3 minute read
A Time for Selling
www.BlackhawkLivingCA.com @BlackhawkLivingCA #BlackhawkLivingCA
By Linda Kralik, Berkshire Hathaway Home Services/ Drysdale Properties, Resident since 1984
If you are considering putting your home on the market, this is the time to evaluate if it is a good time to sell. Our local statistics indicate that late winter is the ideal time for listing and reaping the highest sales price for your home. Many families who are in the process of relocation due to a company move use the Spring Break in February to take the family on a “fact” finding expedition to their possible new home community. This fact-finding trip often makes the final determination on whether to take the company relocation and if so, the community where the family will settle. Sometimes it even becomes the time when a family will purchase their relocation home! Most families want to move when the kids are out of school. Yet it actually pays to list in the winter, when buyers tend to have more urgency: A recent study has found that average sellers net a higher selling price during the months of December, January, February, and March than they do from June through November. And homes listed in late winter sell faster than those posted in late spring.
Should you put your home on the market now? Unless you need to sell (say, you’ve purchased your next home or are relocating for a job), it is important to evaluate the timing and to look at the market competition and conditions.
To understand your local climate, check the number of days on the market for current and recently sold listings. If most are sitting for more than 60 days, it’s safer to wait until spring, when more buyers will emerge. Yet, if the market times are in the single digits or just into the teens, this is indicative of a fast-paced market and gives the green light for selling.
If you do move forward, these strategies will help make your home a hot seller this winter.
Price It Right
The quieter winter market brings special pricing considerations. Unlike in spring, when there are more shoppers—and it may make sense to price low to try to generate a bidding war—you’re less likely to receive multiple offers. Since there are fewer buyers, the right fair market price should still attract a buyer.
Winter is also a bad time to test the market and list high. If the house doesn’t sell, you may need to drop below market value to nab a buyer before new properties appear in spring and make yours look stale by comparison.
The upshot: Take a conservative approach and price at market value. It makes a win/win for both buyer and seller. Be sure that you check closing prices of comparable properties sold in the past 30 days. Then take a look at where your competition is and where your home will be listed in the order of price. Any home buyer will be doing the same, and if your home is not consistent with the competition it may be eliminated or not shown!
Schedule a Tune-Up
And lastly, be aware of any issues that a buyer will be looking at and repair or replace them prior to going on the market! Winter buyers are particularly attuned to issues related to heating and maintenance. Get your furnace, HVAC, and roof inspected, and make any necessary repairs. Also on your to-do list: Clean the gutters, change air filters, and weather-strip the windows.
Many cold-weather house hunters will also be thinking about heating costs. Consider low-cost upgrades like insulating the attic or installing energy-efficient windows, close off any drafty doors, etc. Think like a buyer and inspect your home for any possible problem areas and be ready to fix or replace.
Okay, now you are ready to sell. Contact me, or a local realtor, ask for a market analysis to help in pricing your home appropriately, and be ready to move.
