Spring Real Estate: Is it the Right Time to Sell?
Everybody knows the best time to sell your house is in the Spring right?. The warmer weather and longer days get everyone in the mood to buy and sell their property. Buyers look forward to higher inventory, and Sellers are hopeful demand will keep pace. Rather than just praying to the Real Estate gods, here are a few things you should consider when deciding if spring is the right time sell.
Current Inventory and Demand: Understanding what properties recently sold for and how much demand there was, is a key to determining how likely you are to get your desired sale price. How inventory is trending and what comparable inventory comes out the week and month you come to market can also have a big impact on the success of your sale. I notice that some Sellers get distracted by minor details when getting their home ready to sell, which can actually have a negative impact if it delays the listing to a time when more inventory is on the market. The average month/month price drop that we usually see from May-June is a good example of this miss-timing.
Who is Your Target Buyer? Profiling your most likely Buyer should help you determine when to list your home. For example, March Break will often reduce the number Buyers with school aged children searching, but conversely, would have little to no impact on empty nesters looking to downsize, or young couples looking for their first home.
Know Your Home:
Understanding how your home will rank compared to the competition is important. Top properties should want to obtain maximum exposure and list on a prime week for viewings. Other properties may benefit by avoiding these weeks to prevent Buyers from comparing yours to a much more appealing option.
Be Comparatively Attractive:
Did a house just come out on your block asking a king’s ransom? Listing your more reasonable priced property at the same time will be appealing when buyers compare the value between the two properties. Did a home in your area just sell for a great price? Many Buyers will not notice some of the upgrades that property has over yours, and will simply use that as the latest comparable.
Where Are You Going Next?
Deciding whether to Buy or Sell first is no easy decision, we highlight the pros and cons of both in this previous post. Understanding what the market is like where you are purchasing next, should play an important part in your decision on when to Sell your current property.
