Have you ever considered a house or flat share, but don’t know what’s involved, nor how to pick your fellow sharers? You’re not alone.

To help you work out if communal renting is for you, here’s our guide to setting up a sharing, caring share house.

Understanding co-tenancy is important in a share house. Picture: iStock

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How to start a share house

Starting a new share house is most likely to be a success if you start the process with the right people, and also get all your paperwork in order. Here are a couple of things you need to keep in mind to make sure you’re prepared and meet all the selection criteria.

1. Make sure you have all the documents you need

Get all your paperwork organised ahead of time. This can include your:

• reference letters
• proof of income
• letter of employment (this applies if you’ve just started a new job)
• valid form of identification
• resume of your rental / employment history
• deposit or rental ledger
• cover letter
• completed application forms

2. Make sure everyone you’re starting a share house with has their paperwork ready, too

Real estate agents, property managers and landlords consider how suitable each person is, even when they’re applying to live at the same property.

3. Write up a great cover letter

This document helps you make a case for why you’d be a great tenant. Mention who you are, what your job is,, why you’re moving, and what you found appealing about the rental property. Be honest about your rent and credit history, too.

4. Have proof that you can pay the rent

You could offer to pay a few months of rent in advance. And otherwise, it’s a good idea to show that you have a track record of paying on time, and that you’ve got plenty of savings in the bank.

5. Have references ready

Good references can prove to a real estate agent or property manager that you’ll be reliable and able to look after the property well. Your references could be a former co-worker, neighbour, university lecturer, or accountant. You’ll need around three references, and once you get their approval to list them on your application, they should send you a reference letter and their preferred contact details.

6. Get a guarantor

If you’re a first-time renter or don’t have a good history of renting or credit scores, a financial guarantor can be a good person to turn to. This can be a family member or friend with good credit who can help make your application more credible. Your guarantor should also be submitting the same application documents as you.

7. Co-tenancy or sub-leasing?

Share house tenancy agreements are usually either co-tenancies or sublets.

The first thing to decide is: Do you want to be a head tenant who sublets to other sharers, who for various reasons will come and go, or do you want to be a co-tenant who jointly signs a lease with others?

Co-tenancies mean every person who lives at the property is named on the agreement, which means all tenants are responsible for each other’s actions.

For example, if one of the sharers doesn’t pay their portion of the rent, the others must cover this, or the entire tenancy falls into rental arrears. Same goes if one person trashes the house: Everyone will lose their share of the bond.

If you want to establish a co-tenancy, you must apply for a lease via a rental property agency, or directly through a self-managing landlord, who may advertise the vacancy locally. Every person named on the rental application must disclose relevant rental history and income/work details.

Alternatively, if your soon-to-be housemates aren’t the most organised bunch, you might be happier subletting to your housemates, as the sole tenant of the lease. This will allow you to share your house or flat with others on a more flexible basis.

To become a head tenant who sublets a property’s bedrooms to help pay its rent, you will again need to secure a lease either directly with a property owner or with a rental agency.

As head or ‘sole’ tenant, you assume legal responsibility for future sub-letting tenants. And you’ll also need written permission from the property’s owner before advertising for housemates.

Finding the right flatmate can lead to lasting friendships. Picture: Priscilla Du Preez/Unsplash

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Where do you look for share houses?

One of the great things about house sharing is it’s a pretty tight-knit community once you get a few runs on the board. Ask around at work or uni, and check local noticeboards in the suburbs you want to live in.

Gyms, sports clubs and libraries are all friends of the house sharer – although none are quite as easy to navigate as flatmates.com.au.

On the website, you can connect with others looking for a share home or with those offering to share their homes, and can refine your search based on criteria including:

• What makes the poster good to live with?
• What do they do for work?
• How much bond must be paid?
• What’s your rental budget?
• How soon do you need to move?
• What suburb/s are targets?

How do you choose the right housemates?

Believe it or not, selecting people just like you is not always a recipe for domestic bliss. Harmonious share house living is all about communication, trust and tolerance. So, before entering an agreement, make sure you ask heaps of pre-share questions. And ask for references, too.

Questions may include:

• How do you propose we divide household duties?
• This is how we share cleaning and cooking – is that agreeable?
• Does noise bother you?
• How do you feel about people staying over?
• Does anyone in this house have pets?
• Does each housemate have dedicated kitchen shelf/pantry space?
• We each deposit rent via direct debit to a bank account managed by our landlord/rental agency. How does that sound?

House harmony: 11 tips to help you find the perfect housemate

Finding the perfect housemate makes things much easier. Picture: Getty

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Make sure you do your research

If you move in with compatible house buddies – who are not necessarily your party people – advantages are epic and may include:

• Saving big bucks by splitting household rent and utility costs
• Better location and amenity, as sharing often makes living nearer work or campus more affordable
• Meeting interesting people – super valuable when new to a city, state or country

On the flip-side, potential drawbacks include housemate noise, mess, chasing rent, domestic rules and inequitable sharing of household chores.

Always investigate your next house sharer before letting them share your house. Meet them in person if you can.

Do some investigating. Google them. Ring friends. Check out who they are.

This article was originally published on
3 Aug 2019 at 3:00pm
but has been regularly updated to keep the information current.

Key takeaways:

• If you have the means, now may be a good time to buy a house.
• It’s a buyer’s market—there are 51% more home sellers than buyers—giving homebuyers leverage.
• Mortgage rates are elevated and volatile due to the conflict with Iran and its effects on oil prices and inflation.
• Consumers are wary due to near-record-high housing costs, a difficult job market, and economic uncertainty.

Summer is well underway, but the housing market is still thawing from its yearslong freeze. After a very slow 2025, the same sluggish trends are persisting well into 2026: few home sales, limited listings, and near-record monthly costs.

Adding to the difficulty, mortgage rates remain elevated and volatile due to prolonged conflicts in the Middle East and their effect on oil prices. Even if a long-term peace deal were to be struck, economists don’t expect major improvements until economic pressures ease. Global economic volatility, AI fears, tariff uncertainty, and a difficult job market are all weighing on investors and consumers, keeping rates elevated. 

A lot is changing, so it’s no surprise that buyers are wondering if now is the right time to take the leap.

In short, whether or not it’s a good time to buy a house boils down to if it’s a good time for you to buy a house. Let’s dive a bit deeper into today’s market trends to help you answer: “Should I buy a house now or wait?”

From Redfin’s Chief Economist

“Now is a good time to buy a home, if you can afford it. Prices keep climbing, which is pushing some buyers out of the market but giving those who remain an upper hand in negotiations. The conflict in the Middle East, elevated mortgage rates, and a volatile economy are making everyone wary, though, and local housing markets vary widely. Buyers serious about making offers should consult a local agent and be confident in their finances and future income.” – Daryl Fairweather, Redfin Chief Economist.

What buyers need to know about the housing market

Here are some key market trends to keep an eye on and help you make an informed homebuying choice. We’ll cover house prices, mortgage rates, supply, and demand, and inflation.

House prices are high and rising

The median U.S. sale price is $407,730—up 3.2% from a year ago. House prices are nearly 20% higher than they were five years ago.

Because affordability has been so strained, many buyers and sellers have been holding out for better deals and higher offers, causing inventory to build up as they wait for the market to thaw. This push-pull dynamic has kept prices elevated, giving more affluent buyers a window of opportunity—especially the ultra-wealthy. 

But in the last year, price growth has slowed as the market undergoes a prolonged and uneven reset. Home prices have grown by around 1.2% year-over-year since 2025, compared to ~7% growth from 2012 to early 2020. Prices have been growing more quickly in recent months, but Redfin predicts that affordability will still improve as wages outpace home price growth and inflation.

>> Read: Redfin’s Weekly Economic Breakdown

Mortgage rates remain elevated and volatile

As of August 31st, the weekly average 30-year fixed mortgage rate sits at 6.87%—the highest level in 14 months. 

“Mortgage rates have continued to climb since March almost entirely because of the war in Iran and its effects on global energy prices, stock markets, and bond yields,” said Chen Zhao, Head of Economics Research at Redfin. “Markets are hoping for a peace deal to be struck, but optimism is thin as tensions flare and economic uncertainty weighs on everyone. Time will tell how the conflict will impact the U.S. economy and housing market, but so far it has put upward pressure on inflation and mortgage rates.”

Previously, rates had been trading between 6.1%-6.3% since late 2025. Redfin predicts that mortgage rates will average 6.3% for 2026. 

There is some uncertainty surrounding mortgage rates, though. Because both inflation and the labor market have remained strong despite broader headwinds, many economists believe that the Fed will raise interest rates sometime this year, which will push up mortgage rates further.

>> Read: New Listings Hit 4-Month High While Demand Slips, Giving Serious Buyers Chance to Get a Deal Done

How mortgage rates affect housing costs

Mortgage rates are important for buyers because they directly translate to monthly housing costs. The higher the rate, the more you pay every month. If rates drop, you can save tens of thousands over the lifetime of your mortgage. 

Let’s see how your monthly payments change with different rates, using data from our Mortgage Calculator.

Buyers have the upper hand

The housing market strongly favors buyers. Housing inventory has risen from its post-pandemic low—particularly in the Sun Belt—giving buyers more negotiating power. However, supply is still limited in small parts of the Midwest and East Coast, putting sellers in charge and pushing up prices. 

In general, high costs are sidelining buyers and putting a lid on home sales.

Inventory is stalling

There are nearly 1.5 million homes for sale today—historically low but the highest monthly level since the pandemic. This is the primary driver behind today’s buyer’s market, giving homebuyers more leverage for concessions.

Housing inventory is high because a larger share of sellers are listing their homes than buyers are buying them, with the biggest imbalances in disaster-prone areas in Florida.

Listings were slowly rising to start the year, as homeowners looked to get a jump on the spring buying season. But since buyers have been harder to come by this spring and summer, some sellers are getting cold feet.

Demand is low

Homebuyers have been stuck on the sidelines for years waiting for affordability to improve, helping sellers far outnumber buyers in most parts of the country. As a result, demand continues to plummet: Touring activity is down, sales are dropping, more deals are falling through, and a majority of listings have been sitting on the market for nearly two months. 

However, there is a bright spot: The typical asking price for a home recently dropped to its lowest level in a year, suggesting that sellers are adjusting their expectations and no longer pricing like it’s 2021. For buyers with the budget, this could still be a good time to enter the market.

Buyers have the most leverage in Sun Belt metros, where inventory has surged thanks to new construction—especially Austin, which is now the slowest major housing market in America. But there are still pockets of competition. In New York metros like Rochester and Buffalo, strong demand for affordable homes continues to push up prices and put sellers in charge. The Bay Area has also seen a surge in popularity, along with parts of the Midwest.

>> Read: NYC Suburbs and the Bay Area Are the Most Competitive Housing Markets

How to buy in an uncertain economy

With tariffs, economic whiplash, and volatile mortgage rates, many buyers are wary of getting into the market. Here are a few tips from our economists about navigating this shifting landscape. 

• Stick to your budget: This isn’t the time to stretch financially. Recession odds are lower than they have been, but the economy is still unstable. Make sure you have enough in savings to cover mortgage payments if your income changes.
• Negotiate, negotiate: The market favors buyers, so use your leverage. There’s more inventory, and offers are increasingly coming in below asking.
• Be smart about rates: Mortgage rates are elevated and unstable. Shop around, compare lenders, and ask about “float down” options if rates drop significantly after you lock in.
• Sell before you buy: If you own a home, consider selling it first. It will give you a clearer budget and help you avoid the risk of carrying two mortgages.

>> Read: How to Buy, Sell, or Rent a Home Amid Economic Uncertainty

Are you ready to buy and own a house?

When deciding whether to buy a home in today’s climate, you’ll want to think beyond market conditions and focus on your individual circumstances. Here are some personal considerations to keep in mind.

Financial health

Take stock of your current savings, credit score, and debt levels. Can you afford a house? Or does renting make more sense? 

Housing is a long-term commitment, so you’ll want a solid emergency fund—ideally covering 3 to 6 months of expenses—for maintenance and unexpected costs.

Monthly budget

Determine how a mortgage payment at today’s rates might impact your lifestyle. Make sure you can comfortably handle monthly payments, property taxes, insurance, and other homeownership expenses.

Job and location stability

Buying a house makes sense if you plan to stay put for several years. A stable job or reliable income is crucial to avoid financial strain, especially if home prices or interest rates rise further.

Choosing your location is also essential. Is your potential home prone to flooding, wildfires, or other climate risks? This is especially important today, as insurers continue dropping homeowners at alarming rates. 

Personal goals and timelines

Think about life events, like starting a family, retiring, or relocating. These factors can make owning a home either more appealing or potentially riskier if you need to move soon.

Lifestyle preferences

Homeownership comes with ongoing responsibilities, like maintenance, repairs, and property taxes. Ask yourself if you have the time, resources, and a desire to handle them.

>> Read: Am I Ready to Buy a House?

So, is now a good time to buy a house? 

If you have the means and are ready to own a home, now is a good time to buy a house. Rates are volatile, and with today’s high prices and uncertain economy, it’s hard to know what affordability will look like down the line. But waiting for rates to fall leaves you at risk of competition among buyers and subsequent price hikes from sellers.

In a market this unpredictable, the best approach is to be prepared. Know your budget, connect with a local agent, get preapproved for a mortgage, and move quickly when the right home comes along. The longer you wait, the more competition you could see.

A typical home-selling timeline runs about 10 to 15 weeks from listing to closing. Add prep time, photos, and building the listing, and the whole process often lands closer to 4 or 5 months. 

However, that timeline is heavily influenced by your local market, your home’s price and condition, and how quickly the buyer’s financing and closing process comes together. In the last year, the median home spent around 44 days on the market before going under contract, with about 30% going under contract within two weeks of listing, according to Redfin.

But finding a buyer is only one part of the timeline. Preparation often starts weeks before a home ever hits the market, and the under-contract and closing period adds more time after you accept an offer.

How long does it take to sell a house?

In tight, low-inventory markets, homes can go under contract in a week or two. In markets where sellers currently outnumber buyers—and there are more of those markets right now than there have been in years—homes may take 6 weeks or longer to go under contract.

Price point matters too. Entry-level homes in a given area might move faster than luxury listings, since the buyer pool is larger. The best way to get your own realistic timeline is to ask your agent how comparable homes in your specific neighborhood and price range have been selling over the last 30 to 60 days.  

No timeline fits every seller, but these ranges are a starting point. 

6 to 8 weeks before listing: Plan the sale

1. Decide whether and when to sell

When this happens: Ideally 6 to 8 weeks before listing, or earlier if you’re also buying a home. 

Before you do anything else, sit down and think things through. Why are you selling? When do you need to move? Are you also buying a home, and if so, does that sale need to close first? What do you still owe on your mortgage, and how much equity do you have? Would you need temporary housing or a rent-back arrangement if your sale closes before your next move is ready?

When you should sell is highly personal, but spring has long marked the start of the homebuying season—nationally, homes listed in late April are more likely to sell faster, according to a Redfin analysis. 

2. Estimate your home’s value and potential proceeds

When this happens: Before you commit money to repairs, staging, or another home. 

Before you spend money on repairs or staging, get a realistic sense of what you’ll actually walk away with:

• Estimated market value: what your home is likely worth today, based on recent comparable sales
• Listing price: the price you choose to ask, which may be set above, at, or below market value depending on strategy
• Final sale price: what a buyer actually agrees to pay
• Mortgage payoff: what you still owe your lender
• Selling expenses: agent compensation, closing costs, repairs, and other costs of the transaction
• Estimated net proceeds: what’s left for you after everything else is paid

A simple way to estimate your proceeds:

Expected sale price − mortgage payoff − selling costs = estimated net proceeds

This number can tell you whether selling actually supports your next move, before you’ve spent any money on getting the home ready to sell. 

3. Choose how you’ll sell and hire an agent

When this happens: Often 4 to 8 weeks before listing, but more complex homes may need longer time with an agent. 

Sellers generally choose between working with a listing agent or selling for sale by owner (FSBO), depending on how much of the process they want to handle themselves.

Some sellers only need a few weeks to get ready; homes needing contractor work, permits, or extensive prep may need several months of lead time. Reaching out to an agent early, even before you’re sure of your exact selling timeline, gives you room to plan around whichever situation you’re in.

4. Gather documents and calculate selling costs

When this happens: Begin early, since some records can take time to locate or request. 

Start collecting paperwork early so it doesn’t slow you down later. Depending on your property and local requirements, you may need:

• Mortgage and payoff information
• Property tax records
• HOA documents, if applicable
• Permits and renovation records
• Warranties on major systems or appliances
• Previous title or survey documents
• Required property disclosures
• Utility or maintenance records
• Lease documents, if the home is tenant-occupied

You’ll also want a rough sense of what selling a house may cost you, including agent compensation, seller-paid closing costs, repairs, staging and preparation, moving expenses, your mortgage payoff, taxes or HOA charges, and any concessions you negotiate with a buyer. 

4 to 6 weeks before listing: Prepare the home 

5. Decide what to repair before selling

How long it may take: A few days for minor fixes to several months for larger projects, permits, or contractor-dependent work. 

You don’t need to renovate the whole house before you list it. Depending on your situation, you can complete visible or high-priority repairs, get estimates for larger defects, sell the home in its current condition, offer a credit instead of doing the work yourself, or consider an optional pre-listing inspection, if recommended by your agent.

You also don’t necessarily need a major renovation to attract buyers. Vanessa Leimback, a Redfin Premier agent in Seattle, has noticed buyers stretched thin by high mortgage payments would rather pay more for a move-in-ready home than take on renovation costs themselves. Condition still matters, but addressing obvious problems, not a full remodel, is usually enough to widen your buyer pool. 

6. Clean, declutter, stage, and prepare to move

When this happens: Begin about 1 month before listing and finish the final details in the week before launch. 

This is where the home starts to look ready for buyers, and when the moving process begins. Remove unneeded furniture, pack up what you won’t need before the move, deep clean, and improve curb appeal. Stage the rooms that matter most to buyers, like the living room, primary bedroom, and kitchen.

About one month before listing: pack, finish repairs, arrange a deep clean, and tidy up the exterior and landscaping.

One to two weeks before listing: finish staging, schedule photography, confirm showing instructions with your agent, and clear out valuables and sensitive documents.

1 to 2 weeks before listing: Set the price and create the listing

7. Set the listing price and launch strategy

When this happens: Finalize the price shortly before launch so it reflects the newest competing and recently sold homes. 

Pricing your home is one of the most important decisions in the entire selling process. A well-researched price weighs recently sold comparables, competing listings, your home’s condition, local buyer demand, and current inventory. It should also account for the price brackets buyers search within, how quickly you need to sell, and appraisal risk if your buyer is financing. 

“Sellers should resist the urge to price based on what a neighbor got a year or two ago,” says Chen Zhao, Redfin’s head of economic research. “Pricing a home correctly from the start can be the difference between attracting a serious buyer and lingering on the market.”

A few common pricing mistakes: pricing based on what you originally paid, trying to recoup everything spent on renovations, padding the price with “negotiating room,” relying just on automated estimates, or leaning on older comps instead of recent ones.

None of this means you should price below market, but that results vary by location, and you shouldn’t assume buyers will bid above asking just because that happened often in past years. Nationally, about 20% of listings had a price drop and 26% sold above list price in mid-2026. Your own comps will tell you which outcome is more likely for your home. 

8. Create the listing and marketing materials

How long to allow: Several days to coordinate photography, listing copy, floor plans, and launch logistics. 

Once your price is set, focus on how buyers will actually experience your listing online and in person. Professional photography makes a big difference, and so does an accurate, detailed description. Floor plans or a virtual tour help buyers get a feel for the layout before they visit, and your MLS listing should clearly state property details and any recent improvements. Decide on your showing schedule and whether you’ll hold an open house, then plan your launch date.

List your home and accept the offer

9. Launch the listing and manage showings 

How long it may take: The national median is 44 days from listing to going under contract, although the timeline varies widely by market. 

Once you’re live, keep the home consistently show-ready, accommodate reasonable showing requests, and have a plan for pets during visits. Ask your agent to collect feedback from buyers’ agents after each showing, and compare your activity with similar nearby listings to get a sense of how you’re performing.

In the summer 2026 homebuying season, only 31.5% of homes went off market within two weeks of listing. A fast offer is possible, but most homes aren’t selling in the first weekend. Plan for a longer showing period rather than judging your listing after just a few days.

10. Reassess the strategy if the home is not selling

When this happens: When your listing is getting less activity than similar nearby homes or isn’t generating the interest you expected.

A slower-than-expected sale doesn’t necessarily mean you need to start over. Homes are taking longer to sell in today’s market, and some sellers are pulling their listings after failing to attract a buyer at the price they wanted. Delisting isn’t a guaranteed fix, though. It’s just one potential option, and what to do next depends on why your home isn’t selling in the first place. 

11. Compare, negotiate, and accept an offer

How long it may take: Some negotiations resolve within a day or two, while counteroffers, multiple offers, or complex terms can extend the process. 

Once offers start coming in, don’t just focus on the price. Every term in an offer affects either your proceeds, your risk, or your selling timeline.The strongest offer is usually the one that combines acceptable net proceeds, contingencies you can manage, credible financing, timing that works for you, and a reasonable likelihood of actually reaching the closing table.

Concessions are common right now, so expect some negotiation. Sellers gave concessions in 46.2% of U.S. home sales in May 2026, most often to help with repairs, closing costs, or mortgage-rate buydowns, and almost 16% of sales included both a concession and a price drop. 

Complete the under-contract process and close

12. Navigate the inspection, appraisal, and closing process

How long this takes: On average, between 30 to 60 days from accepted offer to closing

Not every accepted offer makes it to closing. Buyers may still back out of a deal during the under-contract period, depending on their contingencies and the terms of the purchase agreement.

In July 2026, 14% of homes that went under contract nationally had their sale agreement canceled before closing, the highest rate in years, partly due to buyers having more options and being willing to walk after inspections, low appraisals, financing changes, or unsuccessful concession negotiations—meaning the best offer for you might not be the highest price.

Here’s how the under-contract stage roughly unfolds:

The buyer deposits earnest money

Once you accept an offer, the buyer deposits earnest money with a neutral third party, such as an escrow or title company, within 1 to 3 business days. This good-faith deposit is applied toward the buyer’s down payment or closing costs if the sale closes. If the buyer backs out for a reason that isn’t protected by the contract, the seller could be entitled to keep the deposit. 

You provide any remaining disclosures

Seller disclosure requirements and timing vary by state and local laws, and some disclosures might be required before you accept an offer. Work with your agent or real estate attorney to understand what you’re required to disclose and when.

The buyer completes inspections

Most buyers will schedule a home inspection and sometimes specialized inspections for things like the roof, foundation, or pest activity. Depending on what’s found, the buyer may request repairs, ask for a credit or price adjustment, decide not to go ahead with the purchase, or go ahead with no changes or requests at all.

The lender orders an appraisal

If your buyer is financing the purchase, their lender will usually ask for an appraisal to confirm the home’s value supports the loan amount. If the appraised value comes in at or above the contract price, this step usually moves forward smoothly. If the appraisal comes in low, you and the buyer have a few possible paths: renegotiating the price, the buyer covering the gap in cash, or in some cases, the deal falling through.

Title and buyer financing move forward

While the appraisal and inspection processes are taking place, a title search is also taking place. This checks for liens or ownership issues that need to be resolved before closing. The buyer’s lender is also completing underwriting, finalizing insurance requirements, and confirming any remaining loan conditions. Contingency deadlines in the contract keep this stage moving on schedule. Any issues that come up during this stage may affect the closing timeline or, depending on the contract, whether the sale moves forward.

You complete agreed-upon work

If you agreed to make repairs as part of the negotiation, keep receipts, use licensed professionals where required, and finish the work by the deadline in your contract.

The buyer completes a final walkthrough

Shortly before closing, the buyer will typically do a final walkthrough to make sure the home is in the expected condition and any agreed-upon repairs have been completed.

You close and hand over the home

At closing, the final documents are signed, transaction costs and remaining mortgage balances are settled, and ownership transfers to the buyer. When you need to move out and hand over the keys depends on your contract, including any agreed-upon rent-back or possession period.

How to help the home-selling process move faster

None of these steps guarantee a fast sale, but they tend to help:

• Price from current, local market evidence rather than what you hope to get.
• Start repairs and document gathering early, well before your target listing date.
• Avoid unnecessary renovation projects that won’t drastically move your price.
• Keep the home consistently available for showings.
• Make your listing complete, accurate, and well-photographed.
• Respond to offers and requests quickly.
• Look at the certainty of closing and timing across offers, not just price.
• Complete agreed-upon repairs before your contractual deadline.
• Keep your own moving plans flexible if possible until the transaction actually closes.

All-cash sales don’t necessarily follow the typical home selling timeline. Because there’s no mortgage underwriting, a cash offer may be able to close faster than a financed transaction, sometimes in a matter of weeks. Selling directly to an investor paying cash or an iBuyer could also trade speed and certainty for a lower sale price, since these buyers are often accounting for repair costs and resale risk in their offer.

The bottom line

Selling a house is really three overlapping timelines: prepping the home, time on the market, and getting to closing. How long each one takes depends on your home, local market, buyer, and contract terms. Your home selling timeline probably won’t match the national average exactly, and that’s fine. Building your plan around all three stages can give you a more realistic idea of when your sale will actually be complete, rather than focusing only on how quickly you receive an offer.

Whatever your reason for selling, whether you’re downsizing, upsizing, moving suburbs, states, or countries, knowing your suburb can be the key to targeting the right buyers.

It was hard enough figuring out how to buy that house in the first place wasn’t it? But with that done, how on earth do you go about selling it?

Know your suburb

Knowing your own suburb, from a real estate perspective, can help you understand who might want to buy your house. Knowing what’s selling around you for what price can give valuable insight and help you make sense of some information your agent is passing you.

You can get a  free suburb report from realestate.com.au, which will also qualify you to receive the free guide ‘Insiders Guide to Selling’ which should help to get you started.

Knowing your suburb can help you understand who might want to buy your house.

Get the right agent

Selling doesn’t have to be an onerous task, all you need is the right agent. One who has the time for you, understands your needs, knows the area you’re selling in and has experience selling properties of a similar size and price. Often you can’t tick all the boxes in one agency…

… but you can try!

Shop around and do your research. Look at various agents and what they offer. Would you buy the first house you looked at? No, probably not, so you don’t have to pick the first agent you talk to.

But I don’t know any agents?

Searching for something you don’t know the name of is a near impossible task. Frustrating to the extreme, you can end up going in circles not knowing whom to trust.

Our find an agent search should help. Just type in your suburb and get a list of who works in your area. A great first step to finding that all important connection to potential buyers.

There’s also a wealth of information in our Selling Guide to help you on your way on turn that ‘For Sale’ sign into a big ‘ol SOLD sign.

This article was originally published on
28 Aug 2013 at 10:43am
but has been regularly updated to keep the information current.

Key takeaways

• Buyers may be able to back out before closing, but timing and contract terms matter.
• Contingencies may let you cancel without losing your earnest money.
• Backing out without a contractual reason could put your deposit at risk.
• Cancellations are more common in buyer-friendly markets.

Buying a house is one of the biggest financial commitments a person can make, but what happens if you have second thoughts or encounter unexpected hurdles? Many buyers find themselves wondering: can you back out of buying a house before closing? The short answer is most likely – but the timing and justification are critical, and there may be consequences.

Home-purchase cancellations are fairly common in today’s market. According to recent Redfin housing market data, approximately 14% of U.S. home-purchase agreements fall through before closing. There are many reasons a deal may not make it to the finish line, from financing or inspection issues to a buyer simply having second thoughts. 

Whether you are buying a family home in Birmingham, AL, or a vacation condo in Miami, FL, here are some things to know about when you can walk away, what consequences you might face, and how to protect yourself.

Can a buyer back out of an accepted offer?

Yes, a buyer can back out after an offer is accepted, but how and when it happens determines whether you walk away clean or lose money.

There is an important distinction between a verbal agreement and a fully executed purchase contract:

• Before the contract is fully signed: If there isn’t yet a binding purchase agreement, you may generally be able to withdraw your offer without penalty.
• After the contract is signed: Once both you and the seller sign the agreement, an accepted offer becomes a binding contract. At this stage, backing out might be supported by using a built-in safety valve (such as a contingency clause or an option period) to protect your earnest money deposit.

If you change your mind after signing without a valid contractual reason, you may risk losing your earnest money deposit, depending on the terms of your contract and applicable state law.

Can you back out of a home offer without losing money?

Yes, it is possible to back out of a home offer without losing money, provided you exit at the right stage of the process or utilize a contractual safeguard.

Walking away without financial penalty typically comes down to three primary scenarios:

• Canceling before the agreement is fully executed: If you pull your offer before the seller signs and delivers the contract back to you – or before you sign a counteroffer – generally no binding agreement exists. You walk away with zero financial loss.
• Terminating within an active contingency window: If your contract includes an applicable inspection, appraisal, financing, or other contingency and you follow its requirements and deadlines, you may be able to terminate the contract and recover your earnest money.
• Utilizing an option period: In states that offer an option period, you may be able to cancel for any reason during that window. Depending on state law and the terms of the contract, you may lose a non-refundable option fee while still being entitled to the return of your earnest money deposit.

You’re most likely to put your earnest money at risk when you back out after applicable contingency or cancellation periods have expired and you don’t have another contractual right to terminate.

When is the best time to back out of a home offer?

The cleanest, least complicated time to walk away from a home purchase is before signing the purchase agreement.

If you are having second thoughts, need to re-evaluate your budget, or simply change your mind, stepping away during the offer phase costs nothing. No paperwork is binding yet, no earnest money has been deposited, and neither party holds legal exposure.

Once both you and the seller execute (sign) the purchase contract, your exit routes become strictly governed by the contract’s terms, timelines, and contingencies.

Reasons why you can back out of buying a house

There are several legitimate, risk-free ways to cancel a home purchase after signing, provided your contract includes the appropriate protections.

1. Contract contingencies

Contingencies are specific conditions written into the purchase contract that must be met for the sale to proceed. If a contingency is not satisfied, you can walk away and receive a full refund of your earnest money deposit.

• Financing contingency: Protects you if your mortgage application is denied or loan terms change drastically prior to closing.
• Home inspection contingency: May allow you to negotiate repairs, request a credit, or terminate the contract based on the inspection findings, depending on the terms of your agreement.
• Appraisal contingency: Protects you if the lender’s appraisal comes in lower than your agreed-upon purchase price. A low appraisal can affect how much a lender is willing to finance, potentially leaving the buyer to renegotiate, cover the difference, or cancel if the contract allows.
• Title contingency: Ensures you receive a clear title free of unrecorded liens, boundary disputes, or unexpected easements.
• Sale of current home contingency: Gives you a set window to sell your existing property. If it doesn’t sell, you are not forced to carry two mortgages.
• HOA/Document review contingency: Allows you to review Homeowners Association rules, dues, and financial health. If you object to restriction rules or impending special assessments, you can exit within the designated review window.

2. State-specific option and due diligence periods

In addition to standard contract contingencies, certain state real estate practices offer built-in windows – commonly known as option periods or due diligence periods – that grant buyers a flexible, low-risk way to step back from a purchase. How these periods work, including what fees are refundable and what a buyer must do to cancel, varies by state and contract.

• Unrestricted right to cancel: Some option or due diligence periods give buyers broader rights to terminate the contract within a specified window, sometimes without needing a specific reason. The exact cancellation rights depend on state law and the purchase agreement.
• How the option fee works: In some states, buyers pay a non-refundable fee in exchange for the right to terminate during an option period. The amount, payment process, and rules surrounding these fees vary.
• Protecting your earnest money: Depending on the state and contract, terminating during an applicable option or due diligence period may allow you to recover your earnest money even if other fees are non-refundable.
• Negotiating the timeline: The length of the option period and the size of the fee are negotiable terms set when the purchase offer is drafted. The length of these periods varies by market, state, and contract.

What happens if you walk away without cause?

If you decide to cancel the contract after all contingency deadlines have passed and outside of an option period, you are likely in breach of contract. This can expose you to financial or legal consequences, including: 

Forfeiting your earnest money deposit

Earnest money (typically 1% to 3% of the home’s purchase price) is placed in an escrow account to demonstrate good faith. If you walk away simply because you changed your mind, you may forfeit some or all of your earnest money deposit. On a $400,000 home, this could mean losing $4,000 to $12,000.

Potential legal action

Depending on the contract and state law, a seller may also have additional legal remedies if a buyer breaches the agreement. These situations are less common and can become complicated quickly, so buyers considering canceling outside their contractual rights should speak with a real estate attorney.

How to cancel a contract before closing

If you need to exit a purchase contract, follow these three essential steps to minimize financial risk and complications:

• Audit your purchase agreement: Review all signed paperwork to check your current contingency deadlines and active clause windows.
• Act within timelines: Follow the termination requirements in your contract, including any notice requirements and deadlines.
• Consult professionals: Work closely with a knowledgeable real estate agent or real estate attorney. In many cases, if a buyer wants out, an experienced agent can negotiate a mutually agreed upon exit or release of contract to avoid litigation.

The bottom line

It may be possible to back out of a home purchase before closing, but whether you can do so without losing money depends on your contract, timing, and reason for canceling. If you walk away before signing a contract or properly terminate under an applicable contingency or cancellation right, you may be able to recover your earnest money deposit.

However, stepping away after deadlines have passed without a contractual reason risks your deposit and potential complications. Before making any move, review your contract deadlines and work closely with your real estate agent to protect your funds.

Every home has a history, but some histories are more chequered than others. Crime scenes, murders, tragic accidents and other grisly happenings don’t just attract media attention; they can also also put a potential buyer off.

So what happens when a property with a past comes up for sale? Should a potential buyer be told about what went on? We asked the experts.

A material fact

Tim McKibbin, CEO of the Real Estate Institute of NSW (REINSW), says the rules around selling a house with a history provoke interesting questions.

“In the US they call it a ‘stigmatised’ property – an event on the property, or near the property, has affected it,” says Tim.

“’A material fact’ is the way we refer to it here, and you find those words in section 52(1) of the Property Stock and Business Agents Act 2002.”

This part of the NSW Act was thrown into the spotlight by the Sef Gonzales case.

In 2004 the Sydney home in which Sef Gonzales murdered his family was sold to some buyers who were unaware of its tragic past. Once they found out about the home’s history, they didn’t want to proceed with the purchase. This prompted a review of the NSW laws surrounding disclosure. The agent had to refund their deposit, and the home was later sold for less than the original price.

The law changed as a result of that review and real estate agents must now disclose any ‘material fact’ before they can sell a property. But what actually constitutes a material fact isn’t always clear.

If walls could talk

After Sydney businessman Michael McGurk was shot dead out the front of his Cremorne home in 2009 the papers followed not only the crime story, but also posted the photos of his home when it came up for sale some time later.

Robert Simeon, Director of Richardson & Wrench Mosman & Neutral Bay, was the agent for the McGurk house, when it was put on the market in May 2011 and says that there was much discussion about whether or not the crime required disclosure.

“An agent is required to disclose a death if it happens within the legal definition of the property,” Robert explains. “In the McGurk case the death happened outside the property, on the road, so there was no declaration required”.

Despite the home’s history Robert says there was no financial penalty in the end. “The home was sold with strong competition and both parties were happy with the outcome”.

And it’s not the only house with a history that Robert has sold on Sydney’s leafy North Shore. In 1991 he assisted with the sale of a Beauty Point home where the Mosman “Granny Killer” was found.

“When the property was eventually listed for sale it was on the market for quite some time.  My recollection is that the home’s value ended being quite heavily discounted although today this would not apply as the property has since undergone significant works,” Robert says. “Nor would there be any obligation to disclose the events that took place over 20 years ago”.

An agent is required to disclose a death if it happens within the legal definition of the property

Cultural sensitivities

Houses with histories come in many forms – it’s not just crime scenes that put buyers off. It could be untenable situations with neighbours, drug dealers’ houses, or having known sex offenders living nearby. As Tim McKibbin points out, elderly people die in their homes all the time. Do agents really need to pass that information on?

“What is a material fact?” asks Tim. The REINSW have been seeking clearer answers from the NSW Government on several issues.

“We live in a culturally diverse country and superstitions are very real to some people. Things that concern one group of people won’t affect another group. We keep asking, but we don’t get an answer because no one knows.”

“It’s very real to the people it affects. I respect that, it’s a material issue to them,” Tim says. “Fair Trading provides some guidance on the issue.”

“If someone told me that a person died in this home it wouldn’t bother me but I know it would bother members of my own family,” Tim says. “I know some people don’t like buying properties where there has been a divorce. Some cultures don’t like particular house numbers, some hotels don’t have certain floors.”

“I respect that people have a lot of different issues and take these things very seriously, which makes it a complex area that, unfortunately, the real estate agent is in the middle of.”

An agent’s responsibility

So what constitutes a traumatic event in a home’s history changes depending on who you speak to and varies in importance over time, opening a can of worms for agents, vendors and buyers alike.

While agents around the country have ethical responsibilities under their codes of conduct, the laws surrounding these issues vary from state to state. As Tim explains:

“All jurisdictions around Australia have legislation governing real estate agents in practice but unfortunately none of them is uniform. They have commonality in cover but they don’t bear any resemblance to each other in structure, that’s a problem,” says Tim.

Tim says the obligation to reveal a home’s history in NSW currently rests with the agent alone. “The tribunal has said the agent needs to disclose it, but the vendor doesn’t. But if they make those disclosures without the authority or consent of the vendor they could be in a difficult position where they are captured under different legislation for not acting in the best interests of the vendor.”

The REINSW has tried to incorporate these obligations on the agent into their agency agreements, which require the vendor to provide the agent with the information and to consent to that information being provided to the purchasers.

While a crime scene can turn a buyer off, there’s also an element of public curiosity

“We need some consistency, clarity, and certainty. If we are truly interested in consumer protection then obligating the vendor along with the agent seems logical, and consistent.”

Tim also suggests that the disclosure could instead be captured in the contract for sale of land, in much the same way a prospective buyer has their conveyancer or lawyer make enquiries about mortgages or easements to ensure the land isn’t encumbered.

“As of April there is going to be an additional document required for swimming pools, to say that the swimming pool is compliant, we think you should also include in a contract for sale of land the material facts attached to the property,” Tim says.

Voyeurs

As much as a crime scene can turn a buyer off, there’s also an element of public curiosity, a strange voyeurism, over these types of properties. In fact realestate.com.au’s sister website Squarefoot.hk in Hong Kong has an entire section of ‘haunted houses’ because they hold such strong cultural fascination (and the prospect of a bargain!)

Read more: The most haunted houses in Australia

This article was originally published on
18 Feb 2014 at 4:34pm
but has been regularly updated to keep the information current.

On the market for a house with old school charm and character, but worried the house may be too old? In this Redfin article, we’re answering the question “How old of a house should I buy?” to help you understand the pros, cons, and everything else you need to know about both old and new homes.

Whether you’re looking at a 1940s home in Buffalo, NY, a 1960s building in Cleveland, OH, or a 21st-century house in Provo, UT, we’re here to help break it all down so you can decide on your dream place–old or new.

Table of Contents

What is considered an old home?

There are several real estate terms for “old,” but typically any house built over 50 years ago can be labeled as “old.” A house over 100 years old may also be called “historic,” or “antique.” Whether a house was built in the 1930s or 1970s, old is old, and there are several factors that differentiate an old house from a new one.

Pros of an old home

Location

Older homes are typically located in desirable areas that offer more established neighborhoods, accessibility, and a strong sense of community.

Land

Many older homes also include larger lots with more mature landscaping than newer homes.

Architecture

Whether it’s Victorian, colonial, or craftsman style, older homes often have distinct character and charm and are built with high-quality materials.

“From unique wallpaper and original millwork to cozy fireplaces, stunning architecture, and even hidden rooms, older homes can offer a sense of character and craftsmanship that’s difficult to replicate in newer construction,” says Kayla Murphy, Marketing Director of Berkshire Hathaway HomeServices Laffey International Realty.

Some of those original materials and features may also be worth restoring rather than replacing. “Older properties have so much to offer, including construction materials and methods that really set them apart,” says Will Glasco, CEO of Preservation Virginia. “Like any home, older buildings have maintenance needs, but remember that repairing can often be better than replacing. With the right restoration craftsmen, things like historic windows can perform just as well as replacement windows, and original plaster can be repaired.”

Cost

While it depends on the house and the housing market, buying an older home has the potential for a lower purchase price than buying or building a new one. Older homes may also offer the potential for a high return if restored or renovated, making them unique investment opportunities.

Speed

If you’re looking to move in soon, purchasing an existing home is faster than building one.

Cons of an old home

Outdated

Older homes have the potential for outdated infrastructure like aluminum wiring, sagging floors, galvanized plumbing, etc.

“When buying an older home, buyers should look at the current condition of the house and how much repairs or updating could cost,” says Rich Noto of New Homes Built Right. “Older electrical systems lack the latest safety features, and buyers should also look for signs of water damage, rotted framing, pests, and general wear and tear on components like shingles, pipes, and siding.” 

Layout

While it depends on the home, several older houses’ layouts differ from newer ones with non-standard sizing, more closed floor plans, smaller closets, etc.

Repairs

If these outdated elements are unsafe, inefficient, or just not wanted, they’ll need to be replaced either immediately or over the years, which could become costly and time consuming. 

“When buying an older home, buyers should look beyond cosmetic updates and pay close attention to signs of water intrusion, foundation movement, aging electrical and plumbing systems, and the overall condition of the roof and structure,” says Heriberto Interiano of Home Inspections DMV. “A thorough home inspection can help identify these concerns and give buyers a clearer understanding of the home’s true condition before they move forward.”

Renovation history

“Buying an older home often means inheriting years of updates, projects and modifications,” says Doug of Cash House Closers. “Before my team and I purchase homes, we always check with the township or county to see what kind of permits and applications have been filed previously and then compare that to what we are seeing in the house. A new electrical panel in the basement, but no electrical permit, could be a red flag.”

Pricey upkeep

Older homes can often come with higher utility bills due to outdated aspects like poor insulation, outdated HVAC systems, etc. Major systems may also require repair or replacement sooner than those in newer homes.

“When buying an older home, look beyond cosmetic charm and evaluate the systems that drive long-term cost and livability, including the roof, electrical, plumbing, HVAC, foundation, and building envelope,” says Jacquelyn Heflin, Vice President of Property Management at RISE a Real Estate Company.“Review permits and maintenance records, and have the inspector pay special attention to moisture intrusion, outdated materials or code requirements, and deferred repairs so you can distinguish manageable character from expensive risk.” 

What to check before buying an older home

A thorough inspection is especially important when considering an older property. Along with the standard home inspection, pay close attention to a few areas that can lead to costly repairs:

• Electrical: Check the age and condition of the wiring, electrical panel, and outlets.
• Roof and foundation: Look for signs of leaks, structural movement, cracks, or deferred maintenance.
• Water and moisture: Watch for stains, musty odors, or other signs of water intrusion.
• Plumbing and sewer: Consider the condition of both the interior plumbing and the main sewer line.
  “When buying an old home, inspection of the main sewer line is a must,” says Realtor Joseph Speakman. “These old clay sewer lines can break, develop tree roots, and cause backups into the home. This type of repair can start at $10,000 or more, so having the main sewer line inspected is important when buying an older home.”
• HVAC and major systems: Consider the age and condition of the HVAC system, water heater, and other major systems, as older components may be nearing the end of their useful life and could require replacement. 

What is considered a new home?

Whether you’re the first to live in it or not, a “new” home is classified as one that was built 0-5 years prior.

Pros of a new home

Updated

Newer homes generally come with fresh paint, updated appliances, and modern technology that older homes may not have.

Low maintenance and utility costs

These updated features usually require less upkeep, which can save you money. Also, newer elements like HVAC systems and double-pane windows may also save you money since they’re more energy efficient.

Modern design

With newer homes come up-to-date designs like open floor plans, en suite bathrooms, and larger kitchens and closets. They could also have green and smart home features like thermostats or solar panels.

Builder incentives

If you’re looking to build your home, there are often money-saving incentives such as help with closing costs and interest-rate buy-downs. New builds also often come with home warranties, which can protect you from future expenses.

Cons of a new home

Pricing

While it depends, newer homes are often more expensive because of the brand-new construction. If you’re building a home, costs like landscaping, custom features, and the like can add up.

Homeowners association

If you’re buying or building in a newer development, you can expect it to be managed by a homeowners’ association (HOA), which may mean fees and restrictions.

Heightened competition and limited negotiation

Newer homes can be more desirable than older ones, making competition high (especially in busier markets), thus limited room for negotiation. Builders may also be less flexible on price than individual home sellers.

So, how old of a house should I buy?

Unfortunately, there’s no one-size-fits-all answer. Consider your budget, lifestyle, tolerance for maintenance, and what you want from your home. The age of the house is only part of the equation. Its condition, needed repairs, and the expected cost of maintaining its major systems can be just as important. 

When weighing an older home, consider not only what you’ll pay upfront but also what you may spend bringing the home up to your standards. “Buyers should look beyond the purchase price and consider the home’s overall condition, the cost of immediate repairs, and which improvements may be needed in the next several years,” says a representative from Cape Fear Cash Offer. “An older home can still be a great investment, but buyers should make sure the cost of bringing the property up to their standards makes sense compared with the home’s potential value after those improvements.” 

Ultimately, the best age of house to buy is the one that fits your needs, budget, and willingness to take on maintenance. Weighing the pros and cons of older and newer homes can help you find a property that feels like the right fit. 

FAQs

What are the key differences between old and new houses?
There are many differences between old and new homes, but the main five are design (layout), construction (quality and materials), systems, cost, and maintenance.

How do you determine the age of a house?
You’ll find several ways to determine the age, like checking public records or the home inspection report, reviewing the property deed or title, online research, or asking the seller.

Do new or old houses cost more?
Newer houses often cost more due to the modern materials and systems. While older homes typically have a lower initial cost, they may require repairs and renovations, which can be expensive.

Are old homes eligible for preservation status or tax incentives?
Some homes are, so check with a local historic preservation or planning office, local real estate agent, or search the National Register of Historic Places database to check eligibility.

Key Takeaways

• Nationwide, the best time to sell a house is in late April, when sellers are more likely to close quickly and receive higher offers.
• Optimal timing varies by city, though: In San Jose, the best time to sell is in mid-March; in Philadelphia, it’s in mid-May.
• Sellers should talk with an agent before listing to decide on a strategy; in the end, the best time to sell is when it’s the best time for you.

Timing is essential when it comes to selling a house. Everything from the season, to the month, to even the day can impact how quickly a home sells and for how much. 

It’s common knowledge that spring is peak selling season, when homebuyers emerge from hibernation ready to start their housing journey. But lately, sellers have faced an unusually difficult task, as record-high prices keep buyers on the sidelines and give those who are still active more leverage.

With very few buyers actively shopping right now, sellers need to be more intentional about when they list, how they price, and how they prepare their home to stand out. 

So, if you’re a homeowner looking for the perfect time to list your home, this article is for you. We’ll break down the data to uncover the objectively “best” time to sell a house, how seasonality plays a role, and how home sellers can navigate the market today.

From Redfin’s Chief Economist

“Late April is the sweet spot for savvy home sellers. Homebuyers are out in force, but the market isn’t yet flooded with listings, so homes are more likely to close faster and for more. But people also have different timelines and priorities—and because housing is so local, every city has its own dynamics at play. Home sellers should take their individual circumstances into account and work with a local agent to decide when their best time to sell is.” – Daryl Fairweather, Redfin Chief Economist

When is the best time to sell a house?

According to a Redfin and Home Economics report, the best time to sell a house is in late April. Homes listed during this window are 18% more likely to sell above list price, and tend to sell faster. 

For those who want a slightly wider window, late March through mid-May is generally the best time to list a home for sale.

“There are several factors that make mid-spring the best time to sell a home,” said Asad Khan, a senior economist at Redfin. “Warmer weather encourages buyers to start touring, and the timing aligns well for families looking to move and settle in before the new school year. Plus, blooming flowers and natural light boosts curb appeal and makes homes feel more inviting. Inventory is also beginning to rise, but hasn’t yet peaked—creating the perfect window for sellers.”

But ultimately, the decision comes down to individual needs. Homeowners often have different priorities and expectations—and sometimes, they just need to move.

>> Read: How to Sell Your House in 2026: A Comprehensive Guide

When is the best day to sell a house?

For sellers looking to further maximize their returns, a previous Redfin report found that Thursday is the best day to list. Homes listed on Thursday sell for ~$3,000 more and five days faster on average than those listed on the slowest day.

• The midweek bump: While Thursday is the best day, homes that hit the market between Wednesday and Friday tend to go pending faster and sell for more. Midweek is ideal because listings are fresh in buyers’ minds when they’re planning their weekend, which is when most are available to go on tours. 
• The weekend slump: Saturday through Tuesday offers less of an advantage, with Monday providing no benefit at all. Listing on the weekend or very early in the week means that newer listings might grab a buyer’s attention before they start planning weekend tours.

The best time to sell a house by city in 2026

While the best time to sell nationwide is in mid-April, timing can vary widely by location—often by weeks. For example, in San Jose, the best time to sell is mid-March, while in Philadelphia it’s closer to mid-May.

Housing is seasonal, local, and individual, and there isn’t a one-size-fits-all strategy that works everywhere for everyone. Here are the peak selling seasons in 2026 for major cities across the country.

How seasonality affects the housing market

Spring is the classic housing season, as buyers return from their winter slumber and sellers jump to take advantage. This is when new listings climb and competition follows suit. In general, housing activity tends to be higher when the weather is warmer and lower when the weather is colder. 

Here are the typical seasons the housing market goes through every year:

• Spring: The classic peak housing season for inventory and demand, with buyers and sellers both very active.
• Summer: Listings tend to peak and buyers begin gaining leverage, but vacations and hot weather keep some people on the bench.
• Fall: A transitional period when buyers are most likely to receive concessions.
• Winter: The slowest season, when sellers have the smallest chance of closing quickly and for above asking.

Seasonality also shifts by market, often aligning with swings in housing supply. The timing and volume of new listings help define when a market heats up and cools down. The climate plays a major role in shaping these patterns: Typically, the warmer a city’s climate, the less seasonal it is—i.e. the seasonal swing in listings is smaller. 

But large cities can buck the trend. “Highly populated areas with limited supply tend to be more seasonal,” continued Khan. “In places like San Francisco, where there are a lot of house hunters vying for limited inventory, timing is critical; sellers want to list when they’ll have the best chance of finding their next home. As a result, everyone converges during the same window. On the other hand, in places with more inventory, buyers can be more flexible, which also gives sellers more flexibility and dampens seasonal swings—regardless if winters are colder.”

How to attract better offers on a home

In a slower market, standing out matters more than ever. Even if you list your home on the objectively “best” day, you may still need to compete for buyers. However, thorough, thoughtful preparation can increase your chances of attracting competitive offers more quickly. 

Here are a few tips to attract the best offers:

• Hire a home inspector: It’s helpful to identify issues early so you can address them before listing and avoid surprises during escrow.
• Make strategic repairs: Fix visible issues and tackle the updates that matter most to buyers.
• Boost curb appeal: First impressions matter. While spring naturally does some heavy lifting, additional simple landscaping and exterior touch-ups can go a long way.
• Stage the home: Clean, declutter, and arrange spaces to help buyers envision themselves living there.
• Use high-quality photos and marketing: Professional photography, marketing, and strong listing descriptions can draw more attention to your home online.
• Price competitively: One of the biggest mistakes sellers make today is pricing too high. It’s not the pandemic anymore; a well-priced home can attract more interest and lead to multiple offers.
• Work with a great agent: Experienced real estate agents can help set a realistic price, get buyers in the door, present your home in its best light, lead negotiations, and net you a better deal.

>> Read: How to Sell Your House Fast and for More

Is now a good time to sell?

Homeowners looking to sell today should be ready to price correctly and remain open to negotiation. The U.S. housing market strongly favors buyers, as economic uncertainty and near-record housing costs keep many people on the sidelines, making it difficult to attract offers and sell for more. 

Even if it’s the peak selling season where you live, it’s essential to talk with a local real estate agent first. They can provide insight into your specific neighborhood, evaluate current market conditions, and help you determine the right timing before deciding to list. Looking at larger economic conditions, like mortgage rates and inflation, is also always a good idea.

Plus, an agent can also help you determine the right marketing strategy for your home—whether that’s a phased approach to test pricing with a smaller audience or listing on the MLS right away. Sellers now have more flexibility with how they can go to market.

>> Read: Should I Sell My House Now?

Final thoughts: The best time to sell a home is in late April, but choose a time that works best for you

Selling a home today can be challenging. The typical home takes more than two months to go under contract—often even longer in many Sun Belt cities—leading many homeowners to stay put or remodel instead of hit the market.

But it’s still possible to land a great offer and close quickly. Sellers can improve their odds by making simple fixes, investing in key updates, pricing competitively, and working with a great local agent.

For many homeowners, late April is the best time to sell—when demand is strong, inventory is building, and competition hasn’t yet peaked. Ultimately, though, the best time to sell is when it works best for you.

Please see the original report for a full methodology.

Looking for a new construction home? A spec house might just be the one for you. Buying a home can be one of the biggest decisions you’ll make, so we’re explaining all there is to know about a spec home to help your search. So, whether you’re buying your very first home in Atlanta, GA or looking for a new build in Salt Lake City, UT, this article has you covered. 

Key takeaways

• A spec house is a great move-in-ready option for those looking for a modern new construction home.
• While spec homes have modern features, you typically don’t get to pick finishes like with a custom build.
• When buying a spec house, strategize your timing or negotiate on perks instead of price to get the best deal.

What is a spec house?

A spec house, short for speculative house, is a new home constructed by home builders and made to appeal to a variety of home buyers. Since there’s no particular home buyer in mind, these homes are built “on speculation” meaning that they’ll typically feature more trendy aspects people may want in a home such as an open layout, a kitchen island, and walk-in closets. 

What goes into designing a successful spec house?

Designing spec homes requires balancing buyer appeal with construction costs. Rather than adding arbitrary luxury upgrades, builders focus on intentional choices, especially in high-impact areas like kitchens, to impress buyers affordably.

Highlighting the strategy behind these builds, Jordan Javier of Karma Construction Group shares key advice on how developers balance market demands, site costs, and high-impact design choices:

“A successful spec home starts with a clearly defined buyer, neighborhood, and price point – not a collection of expensive features chosen by guesswork. Before purchasing the lot or finalizing the plans, anyone planning a spec home should involve an experienced builder to evaluate zoning, site-development costs, the construction budget, and which features buyers in that market will actually value. The kitchen deserves particular attention because it often shapes a buyer’s first impression of the entire home. Prioritize a functional layout, generous storage, expansive countertops, warm lighting, and appropriately scaled appliances, while keeping the decorative selections timeless enough to appeal to a broad range of buyers. The best spec homes balance memorable design with disciplined cost decisions, creating a home that feels intentional while protecting its budget and marketability.”

Should I buy a spec house?

While we can’t make that decision for you, consider your house wants, needs, and budgets when weighing the pros and cons. Redfin Real Estate breaks it down for you in two lists. 

Benefits of a spec home

• Move-in ready: Spec homes are typically already built or close to being finished, so you’ll be able to move in right away.
• Pre-designed: Perfect for indecisive folks, the finishes, layouts, and other touches of a spec home are already picked out for you.
• Modern design: Spec homes have modern layouts with trendy features like open floor plans, en-suite bathrooms, and walk-in closets.
• Lower maintenance and repairs: With you being the first to live in the house, you won’t have to deal with or worry about any hidden wear-and-tear, maintenance, and repair issues for a while.
• Relatively affordable: While it depends on the local market and each situation, spec homes typically cost less than fully custom homes.

Drawbacks of a spec home

• Limited or no customization: You typically won’t have a say in the cabinets, flooring, and other finishes, limiting personal style.
• Fixed floorplan: You also typically won’t have a say in the floorplan which could not fit your personal lifestyle and preferences.
• Inability to choose location: You won’t be able to choose the specific lot or neighborhood since the spec house has already been (or is close to being) built.
• Paying for unused features: Since a spec home is built for a wide variety of homebuyers, you may end up paying for features you may not necessarily want or need.
• Less room for negotiation: While you can negotiate, there is typically limited  negotiation when buying a spec house, especially if demand is high.

How do I buy a spec house? 

The process of purchasing a spec home is relatively the same as buying any home:

1. See how much you can afford using a home affordability calculator.
2. If you’re planning to buy with a mortgage, decide which type is best for you and get pre-approved.
3. Find a real estate agent and begin working with them to find the right home.
4. Tour various spec homes to narrow down your decision.
5. Discuss your offer with your agent, consider contingencies, and make an offer. While you can negotiate with spec homes, the builders typically have already set a price floor. 
6. Even though the house is brand new, it’s still a good idea to get a home inspection.
7. Close on the home and begin moving in.

How is a spec home different from a model or custom home?

Spec homes are built without a specific buyer in mind and are perfect for those looking for a new construction home.

A model home is made to display the best upgrades, features, and layout options a new development has to offer, which are best for those looking for a well-upgraded home. These homes are only available for purchase after the builder finishes selling the other homes in the community.

A custom home is also a new build that is completely customizable, unlike spec and model homes. These are ideal for buyers who are looking for a personalized space and do not need to move in quickly.

Spec house FAQs

If you have a question about spec houses, chances are, someone else is asking too. Take a look at the commonly asked questions about these types of homes. 

Is there a right time to buy a spec house?

There’s no right or wrong time to buy a spec house, but consider buying at the end of the builder’s fiscal quarter, during a slower market season, or when construction is near completion for a better deal.

How much does a spec house cost?

The cost of a spec home varies greatly depending on location and market conditions, but a typical mid-range price brackets from $400,000 to $700,000.

Can you negotiate on a spec house?

Yes, you can negotiate on price, but builders usually have a price floor set. You’ll likely have better luck negotiating other perks like closing cost assistance, home warranties, or upgrades and features if the home isn’t finished.

If you want to increase the value of your home by improving the backyard, consider installing a patio or porch. These structures create entertainment space for your family and any guests who stop by.

You can use your porch year-round, starting with grill-outs in the summer and hot cocoa-fueled get-togethers in the winter.  

Not only can a deck increase the happiness you get from your home, but it can also increase your resale value and make it more appealing to buyers.

Learn more about decks, patios, and porches to see how they impact your home values and decide whether one of these additions is right for you.

How much value does a deck add to a house?

Experts estimate that decks have an average return on investment (ROI) of 72%. This means that your deck will contribute to your resale value when it comes time to list your home. However, to understand the true value of the deck, it helps to compare this project to other high-ROI investments you might be considering. 

Replacing an entry door is one of the highest ROI projects with an average return of 101%; however, this only applies to a steel door and is only relevant if your current door is insufficient. A mid-range kitchen remodel has an 86% ROI, which is also considered high.

Rounding out home improvements with the highest returns is window replacement, with a 61% ROI. A deck installation easily beaks this return level. 

While ROI when selling your house is certainly an important consideration when deciding to install a deck, you also want to evaluate how much joy this addition will bring to you. Many people use their decks every day when the weather is nice and entertain guests throughout the year.

You can create a space for your kids to play and for your friends and family to gather together. The same reasons that you want a deck are the reasons why this addition has a high ROI and is desirable to buyers.

Factors Influencing Deck Value

It’s hard to assign an exact ROI to your deck installation because these additions can vary significantly from one home to the next. The materials you choose, the size of the deck, and the location of this project will all impact your building costs.

The same factors will determine how much you get back for the investment. Here are a few things to keep in mind and answer before you start your deck construction.

Decide Between a Deck and a Patio

A deck is a platform built onto your house. It is usually elevated at least a few feet to prevent your family and friends from walking on the ground. Many decks are wooden and have railings built around them. Conversely, a patio is usually built on ground level and has a concrete foundation. While some people use these terms interchangeably, you will want to know the difference when seeking building quotes.

Patios tend to have lower ROIs than decks. This isn’t necessarily because of changes in consumer demand as much as the materials used. Composite decking is more affordable and has quickly made decks more popular.

Evaluate the Location and Size of Your Project

Two of the biggest factors that will contribute to project cost are the location of your deck and how big it is. While many decks are built in the backyard, it’s not uncommon for homeowners to request second-story decks and stairs to the ground level. If this is the case with your project, the overall cost might be higher because the deck needs structural support and stairs installed. 

Decks with a larger square footage cost more. Consider the amount of space your deck will take up to create a comfortable entertaining space. Keep in mind that many municipalities have zoning laws that require a certain amount of green space in your yard. This means you might not be able to build as large of a deck as you want if you have a small lawn. 

Choose the Best Materials for the Job

If you decide to move forward with a deck instead of a patio, you can choose from a variety of wood options. A traditional wood deck is highly desirable but also requires maintenance. You will need to regularly clean the wood and inspect it for rot.

If termites discover your home, your wood deck could get eaten away. 

An alternative option is a composite deck, which is made from materials designed to simulate wood. A composite deck is less delicate than a wood deck and the materials come in a variety of shades and textures. 

Pricing for composite options varies and wood prices also fluctuate throughout the year. Materials costs will impact the cost of your deck installation and the overall ROI.

Understand Your Maintenance Requirements

When you are considering different deck materials, don’t just focus on price. Consider the kinds of maintenance that come with each option and whether you can handle the tasks that come with them. 

For example, some homeowners want low-maintenance wood that could be found with synthetic materials. You might be able to easily hose down your deck or sweep it occasionally to keep it clean. However, if you want a nicer wood option, you may be willing to focus on the upkeep that comes with it. 

Finally, some materials do better in certain climates than others. Your contractor might recommend specific types of wood that last longer in your region. Whether you live in a dry state or a humid one, choosing the best possible materials will keep your deck looking better for longer. 

Consider Optional Add-Ons

Finally, evaluate any additions to your deck project that can make this space more enjoyable. It’s not uncommon for homeowners to build roofs over their decks and patios to create shade and enable their use year-round. You can also build a screen around the deck to keep it bug-free throughout the year. 

Some people even turn their decks into second living spaces. Set aside funds in your budget for furniture like couches, chairs, and a fire pit. You can even build an outdoor kitchen with a grill, refrigerator, sink, and cabinets. This last project might require the addition of water and gas hookups to your patio.

Cost Estimates for Deck Installation

All of the above factors contribute to your deck’s impact on your home value. A deck that is too small might not give you the ROI that you expect, while an entire outdoor kitchen might increase your budget beyond a reasonable reach for ROI. Unfortunately, the various moving pieces involved in deck installation also make it hard to estimate the cost of the project. However, it is possible to look at national trends to get an estimated price range. 

Across the country, most people pay $8,159 to build a deck. On the low end, these projects can be completed for $4,300. On the high end, you might pay more than $12,000 for your deck installation. Some homeowners even pay more than $23,000 if they want a large deck with several features and amenities.   

Materials make up about half the expense of the average wood deck. The remaining costs go toward labor and framing. If wood prices increase or the cost of composite wood changes significantly in the near future, the cost of building a deck could rise or fall. 

Not only will the size of your project affect the cost, but so will your region. Some states and cities are more expensive to live in than others, which means the estimates for your deck add-on could be higher.

Main Drivers of Deck Demand by Buyers

The demand for deck design in homes has changed significantly in the past few years. At the start of the COVID-19 pandemic in 2020, homeowners from all walks of life started investing in renovations. People were home more often and wanted to make their living areas more enjoyable. Demand for outdoor spaces, in particular, soared because people wanted safe spaces to meet. 

Even as the pandemic passed, potential buyers sought out houses that had outdoor decks. Some had become used to the wooden decks they built and wanted this feature in their next properties. 

In 2024, experts predict the decking market will stagnate as many homeowners who wanted decks now have them. Construction prices also remain high, limiting the ability of some people to afford these additions. This could mean that you get a good deal on your deck project and have it installed quickly if the contractor you work with has a more open schedule than in previous years.

High construction prices can also determine how much value wood decks and composite decks add to homes. Some buyers might seek out properties with existing decks so they don’t have to install their features themselves. Not everyone is willing to take on such a significant home improvement project.

Maximizing ROI with Your Deck Addition

If you want to showcase your outdoor living space in the home sale, there are a few steps you can take to maximize its impact on buyers – and therefore your home’s perceived value. It’s worth your time to position your deck in its best light so buyers view it as an asset. 

• Clean your patio before you list the home: depending on whether you have a wood deck or composite deck, you will want to wash or pressure wash the outdoor space. 
• Make any necessary repairs: check for any signs of rot, mold, termites, or wear. Consider replacing worn-out boards. While these issues might not deter buyers, they could raise red flags during a home inspection. It’s better to proactively make the repairs. 
• Stage your home: help people see how they can use your new wood deck. You might add lounge chairs, a grill, and other seating to make recommendations for relaxing on the deck.  
• Ask about low-cost upgrades: you might discover that screening in a space adds more value than expected. Small investments could have a big payoff. 
• Don’t forget the lighting: change the bulbs on your patio lighting or install lights to create a welcoming space at night. 

These steps can assure buyers that your deck is in good condition and is ready for their enjoyment. This builds excitement about your property rather than raising concerns about the maintenance and repairs of the outdoor structure.

Make Your Outdoor Space a Marketing Point in Your Home Sale

If you are building a deck add-on to increase your home value, make sure your real estate agent knows to highlight it during the sale process. Outdoor living spaces are highly desirable for some buyers who enjoy relaxing in the fresh air without leaving their homes. Your agent should know how to photograph the deck in a manner that attracts buyers. Once you know how much value does a deck add to a house, you can focus on maximizing those returns.  

To find a real estate agent in your area, turn to the professionals at FastExpert. We can help you find qualified agents who know how to market wood decks, composite decks, and everything in between. Whether you have a large patio or a small porch, your FastExpert Realtor can help you. Take the first steps to sell your home today.