When it comes to Tennessee, Memphis is one of the most mentioned cities. The city comes second as the most populous city of the state after Nashville. Besides its enormous population, it is also well-known as the most prominent city along the Mississippi River. Memphis is also acknowledged as the center of education, art, and entertainment within the region, creating a competitive housing market.
As the city has its wonders, selling your home on an average timeline can often be tough on both profit and buyer interest. This is crucial to learn about when it is an excellent time to make a home sale in a specific city. However, if you are in a rush to sell your home in the off-season, “We Buy Houses For Cash” companies will purchase your property despite its current condition. If your goal is to have a higher return on profit, timing is vital.
Mid-Year House Sale
Tennessee often peaks in the real estate market by the time of June. Specifically, Memphis reached its highest sale price premium of an estimated $21,000 during July. The Sale Price Premium (SPP) can be estimated by the difference between the median sale price in July (or any given month) and the typical median sale price per year. This record shows significant benefit to you if your intent to sell is financially inclined.
2 Days Fast
If your dilemma is how to sell your home as early as possible due to various reasons, selling it in-season (July) can be the best option to consider. The days on the market (DOM), similar to the SPP calculation, imprint a more engaging call than off-season months. The median DOM in Memphis is estimated to be 2-3 days earlier in July amongst all other months. It is around these months where you can take the opportunity to make the maximum profit out of your home. If you had any renovations done in your house, make sure to remember that you will consider its expense and add it to the selling price. The most likely result can be either the highest deal or no transaction at all.
Good Sale-to-List Ratio
One of the most crucial factors to which it is an excellent time to sell your house during this season is its Sale-to-List ratio. A Sale-to-List ratio is the final price of your home divided by the tag price. For example, a perfect 100% ratio indicates that your house sale exceeded the starting listing price. On the other hand, a ratio below 100% means your home gained less than the listing price.
In July, there is a 98.50% median sale-to-list ratio compared to the annual 98.13%. This data proves that there is a 0.37% increase in value to close the deal.
Selling your home can be a matter of timing or other external factors. If time and financial help are the main lead of your situation, targeting mid-seasons for a house sale can help you benefit more. It gives you the chance to provide the correct value your house deserves. However, selling it during peak season can only run smoothly and guaranteed if you know the market you are about to play in.