09 Jun Timely Advice for Home Buyers and Sellers
As a resource for home buyers and sellers, real estate agents often find themselves answering some very interesting questions about the housing market and its tendencies. One of the most common of these queries: What is the best time to buy or sell a home? While real estate does not fluctuate so greatly to have “in” and “out” seasons, different times of the year can be an indicator of tendencies within certain areas of the market. In some cases, even different days of the week can impact certain areas of the market.
Whether buyer or seller, here are a few considerations to consider that can greatly impact a real estate transaction and the process it takes to get there.
Buyers Spring Into Action
Buyers tend to see favorable conditions in the spring and fall seasons because these are times in which inventory of homes tend to expand. Serious buyers are never actually not looking for a home, so they tend to be active all season. However, when inventory is high the market leans greatly in favor of the buyer.
With more inventory comes more competition among home sellers. This helps to bring prices down and savvy buyers are often able to take advantage of low prices when inventory reaches its peak in spring and fall.
Smart Sellers Freeze Out the Competition
As previously stated, buyers that are serious about finding the perfect home are never not looking for that perfect property. Despite this fact, many home owners who are looking to sell, take their homes off the market during the holiday months and winter season. This is often done for a number of reasons, one being that it is simply too difficult to keep a home “show ready” throughout the craziness and stress of the holidays. However, some home owners have found that it is actually quite beneficial to keep their home listed during this “off” period.
With a low inventory traditionally noted in the winter months, smart sellers who keep their homes on the market during this time can benefit greatly by getting a good price for their home. Low inventory means that home sellers aren’t competing with a large number of other homes on the market, so they don’t have to bring the price down in order to make a sale.
The Early Bird Gets the Listing
In looking at market trends, even the time of day and day of the week that a listing is uploaded can dictate the sale of a home. Most home sellers and their agents work to get their properties listed in time to garner interest for the coveted Sunday open house. A lot of home owners scramble to get everything looking just right, finally getting that listing out on Thursday afternoon or Friday morning.
In order to avoid the jumble, it is much more advantageous to list earlier in the week, with Tuesday afternoon being the very latest time to list. This will help to build interest throughout the week and can build a tremendous amount of momentum going into weekend open house.