Is Selling Your Home in the Spring a Good or Bad Thing?
February 5, 2010 by Danilo Bogdanovic
Filed under Seller Resources
Many sellers wait until the Spring to sell their home. Why? Because they think the “Spring housing market” is the best time to sell their home. But is selling your home in the Spring a good thing or is it really a bad thing?
Selling your home in the Spring could be a good thing for reasons such as,
- you have a pool that looks better open than winterized
- the thousands spent on landscaping a million times better in full bloom than in the winter
- having leaves on the trees in your backyard hides the fact that your neighbors are right up on your lot line
- you want to time it so that you settle on the sale of your home and move right after school lets out
But, selling your home in the Spring could be a bad thing. Consider this…
Business/Economics 101: Supply vs Demand
We all know the centuries-old golden rule of business/economics – the more the supply in relation to demand, the longer it takes to sell the supply and the less it will be worth.
Let’s translate that to real estate and the housing market
Your home on the market + more other homes on the market at the same time (“Spring housing market”) = longer time to sell and less money.
Let me explain further
By waiting until the Spring, you will be listing your home when,
- All of your neighbors (aka competitors) who waited for the “Spring housing market” list their home for sale too
- The home buyers you want focused on your home and your home only will have more homes to choose from
- Your home will more easily blend in “with all the others on the market” (actual words from home buyers)
- A competing seller relocating once the school year is over who has a buy-out package from their employer lists their home at a reduced rate because they don’t care so much about the price rather, selling quickly
I can hear some of you now, “But the Spring is when most buyers come out to buy homes.” Let me respond with some facts you may not be aware of…
Statistics show that January and October have been the #1 and #2 busiest months for homes going under contract (aka buyers buying a home) in Loudoun County/Northern Virginia over the past 6 years (despite Armageddon-size snow storms like the one here this weekend). For me personally, December, January and February are the three busiest months of the year when it comes to home buyers house hunting and writing a contract on a new home.
And if you haven’t checked out my post from the other day entitled, “When Does the ‘Spring Housing Market’ Start?” click here to check it out now.
Other than having to wait until Spring due to work, family, life or some important selling factor (such as one of the three listed earlier in this post), you should be on the market in January/February. If you can’t list your home in January/February, then aim for another month when the fewest number of other sellers/competitors are listing their homes for sale.By following this approach, you’ll face the least amount of competition and have the greatest chance of selling in a reasonable time and for top dollar.
If you have questions or concerns about selling your home or the local housing market, click here to email me or call me – 703.582.6900 (cell).
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When Does the “Spring Housing Market” Start?
February 3, 2010 by Danilo Bogdanovic
Filed under Buyer Resources, Seller Resources
Many sellers and buyers are waiting until Spring for the “Spring housing market” to sell their home or buy one. But when does the “Spring housing market” really start?
The most common answer is, “Spring!” Is that correct?
Nope.
The “Spring housing market” has already started. In fact, it starts in January. In the 6 years of being a Realtor, January has been the busiest month of the year for me (and in general) when it comes to buyers house hunting and writing a contract on a new home. The third busiest month? February. (The second busiest month is October)
“Really?”
Yup. And here are some guesses as to why based on what buyers have personally told me…
More time + more money = more buyers in the market to buy a home.
People are busy with end of year work, holidays and their children’s winter break in December. This puts selling their home or buying one on the back burner. Once January rolls around, all of that is behind them and they have more time on their hands so they start house hunting.
December and January also equal Christmas/year-end bonuses. And let’s not forget that many people know they have tax money coming back to them from Uncle Sam soon so the thought of a hefty down payment is a bit more bearable.
What it means to you if you’re a seller
If you’re thinking about selling your home, for these and other reasons, you may want to strongly consider listing your home in January/February (more on this in another post coming soon).
What it means to you if you’re a buyer
If you’re a home buyer house hunting in January/February, know that other buyers are doing the same thing so be prepared for increased competition (aka multiple offers) on properties that are great deals.
If you have specific questions or concerns regarding buying or selling a home or the local housing market in general, click here to email me or call me – 703.582.6900.
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