The one constant in the real estate market is that it’s always changing. From month to month and year to year, things rarely stay static for very long. But regardless of the overall tone of the market, it is almost always seasonally predictable – some times of the year are widely considered better for sellers than others.
This has a lot to do with a numerous outside factors that influence the behaviors of buyers and sellers alike. So if you have the luxury of choosing when to sell your home, your timing can make a big difference in both the sales price and the number of days it remains on the market.
Springtime Takes the Lead
All across the country – in almost every metropolitan area – spring is the absolute best time of the year to sell. There are many reasons why this is the case. These may range from pleasant weather to extra hours of daylight to families trying to get situated before the upcoming school year.
In the Miami area, for example, spring takes the lead with 13.8% of homes selling for more than their listed price. Also, 19.7% of the properties sold at that time of year go under contract in fewer than 30 days, according to MLS statistics.
The biggest downside of listing your home for sale in the spring is, of course, the increased competition for buyers. After all, this is the most popular time for sellers to enter the market. This can sometimes pose an issue for homeowners in communities with a large number of similar properties for sale concurrently.
However, on a positive note, the increased number of motivated buyers typically compensates for the flurry of listings. Because inventory is still relatively limited in most parts of the country, the large number of eager buyers is maintaining market conditions that remain favorable to sellers.
Don’t Write Off the First of the Year
Fall and winter are often written off as slow times of the year for the real estate market. When kids first go back to school in August and September and then during the holiday season from late November to early January, only the most motivated buyers are looking to move. But that still leaves plenty of opportunities for sellers to get a reasonable offer in a short period of time.
But as soon as those winter holidays end, the real estate market generally picks up steam, So sellers entering the market in mid-January through February often benefit from these early and very serious buyers. When listings are sufficiently appealing and correctly priced, these owners are likely to sell before the larger group of March listings come to market.
Analysis shows that the winter season takes a close second place (13.5%) in percentage of properties sold above their listed price. Properties in all-age communities in South Florida typically take a little longer to sell during the colder months, with just 16.8% going off the market within the first 30 days. Homes in active adult communities, which always fill up with snowbirds from up north during the winter season, usually move off the market at a faster pace.
What about the Summer?
Once we get into late fall and early summer, the housing market is usually in full swing. Buyers who want to move before their children begin school become even more motivated. The result is that summer is the second best time of the year in the Miami area for a quick sale – 19.1% of listings are under contract within 30 days.
The combination of the continued listing of properties and the decreasing flow of buyers impacts pricing slightly, with only 13.1% of listings closing for more than their asking price during the late summer. By and large, if you have control over when to list your home, you want find a buyer before the warm weather months wind down.
Get Serious About Selling Today
While we still have time left this year for sellers to get in on the seasonal market increase, they need to begin their preparations within the next few weeks. Depending on how lived-in your home is and how much repair and maintenance it may need, getting it market-ready may take a little time. Scheduling necessary cleaning and improvements often takes longer than expected. Getting a head start on things now means that you’ll definitely be ready by the time most buyers begin searching actively.
Based on market conditions that realtors I work with are reporting, buyer interest is improving from the holiday season slowdown. As a result, those sellers who listed early this year are already receiving offers from motivated buyers. If you’re thinking about selling your home, an experienced real estate agent can give you excellent advice on how to prepare your property for showings, how to attract eager buyers, and how to get the best price for your home.
New Harbor Realty