As May comes to a close, school ends and the summer officially begins, that means one important thing – home selling season is upon us. With the kids home from school and vacation time accumulated, both buyers and sellers are ready to enter the market as the weather heats up. As the market begins to grow, you may wonder how to make sure your home stands out among all the others trying to sell during the summer months. Here are a few tips to make sure you can catch the eye of potential buyers during busy season!
1. Tour Other For-Sale Homes
Check out open houses for homes similar to yours that are also on the market. As you are preparing to list, use these tours to see what decor and design-types are attractive to you and potential buyers. If there are things you notice that you do not like, be sure to remove those features from your own home if you have them. Sometimes stepping out of the box (or in this case, your own home) will allow you to look at your home through the lens of a potential buyer.
2. Complete Your Home Inspection Up Front
The home inspection can be a dreaded part of the closing process. Instead of waiting for a buyer, complete your home inspection ahead of time. The goal is to set your home apart from the others on the market, and an easy way to do so is letting those potential buyers know that your home is not just for sale, but it is already inspected. If you repair any issues found by the inspector, you’ll be one step ahead and gives potential buyers peace of mind.
3. Completely Remove Clutter
Decluttering and cleaning is always the first step on the list when you are preparing to list your home, but often we don’t take the clutter ‘removal’ part as seriously. Instead of just moving clutter from a room to a closet, completely remove the clutter from your home. Whether that means donating, storing, or just tossing those items, removing clutter will allow potential buyers to picture themselves in every part of your home, including your closets and garages – rather than just picturing your clutter stashed away there.
4. Curb Appeal Is Key
With spring quickly transitioning to summer, your yard may need a little love. Spring rains and warmth might’ve left your lawn a little overgrown. Take the time to remove weeds, mow your lawn, and add new plant life around the outside of your home. The outside will be the first thing potential buyers see, and you want them to be drawn in by your yard, not turned away by it.
5. Use Refreshments To Your Advantage
Whether you’re a baker or just love buying baked goods, open houses are the perfect opportunity to draw potential buyers in with sweets. With rising temperatures, a thoughtful treat with a glass of lemonade or ice water adds a personal touch to your open house that will, at a minimum, guarantee that potential buyers cross the threshold of your home. Sometimes, getting them in the door is all you need.
It is a special time of year: School is getting out, days are getting longer and the families are planning for the future! Seasonal adjustments help make it easier to compare month to month adjustments in the market. You can’t get a good picture of whether it’s a good or bad year by comparing a typically slow January with a typically busy July.
The raw data tells us that real estate follows a clear seasonal pattern. Inventory peaks in the summer, sales peak in the summer, real estate web traffic peaks in the summer. Notice a trend?
But each local market has it’s own cycle. The school calendar plays a big role since families with kids prefer to move while school is out. And not all school calendars are the same.
Weather also influences the real estate cycle. Cold weather markets such as Boston, Minneapolis and New York start later in the Spring. Does anyone in other parts of the country realize how much snow we get in the Northeast? You have to see the curb to have curb appeal!
Warm weather such as Miami, San Diego or Phoenix start earlier and demonstrate less seasonal variation overall.
There is also a herd mentality that influences the market peak. Driven by years of observations that there may be an optimal time to list that perfectly aligns with the peak demand to command the highest price and to do so as quickly as possible. Right now is one of those times!
When the sales are slower due to the season, the age of inventory rises and we start to monitor the median days on market of active listings. This typically bottoms out in June and peaks in Winter months like December and January.
As the age of inventory increases, buyers gain more leverage. That is why prices are also seasonal, peaking each summer when demand is highest and the age of inventory is lowest. If you are a buyer and can wait until the Fall or Winter you will find the prices will come down a bit and there will be less competition in the off season!
If you are a Seller or thinking about selling than now is the time! The inventory is low and the buyers are anxious to move while the kids are out of school and the weather is fabulous!
Contact me today to get more details about what is happening in the market in your area!