices for similar homes vary more with the seasons in Minnesota, Illinois and Maine than in any other state.