You may have heard that spring is the optimal time to sell a home. As the coldness of winter gives way to the warmth of March, is when a lot people start looking for new living places. This is especially important for potential sellers who will find no shortage of buyers in the coming weeks. And there are several reasons why this is the best time to sell your home.
The Time/Weather is Just Right
No matter where you live, you probably don’t enjoy going outside during the winter. Which is why this is often a slow time for real estate agents. Also, even in places where this season is mild, there are typically holiday obligations and the school year to deal with. But spring is the time of rebirth, new life, fresh cut grass, flowers in bloom and a deep blue sky. Homes just look better during this time of year. Thanks to daylight savings time, everyone has more time to look at them.
People that experience cabin fever during December and January are eager to tour new homes. They start thinking ahead about upcoming family, and/or job. If they have children, school requirements making spring the best time to start the search.
A combination of low interest rates and lower supply of single-family housing inventory has created a lot of excited people who will have to compete for what little is available. This is fantastic news for sellers who are at an advantage in that there are more buyers searching for homes than there are homes on the market. With this surplus of people looking for houses, you have the unique opportunity to take your time and be cautious with those trying to purchase your property.
Millennial Buyer Pool
Despite the common belief millennials are a generation of renters, studies show they have been the largest group of home buyers over the past three years. Owning a home is a popular trend for this demographic and is an option for many of them after a few years of saving their income. Most of them are old enough now that they are either about to enter the home buying party or have already done so. Should any of these people become your clients, keep in mind that they might have a lot of knowledge about the home buying process already. They grew up during the rise of the internet and many of them use this to stay informed about the real estate market. It’s also important to know that they aren’t solely interested in the economic benefits of ownership. Many still believe that buying a home is a significant part of life and a lot of them are doing it because they consider it a point of pride.
*Quick tip: if you’re marketing toward millennials, modernize kitchens and master bathrooms because these rooms will get a lot of attention and first-time buyers are probably less inclined to take on renovations.
Additional Selling Tips
If you want to take advantage of this increasing number of buyers, start by speaking to an agent. They will have good advice and it’s very useful to have someone with marketing experience. Professional photos also go a long way as do virtual tours and vibrant descriptions. Check out our full post here for details on preparing your home to sell, in addition to these helpful tips:
- Plant some flowers, update kitchen appliances, spruce up the bathroom and make the bedrooms inviting. Get rid of as much clutter as you can. If there are dark corners in your home, paint them a bright color and reflect it with lighting. If you have pets, clean the carpets and open windows to air out the place so that it smells fresh.
- You only get one chance at making a first impression. A home’s listing is seen more on its first day on the market than at any other time. If you price yours too high, it’s very difficult to bring back buyers who dismissed it. This is because the cost was beyond what they could pay.
- Homes that go on the market on Thursday tend to find a buyer faster and sell above the listed price. Wednesdays and Fridays are popular because people tend to check out listings during the latter half of the work week.
- Just because it’s a seller’s market doesn’t mean you will get an offer quickly. Increase your odds by paying attention to the homes for sale in your area.
Good luck and welcome to the spring!