IS SPRING A GOOD TIME FOR HOME SELLERS?
Spring Cleaning? How About Spring Selling?
Without the help of a real estate agent, you need to make a lot of decisions that should be carefully considered before you sell your home. When to sell your home is an important consideration. The ability to determine when to pull the trigger can be challenging without real estate sales experience and a clear understanding of the current market.
Spring is considered by many to be the best time to list a house, but there are certain reasons behind this belief that you should know. We’ve analyzed each season to help you determine when to sell your home and provide you with additional insights into how to make the most informed decision.
HOW TO DECIDE IF SPRING IS THE RIGHT TIME TO SELL?
Many professionals consider spring to be the best season for listing a house because of the fact that real estate sales usually start in the spring. At this time of year, there is greater demand for real estate, so homes sell faster and often for more money.
Open houses and showings become more popular as the weather warms up. Spring is a wonderful time to see homes for sale as it allows buyers to learn more about the properties they may be interested in, as well as enjoy spending some time outside. During spring, trees are greener and flowers are in bloom, increasing curb appeal and enhancing property value. It is not just sunny days that attract buyers during the spring.
A real estate agent for Gretchen Coley Properties in Raleigh, North Carolina, explains that spring is a good time to list a property because people are breaking free from the haze of winter and beginning to think about the needs their current home is no longer meeting. Children can move during the summer months without disrupting their school schedules if they have children.”
In the spring, families tend to start looking for a home since closings usually take a few months. Then they will be prepared for the new school year when fall comes since they will be able to close and move in the summer. Moreover, now that the holidays are over and utility bills are lower, buyers are able to take a closer look at large purchases with more income at their disposal.
SPRING LISTINGS HAVE THEIR DRAWBACKS
If you are considering listing your home, you should keep supply and demand in mind. In the spring, there is a higher demand for homes, so the inventory is higher as well. More sellers list their homes as a result of the influx of buyers, increasing the number of housing options for buyers. It can be more challenging for FSBO sellers to sell their homes in the spring due to the increase in inventory.
The drawbacks are increased competition. When everyone else is listing their home, you have to do something to stand out. This can be done with a solid marketing and pricing plan.
If you want to compete with other sellers for buyers, your home must be priced to sell. To find out what your home is worth, you should compare it to comparable properties. Ideally, you want your asking price to be in line with the last six months’ sales of similar homes. In addition, you should keep an eye on the latest listings. It is important not to list your house for too much compared to what other houses are listed for in your neighborhood.
Due to the lack of access to the MLS, FSBOs often have a difficult time analyzing comparable properties because they aren’t able to track recent sales and listings. Your home can be evaluated in depth by a licensed professional and a property valuation provided for half the cost of a traditional appraisal through this service.
SUMMER LISTINGS
Listing your home during the summer can have certain benefits, even if some buyers have already purchased homes by late June.
Most of the homes that would be potential competitors have already been sold during the spring months, so even though there are still a lot of houses on the market, the ones that remain are likely to still be overpriced and overlooked by new buyers. Listing your house for a reasonable price should reduce the number of days it spends on the market before it sells.
SUMMER LISTING BENEFITS:
- In comparison to the spring, sellers will face less competition.
- Showings are more enjoyable in warm weather because curb appeal is enhanced.
- It may be more likely that buyers with children will make serious offers and want to close the deal as soon as possible.
- During the spring, more comparable properties will have sold, making pricing easier.
SUMMER LISTING DRAWBACKS:
- Buyers may not be interested in viewing homes if the weather is too hot.
- There is a possibility that buyers will want more concessions from sellers due to the peak season ending.
- School is out, making the task of keeping a home clean, organized, and ready for showing more difficult for sellers with children.
- During showings, the AC must be kept running, which may increase your utility bill.
HOME LISTINGS IN THE FALL
You are competing with houses that didn’t sell during the spring and summer months, meaning you may have to list your house for less than it’s valued because many other sellers will also be lowering the prices on their homes in order to get them sold ‘off-season,’
It may be a better idea to list your home in the fall if you live in a hot area during the spring and summer. You should, however, ensure your pricing reflects current market conditions if you decide to do so.
FALL LISTING BENEFITS:
- As a result of fall foliage, curb appeal and marketing photos can be greatly enhanced.
- A smaller number of homes on the market will result in less competition for buyers.
- Prior to the holiday season, buyers will be eager to close the transaction.
FALL LISTING DRAWBACKS:
- Due to the reduced supply, there will also be a decrease in demand.
- You may have to accept concessions from the seller if there are fewer interested buyers.
- You will have a difficult time maintaining your landscaping as the leaves fall.
LISTING A HOME IN THE WINTER
The winter season is the most important selling season for those who live in resorts or ski areas. The weather turning icy will result in a decrease in both supply and demand for everyone else. However, there are some advantages to selling during the winter months.
The good part of listing a home in the winter is the lack of competition among other homes. It gives you more exposure. The bad part is that your home will often sit on the market for a longer period of time due to a lack of buyer activity.
WINTER LISTING BENEFITS:
- During the winter months, real estate inventory tends to be at its lowest, so potential buyers are more aware of and interested in the available homes.
- There is a high level of motivation on the part of interested buyers to close before the end of the year, especially those who will be starting new jobs in January.
- A simple, secular holiday decoration can create a sense of home in a property.
WINTER LISTING DRAWBACKS
- Buyers may be unable to view properties due to the cold weather.
- The buyer may be saving his or her money for a vacation or a gift.
- Homes may not appear as attractive when the days are shorter and the light is flat.
- A buyer may make a lowball offer if he or she is looking for a better deal.
- In times when it is more difficult to repair homes, the freezing temperatures may reveal unexpected problems.
- During showings, heating bills may increase since the heat needs to be kept on throughout the house.
WHAT IS THE BEST TIME TO LIST YOUR HOME?
Despite the belief that you should sell your home in the spring, it is far more important to consider the current market climate. It is recommended that FSBO sellers take advantage of a seller’s market whenever possible. In a seller’s market, there is an excess of demand for real estate compared with supply. It is in the interest of sellers to have these conditions in place. It is in the seller’s best interest to negotiate a higher price and better terms when there are more anxious buyers than there are available properties.
In some cases, however, it is important to consider factors other than market conditions. Priority should be given to your needs. In the event that you must sell for financial reasons or due to the need to relocate, waiting may prove detrimental to your situation.
According to James McGrath, co-founder of the NYC brokerage firm Yoreevo, after a number of his clients asked if they should list their homes in the spring, the most favorable month of the year received about 1.5% higher prices than the most difficult month. As a result, the price difference is usually less than 1%. Are you willing to reschedule your lifestyle for a few thousand dollars? ”
The most important thing is to make the right decision based on your circumstances. Every season has its advantages and disadvantages. Despite the fact that spring may bring more buyers, it is also the time of year when there is the greatest inventory. Pricing your home competitively is the best way to overcome the drawbacks of the season you choose.