Do you live in Rhode Island and are looking to relocate? If you’re selling a home in Rhode Island, you will need to consider the time of year that you put your house on sale.
It’s not always easy to sell a house and you might find only a small number of homebuyers during a particular time of the year. However, if you put your house on the market at the right time, you just might get a great deal. You might even have multiple offers on the table.
Will your house sell better in the summer or in the winter? How does the time of year impact the real estate market? What is the best time to put your house on the market? We will answer these questions and more in the guide below.
The Best Times to Sell a House Differ Per State
You will find that the perfect time to sell a house will depend on the state you’re living in. For Rhode Island, the time you put your house on the real estate market can affect how long it takes to sell and how much you make for it.
According to List With Clever, November is the best month to sell a home in Rhode Island in terms of the best price you’ll get. The median price for home sales during November is $299,000. This is more than $13,000 higher than the annual average in this state.
However, if you’re solely looking to sell your home quickly, then June is the best month to do so. In June, you should be able to get a fast cash offer for your house. Homes on the market in June tend to sell within an average of 44 days, which is 13 days less than the annual average in Rhode Island.
When looking to sell your home, you’ll need the expertise of a real estate agent or you can sell to companies that buy houses in Rhode Island.
Yet, in a state like Massachusetts, the real estate market is most active in April and continues throughout the summer. However, by late Fall, it slows down and you won’t see as many homebuyers. You’ll want to avoid selling a Massachusetts home in November or during the winter.
It is clear that the best times to sell a home will depend on the real estate market activity of your particular state. Every state tends to differ somewhat when it comes to how active the real estate market is during a particular season.
The Best Time to Put Your House on the Market in Rhode Island
As previously mentioned, some of the best times to put your house on the market in the state of Rhode Island are during November or June. Furthermore, the best time of year to put your property on the housing market depends on the specific region of Rhode Island you reside in.
For instance, in Pawtucket, the best time to sell your home is in September, as the price can increase by an average of $17,000. In Providence, Rhode Island, you can sell your property for an extra $16,917 on average if you put your house on the market in November.
The best time to put your house on the market in Warwick and Cranston is in June. Warwick, Rhode Island sees an average increase of $9,750 in June while Cranston’s prices go up by $16,917 on average.
On a national scale, the end of May is the ideal time to put your house on the market, which may be why June is such a great month for real estate activity in Rhode Island. However, there are other considerations to take into account when selling your home.
The inventory of homes increases in the spring and summer, which means you’ll have more competition. If your home is older or its condition isn’t extraordinary, these times of year may actually be a harder time to sell your property.
While you may consider the wintertime as off-season, and you won’t see as many homebuyers, those who are seeking to buy property tend to be more serious and qualified to purchase real estate.
Therefore, while the summertime and the fall tend to be good times for the real estate market in Rhode Island, you may want to consider real estate in your particular town and when your property is likely to have less competition.
The Worst Time to Put Your House on the Market in Rhode Island
With the coronavirus pandemic impacting the real estate market, the best time to sell a home has been changing and the months of July, August, September, and October have seen high numbers of home sales and elevated real estate prices.
Nonetheless, the worst month to put your house on the market remains the wintertime. Specifically, December is the worst month to sell a house. Home sellers tend to receive the lowest premium in December, which is actually advantageous to the standard homebuyer.
On average, there is only a 1.5% price premium during December for home sellers. Yet, in today’s real estate market, housing is hard to come by and there are historically low mortgage rates. As such, there may not be any terrible time to enter the housing market for home sellers.
When deciding on the right time to sell your home in Rhode Island, you’ll want to consider multiple factors along with avoiding putting your house on the market in December or during the wintertime. For example, you’ll need to figure out your financial goals and why you’re selling your property.
If you want the highest possible price, list your home for sale during the peak season in your local market. In addition, putting your home for sale too early, such as in the late winter or early March, overlooked by possible buyers is a risk, due to more homes going on sale in the spring and homebuyers looking at more recent listings.
If you’re having trouble selling your property, you may want to seek out top home buying companies.
Essentially, you’ll want to avoid putting your home on sale in the wintertime if you live in Rhode Island or other parts of the country.
Differences Between Selling Your House in the Summer vs The Winter in Rhode Island
In Rhode Island, the best time to sell a house tends to be in late spring and early summer, as the numbers of listings and pending sales are at the highest levels during this time. Furthermore, the lowest number of listings and home sale volumes in Rhode Island tend to occur in December and a few months afterward.
As such, the wintertime tends to be the worst time to sell your house in Rhode Island. During the winter, the housing market slows down and you’re not likely to see as high an offer or as many homebuyers considering your property.
However, you should be aware that the summer may not be the only time to start the home sale process. Any real estate agent would actually tell you that the spring is the best time to list your home for sale, according to HomeLight.
A HomeLight National Agent Insights Survey asked real estate agents the best times to list a home for sale. More than half of realtors stated that March, April, and May are the best months to list your property for sale. In fact, 59% and 58% of real estate professionals stated that March and April are the perfect months to start selling your home.
However, once you sell your home during the ideal time in Rhode Island, do you really want to buy a new place at the same time homebuyers are competing for the best houses and prices are skyrocketing?
Some homeowners in Rhode Island are choosing to stay in trailers in campgrounds, hotels, and Airbnbs after their home sale while waiting until the best time to buy a new house, according to The Providence Journal.
Is Summer or Winter a Better Time to Sell Your House on a National Scale?
On a national scale, the summer tends to be a better time to sell your home, as the number of home sales will be larger in June, July, and August. Usually, families want to buy a new home before the school year begins.
The months of November and December tend to be slower for the real estate market due to the holidays, which means the late fall and early winter are worse times to sell a house nationwide.
The months of January and March tend to be slower months and worse times to sell a house as compared to July, August, or September.
US homes’ seasonally adjusted annual rate was 5.42 million in January 2020 and 5.27 million in March 2020 while it was 5.86 million, 5.98 million, and 6.54 million in July 2020, August 2020, and September 2020, respectively. As such, winter is clearly worse and summer is a better time to sell your house on a national scale.
When it comes to listing your property on the housing market in Rhode Island, the best time is usually in late spring and early summer as well as in November. However, the worst time is usually in the wintertime.
Now you can work with a real estate agent to sell your home for the best asking price possible.