When is the Best Time of Year to List a Home for Sale on the Market?
by Kevin Grenier
on Thursday, November 7th, 2019 at 5:59pm.
I often get asked "when is the best time to list a property, should I wait until the Spring?" The answer beyond a pat, "it depends" is really, "the best time of the year to list your home is when you want to." I'll give you the pros and cons of doing it at different times of the year, namely Fall/Winter or Spring/Summer. I'll also cover the three aspects to listing a home that don't change no matter the time of year.
Listing in the Fall/Winter means there is less competition from other listings and the fewer buyers out there are motivated and ready for the most part. Of course it is colder and some of the buyers are looking for the "off peak market deal". With Spring/Summer come more buyers only some of which will be motivated and ready where others will be just starting to look or needing to sell their home first. With warmer weather comes more listings and more competition for the same buyers' attention.
As for higher Spring/Summer average pricing, these numbers don't necessarily translate to a single transaction. The old supply and demand rule trumps here. Just as average pricing is rising the buyers are seeing more listings come on so there is a wait and see mentality that can take hold until later in the season when FOMO (fear of missing out) kicks in as listings either get sold or taken off the market leaving fewer choices for the motivated buyers to grab.
We could argue these points certainly but the point I'm trying to make is there is no clear winner when it comes to timing the market as many factors, some of which I haven't even covered such as changes in legislation affecting the borrowing ability of the buyers can change things.
There are however three things that don't change no matter the time of year or how the market in general is doing, they are price (positioning), value (condition) and perceived value.
Of the three positioning and perceived value are key. Positioning correctly will ensure the property gets sold where perceived value will ensure the seller gets the most they possibly can for the place.
Let's look at it from a different perspective looking at what to do to sell a property that isn't selling to give us clues to doing it right in the first place. How can we stimulate renewed interest in a stale listing that isn't selling? The first go-to is a price reduction but you can also achieve this by increasing value through upgrading key buyer soar points. Feedback from showings indicate buyers don't like the sea foam green carpets so replacing that carpet with something modern may be an option here depending on the seller's scenario. Be careful here as the old adage "renovate and lose money" all too often applies. Other things like fixing and general maintenance can go a long way here. Increasing perceived value would include effective staging, de-cluttering and painting. The point here is to win the heart of the buyer which entails not only the visual experience but scents too. This is a huge topic beyond the scope of this article but clearly something gone into greater detail during my free seller consultations.
Now applying the above to a home that is about to hit the market can save you a lot of hassle and time when done right.
I'm all to happy to help you navigate this process and can be reached at 780-893-0269.