Timing is Everything!
As in everything we do, it is important to be at the right place at the right time. In real estate, it is especially true because sales of homes ebb and flow with the changing seasons. Since we are all creatures of habit, we tend to buy and sell as a collective group, even though we feel we are separate from each other’s buying and selling decisions. In my 28 years in the real estate business, it always amazes me how the phones will stop ringing on one day, and ring furiously on another. It is as if there is a meeting of the minds in a huge stadium where we all agree to buy and sell together at the same time!
If one agrees that this phenomenon exists, then it is best to take advantage of these buying habits if possible. We want to sell if possible when there is the greatest number of buyers available, and we want to buy when there is the greatest number of homes for sale. These periods of ups and downs are called a ‘buyer’s market’ and a ’seller’s market’.
If you are planning to sell in 2009 as an example, I would suggest looking at the seasonal patterns of buyers over the past years to determine when it is best to sell to attract the highest dollar possible in the shortest period of time. In areas such as the Milwaukee-Metro area, where the climate changes fairly drastically in each season, it is common to see our best market, meaning the highest number of buyers, in the spring. Many buyers get cabin fever in the cold months of November-February, and therefore target March-June as the best time to buy a home. Most buyers, especially if they have children, want to be in their new home by the beginning of summer. Typically, we see a slow down after the kids get out of school in mid-June.
An excellent game plan for those thinking of selling in 2009 would be to begin the search for new housing now, so that you could move in to the new community or condo by March or April. That would enable you to put your home on the market in the peak months of March-June. It would also be advisable to have a Senior Real Estate Specialist tour your home to offer ideas as to how best prepare your home for market. This specialist could give you tips as to downsizing, timing of the sale, and offer suggestions as to which improvements would give you the ‘biggest bang for the buck’. If this Senior Real Estate Specialist detects possible structural problems, they could recommend inspectors to examine the potential problem. You may choose to fix the problem, which is usually the best route to go, or at least offer an estimate to a buyer as to how to remedy the problem and the cost estimate. The more information you can provide a buyer, the less fear and uncertainty a buyer will have when making an offer.
Other selling seasons to note, are the summer market (July-August) which is good but much slower than the spring market. The fall market (September-October) is usually very good, as buyers wait for the kids to get back in school to then purchase their home. The slowest months are November-February, where prices usually stay static and longer time on the market.
Time your move with thought and guidance from professionals. Use the history of buying patterns to guide you to the top dollar for your home! Knowledge is always the best antidote for fear and uncertainty. Use the information available to maximize your return investment on your home!