From Providence to Newport, now is the best time to sell your house in Rhode Island. There is still room for negotiation for the sellers to close at a competitive price.
The skyrocketing interest rates will discourage the buyers from buying new homes.
In 2023, housing experts predict a trend for mortgage rates instability, decline in home sales, and median home prices plunging by 20% in some markets.
But you can net thousands of dollars if you choose the right time to sell your house in Little Rhody.
Every region has the best time to sell a house aka, the magic window. List your Rhode Island house for sale during this window to sell your Rhode Island house fast and maximize your proceeds.
- Is This the Right Time to Sell a House in Rhode Island? Yes, it is the right time to sell a house.
- Best Month to Sell a House in Rhode Island: September is the best month to sell. Houses spend lesser time on the market and sell for higher prices.
- Best Day to Sell: Thursday is the best day to put your house on the market. 21% homes are listed on Thursday. These homes get the maximum exposure and sale profits.
- Best Way to Sell: List on the MLS with Flat Fee MLS companies in Rhode Island to get maximum exposure and maximum saving on home sale.
Which is the Best Month to Sell a House in Rhode Island?
Based on Redfin’s 2022 data, September is the best month to sell your house in Rhode Island.
Houses sold in September net higher than their asking price. Nearly 49.5% of Rhode Island homes sold in September were sold about 100.6% above their listing price.
Do you wish to sell your property in Rhode Island at a higher price? If Yes, we recommend listing your Rhode Island house between April and May. These months are the fastest for selling a house in Rhode Island.
It is ideal for families with children to settle before the academic year begins.
January is the lowest earning month for sellers. Houses listed for sale after the mid-week of October sit for longer on the market.
Day of the Week to List a House For Sale in Rhode Island
Thursday is the best day to list houses on sale in Rhode Island. 21% of homes across the nation are listed on Thursday. Zillow’s data shows homes listed on Thursday get better exposure compared to homes listed on any other day.
Buyer agents give priority to the newly added listings. They plan to visit open houses on the weekends.
It makes sense to avoid listing your house at the start of the week. These houses are found to stay for longer on the market.
Which is the Best Season to Sell a House in Rhode Island?
Spring is the best season of the year to sell your house in Rhode Island. However, each season has its own advantages and disadvantages.
Selling a House in Spring
Spring is the housing season of the year. As the weather warms more serious buyers look forward to buying houses.
✅ Benefits of Selling in Spring
- Buyers Tour Houses in Spring: Buyers start house hunting and touring in the spring season as closing on a house takes few months. This rises the demand for houses in the spring season.
- Families Look to Settle in Vacations: Families with school kids look forward to settle in their new homes during summer vacations. This heightens the competition which benefits the sellers to sell at higher costs.
❌ Drawbacks of Selling in Spring
- Large Availability of Houses: The drawback of selling a house in spring is the large availability of houses on the market. This enables the buyers with multiple choices to land on a much more attractive property.
Therefore, for selling a house in spring you must take steps to increase your home value in the market for a better deal.
Selling a House in Summer
✅ Benefits of Selling in Summer
- Low Competition: Summer is still a good market for selling. The maximum number of houses listed in spring have already been sold. This reduces the competition in summer for home sellers.
- Get More Exposure: Longer days in summer provide more exposure to your house. This enables longer showing time, to fulfill the high curb appeal of buyers.
❌ Drawbacks of Selling in Summer
- Vacations Can Keep Houses for Longer Time: People enjoy vacations by moving out of town. This can make your listing stay for longer.
- Less House Visits: In warmer regions, people avoid touring houses in summer. This also causes the housing market to slow down in the summer season.
Perhaps, as the peak season ends buyers have more power to negotiate. They can demand more concessions by requesting the sellers to pay closing costs.
Selling a House in Fall
As the name itself says, demand and supply for houses fall in this season.
✅ Benefits of Selling in Fall
- Serious Buyers Present: There are still some serious home buyers eagerly looking to move in before the holiday season begins. However, the majority of the families decide to remain in their homes till the next spring season.
❌ Drawbacks of Selling in Fall
- Reduce Home Prices: Buyers will certainly be least interested in the unsold houses listed in spring due to high prices. Therefore, you should make your house stand out and price your property competitively to attract serious buyers.
Moreover, you can also offer seller concessions as a negotiation tactic to interest more buyers in the down market situation.
Selling a House in Winter
Winter is also the best time of year to sell a home in warmer regions.
✅ Benefits of Selling in Winter
- Best Time for Warmer Region: It is the holiday season now. If you own a house in a warmer region this is probably the best time to sell your house. Most tourists and seasonal residents plan to buy a house in these regions.
❌ Drawbacks of Selling in Winter
- Low Demand: Winter is also one of the worst times to sell a house with low demand for houses. As a home seller, you have to lower the price of the house and also face further offer negotiations.
- High Maintenance Costs: The conditions in winter also inhibit the property touring of buyers and increase maintenance costs for sellers.
» Seller Disclosure: Learn about Seller Disclosure requirements in Rhode Island.
When is the Best Time of the Year to Sell a House in Rhode Island?
The best time to sell your house in your area will essentially be the best time of the year for the buyer to enjoy living in it.
Late spring and up to July are considered the home-selling months. You can sell faster and earn higher sale proceeds during this time of the year.
|Month||Average Sale Price||Houses Sold||Days on Market|
As per 2022 data, the median sale price of houses sold in September was $447,100. Whereas, houses spent less time on the market in May and June.
Real estate agents always target the best time of the year to sell houses faster. They also schedule an open house on the weekends to reach the maximum number of home buyers.
Visits of home buyers for open houses depend on the weather conditions as well.
Tips for Selling in a Seller’s Market
A seller’s market typically has a high number of homebuyers than the available homes for sale. Here sellers have an opportunity to control the demand for homes and elevate prices.
- Plan to Move Out Fast: In a seller’s market homebuyers will be willing to make cash offers fast. This means you should be moving out in a few weeks after closing the deal. Hence, you should have a fast move out plan.
- Have a Plan for Appraised Value: If the buyer requires mortgage financing, have a plan if the Rhode Island home appraisal comes with lower than your asking value. You can decide to lower your price to match the appraisal cost, reject the offer or ask the buyer to pay the difference.
» Home Inspection: Learn how a home inspection in Rhode Island can get you a better deal for your house.
Tips for Selling in a Buyer’s Market
Buyer’s market is typically when the number of houses for sale is more than homebuyers. This gives homebuyers an opportunity to demand lower prices of houses or ask for discounts on other costs.
- Pay for Closing Costs: Mortgage programs can require you to pay the buyer’s closing costs in Rhode Island. These costs depend on the loan type and buyer’s down payment.
- Pay for Repair Costs: In a market with fewer buyers, you need to keep your house in good condition to attract a better deal. You should be prepared to pay for the repair costs if required in the home inspection process.
Best Ways to Sell Your House in Rhode Island
- List on the MLS: The Multiple Listing System provides maximum exposure to your property. These houses sell faster and for 17% more. Listing on MLS in Rhode Island with a Flat Fee company can get you maximum savings on the seller agent commissions in Rhode Island.
- Sell as For Sale By Owner: 95% of buyers do online home searches and reviews. As a seller, you should look for more creative ways to market your house on Rhode Island real estate websites to sell it faster. Hence, you can list your house as For Sale By Owner in Rhode Island.
- Sell with Flat Rate Realtor: Flat rate realtors will help you from listing your property and handle the paperwork until closing on the sale. They charge a fixed fee ranging from $349 to $5,000.
- Hire a Local Real Estate Agent: Local real estate agents are well-versed in local sales trends. These agents help you take strategic decisions by providing you with local-specific sales information.
- Sell to Investors: Investors like house flippers in Rhode Island are always looking for investment properties. Sell your home to investors to avoid selling at a bad time. You can also sell your home to Rhode Island cash companies that can close a deal in 10 to 15 days.
👉 Consider Selling to Wholesalers: Learn how Real Estate Wholesalers can help Rhode Island home sellers.
- 💡 Can I Sell My House to iBuyers in 2023?
iBuyers are not a good option in 2023 as most of them are facing losses. One of the Top iBuyers Opendoor will go bankrupt by 2024!
When Should YOU Sell Your Rhode Island House?
At times selling a house is a personal thing. How to determine the right time for you to sell your house?
When You Need a Change in Life
Selling a house does not always boil down to finance. Sometimes there are situations that demand a change in your life.
- Job-Relocation: If you have got a new job or finally landed a job in your dream city. This situation can force you to sell your house in a slow market and relocate for a job.
- Favorable Neighborhood: You may need a favorable neighborhood for your school-going kids.
- Divorce: The majority of couples buy a house together. Home often holds a sentimental value for them. But after a divorce selling it becomes a practical option for them.
When Market Conditions Are in Your Favor
Factors influencing the real estate market are:
- Economy: The health of the economy is one of the factors that affect the real estate market. Economic indicators like manufacturing activity, GDP, employment data, costs of goods, etc. influence the market. When the national economy is slow, so is the real estate market.
- Interest Rates: Changes in interest rates influence the ability of property buyers. Lower interest rates boost the demand for mortgages to buy a house. This rises the demand for real estate, thus, increasing the price of the homes.
- Government Policies: Government policies is another factor that impacts the real estate market. Implementing tax credits, subsidies, and deductions are some of the ways the government can temporarily elevate the housing demand.
When You Are Financially Prepared
- Low affordability: Homes are staying longer on the market due to low affordability caused by skyrocketing mortgage rates. It is anticipated the FED may hold the mortgage rates steady due to the financial turmoil caused by the Silicon Valley Bank collapse.
- Save on Expenses: If you are looking to save on your property taxes, homeowners insurance, and HOA fees. You can sell your bigger house and move into a smaller one.
- Equity for New House: On the other hand, if your current home has procured enough equity value to fulfill a healthy down payment. You may plan on selling your house as is in Rhode Island to buy your new dream home.
» Cost to Sell a House: Find out How much does it cost to sell a house in Rhode Island!
Should I Sell My Home Now or Wait Until 2024?
The housing market has apparently cooled off. Yet, home prices in some areas continue to rise. It makes sense to list your property when the Rhode Island housing market conditions are favorable.
Reasons to Sell Your Home in 2023
- Low Inventory: The construction sector is still battling to resume. Therefore, existing home sales have increased. This makes 2023 an excellent time to sell your home before the recession reduces demand.
- High Prices: According to experts, it is still a sellers’ market. Sales are consistent and prices have no significant reduction.
- Rising Cash Home Sales: Cash home sales increased in 2022 and remain a popular investment option. These cash buyers are eager to purchase and flip houses.
Reasons to Wait Till 2024
- Newly Purchased Home: If you have recently purchased a house, it may be better to wait until you have enough equity to cover your mortgage and closing costs.
- Distressed Home: If you have a home that needs repair, you can wait and fix it for maximum profit.
However, it is always ideal to hire an experienced real estate agent to understand the market conditions and guide you through the selling process.
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Frequently Asked Questions
1. Is now a good time to sell a house in Rhode Island?
Yes, it is a good time to sell a house. With mortgage rates rising every week, now is the time to sell your Rhode Island house.
2. What is the best month to sell a house in Rhode Island?
July is the best month to sell a house in Rhode Island to make thousands of dollars more. Whereas, December is the slowest month of the year for selling.
3. When is the best day to list a house in Rhode Island?
Thursday is the best day to list your house on the MLS. Based on 2022 data, houses listed on Thursday are likely to sell faster and also net more than the asking price.
4. How long does it take to sell a house in Rhode Island?
The average time to sell a house in Rhode Island is about 71 days. However, factors like house location, market conditions, etc. affect the speed of the home sale.
- Selling House Without Realtor: Learn how to sell a house without a realtor in a down market
- Who Pays Closing Costs: Understand what buyers and sellers pay for closing
- Best Real Estate Companies: Check out the top real estate companies in the US
- FSBO Homes for Sale: Check out the homes for sale near you