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When is the best time to sell a house in Charlotte?

March 13, 2020 — Written by Joe Gomez

The best time to sell a house in Charlotte largely depends on current market trends, your finances, and your personal timeline. We’ll cover all the key considerations that can help you choose the best time to sell based on your goals.

The best time to sell a house in Charlotte by the numbers

If you’ve ever heard the term “spring market”, then you know the spring months tend to see the most home buying and selling activity, which also holds true for selling in Charlotte.

In a 2019 study of market seasonality, the National Association of Realtors (NAR) found that, on a national scale, sales volume increases by a staggering 34% between February and March. From there, it continues to trend upward until June, which is typically the peak month for home selling activity. Overall, the period between May and August typically accounts for around 40% of annual sales volume.

On a more local level, the data suggests that the housing market in Charlotte falls right in line with those figures. An analysis of 14.7 million home sales by ATTOM Data Solutions suggests that June is the ”smartest” month to sell in Charlotte, Concord, and Gastonia areas, with homes selling at a premium of 1.6% during that time.

On the other hand, if your main goal is to sell your home fast, you’ll want to consider the average number of days homes are actively listed in your market, often referred to as Days on Market (DOM).

Use the chart below to see how DOM has fluctuated in your market over the past year.

Days on market (DOM)

Regional Multiple Listing Service data through

Select metro

Days on Market (DOM) refers to the number of days a home is actively listed on the market.

​​Looking at the average DOM in your market signals how long it may take to get an offer on your home. DOM tends to fluctuate seasonally with the most home buying activity in the spring/summer months.

​​Don’t see data for your market? Sign up for updates when Opendoor launches near you.

What to consider when choosing the best time to sell

The seasonality of the housing market is a major factor to consider, but not everyone has the luxury of “timing” the market. Here are some more personal considerations:

Evaluate your finances

When choosing when to sell, it’s also important to consider the total cost of selling your home, as well as your home equity and home value.

While agent commissions are typically 4-6%, the total cost of selling can add up to 10% of the home’s sale price when you consider closing costs, concessions, and moving costs.

Beyond that, there’s your equity to consider. Conventional wisdom states that homeowners should stay put for at least five years before selling or they can risk losing money. A recent study by Betterment backs up that assertion. The study found that it takes four years, on average, to recoup your initial investment in the home, suggesting that you should plan to stay at least five years in order to generate a profit.

You can use our home sale calculator to estimate your costs and net proceeds, so that you’ll have a better idea of how long you’ll have to wait before selling your home to meet your financial goals.

 See how the costs of selling Opendoor compare to a traditional sale

Take stock of your personal situation

No matter when the data suggests is the best time to sell in Charlotte, it likely won’t be worth making a move if the timing doesn’t line up with your personal timing. For many people, determining if you’re ready to sell coincides with an important lifestyle change.

According to the most recent data from the US Census Bureau, these were the top reasons why people moved last year:

  • The desire for a new or better home – 17%
  • A new job or job transfer – 12%
  • To establish one’s own household – 11.4%
  • Other family reasons like caring for blending households– 10.4%
  • Wanting cheaper housing – 6.7%

We put together these guides to help sell your home when you’re starting a family, caring for an aging relative, or taking advantage of your retirement.

Assess the condition of your home

Odds are, there are a few repairs that could be done to update your home before listing on the market. Taking the time to get your home in its best possible shape can help attract more buyers and stronger offers.

Keep in mind, not all home improvements will have a significant increase on your home value. You can use our home improvement calculator to see which projects can add the most value to your home. The calculator uses our data on thousands of recent home sales, and it’s one of the few tools based on market data.

Alternatively, you can sell the house “as-is” and reduce your list price or offer a credit to a potential buyer in order to compensate for the costs of any needed repairs.

Learn how Opendoor makes handling repairs easier

Understand housing market trends

The broader housing market can affect the best time to sell. Our guide to the housing market breaks down current trends in interest rates, home prices, and economic growth so you can understand what’s happening at a macro level. At a local level, you may also want to consider whether Charlotte is experiencing a buyer’s market or seller’s market.

In a seller’s market, homes tend to sell faster for higher prices, and there tends to be a tighter supply of homes overall. This can lead to multiple buyers competing for the same property. Put simply, when there’s more competition for your home, you’re more likely to get an offer that’s at, or above, your asking price.

In contrast, a buyer’s market tends to have more inventory with homes sitting on the market for longer periods of time. In these conditions, sellers need to be willing to negotiate on price to help their homes stand out from the crowd.

Use the chart below to estimate the “temperature” in your market. Hotter markets favor sellers, while cooler markets favor buyers.

Market Temperature

Regional Multiple Listing Service data through

Select metro

Warm

75/100

DOM

Average days on market

Appreciation

Median sale price

Supply

Months of supply

To calculate market temperature, we apply a series of coefficients that weigh how the market compares to the median Days on Market, median sales price, and average months of supply. The score is between 1 - 100, where <= 25 is "Cold"; <= 50 is "Cool"; <= 75 is "Warm"; <= 100 is "Hot". Hot markets tend to have faster selling homes, rising prices, and low supply. The reverse is true for cold markets.

​​Don’t see data for your market? Sign up for updates when Opendoor launches near you.

Get your home value from Opendoor so you can price competitively.

The cost of buying your next home

Finally, you may also want to consider the cost of buying your next home. In addition to thinking about the purchase price of a new property, you’ll need to account for closing costs, moving fees, and ancillary costs like the purchase of new furniture.

In general, closing costs will account for an additional 1% – 3% of the home’s sale price and, according to Moving.com, moving will cost you anywhere between $1,200 – $5,000, depending on how far you’re going. Furniture costs, of course, are a matter of how much you choose to spend.

To give yourself a better idea of what you can expect, take a look at our guide on how much it costs to buy a house. You can also use our mortgage calculator to estimate your monthly costs.

 Buying and selling at the same time? Save money when you trade-in with Opendoor.

Takeaways

Deciding when to move is a complex decision. On the one hand, seasonality and local market trends may play a role in determining what is the best time to sell your house in Charlotte. However, those numbers only make up part of the equation. You’ll also need to weigh personal factors such as any big lifestyle changes and whether or not you can afford to sell. In the end, the best time to sell your house in Charlotte – or anywhere, for that matter – is whenever it makes the most sense for you.

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.

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