Saturday, May 6, 2017
It may be the question I am asked most frequently: When is the best time to list our home for sale? Many sellers don’t really have a choice in the matter. A job relocation, care for a family member, and many other reasons often dictate when you need to sell a home. But in situations when you have flexibility, it may be worthwhile looking at the data to help determine when to put your home on the market.
Here on Tierra Verde we tend to have a fairly consistent flow of properties reaching their closing date. However, the same is not true of the flow of properties entering the market place as you can see from the chart below:
By evaluating the aggregate data from the last four years (May 2013 through April 2017), we can clearly see the most popular time of year to put a home on the market in Tierra Verde is late winter to early spring. In October there also is another less prominent bump in listings entering the market place.
But what if we buck the trend a little! Is there value to putting your home on the market either just before or just after these peaks? I think there is evidence that says “yes”! Take a look.
- Twenty-five properties were newly listed in October 2016. Eleven of those properties (44%) sold ultimately, and it took those 11 properties an average of 86 days to go under contract.
- One month earlier in September, 14 properties were listed for sale, and 7 of them (50%) sold ultimately. Those 7 properties went under contract in an average of 32 days.
Was the reduced days to contract for the early group of properties an anomaly, or can the same thing happen when properties are listed just after a peak listing month?
- In April 2016, 51 new listings came on the market and 19 of those (37%) ultimately sold. And it took an average of 81 days for those 19 properties to go under contract.
- Compare that to one month later in May 2016 when only 16 new listings entered the market place. Ten of those listings (63%) ultimately sold and they took an average of 63 days to go under contract.
So there may be advantages for you to compete with fewer new listings by putting your home on the market at a time where there is less competition.
If you are on the fence about listing your home for sale, give me a call and we will evaluate your specific situation together.
Dan Reichard, Realtor ®
Smith & Associates Real Estate