Sell your home before the official selling season. Sounds like a bad idea, right? Maybe not. Let us answer these 4 questions and perhaps you’ll decide to consider a move sooner than originally planned.
Sure, it’s real estate common sense to never list your home in the “off-season”. Perpetuated by industry experts, agents and repeat sellers alike, this saying encourages many would-be sellers to wait until the spring and summer peak to list their homes. However, studies show that homes listed in the off-season often not only sell faster than those in the spring and summer, but sellers tend to net more selling their home at this time.¹
Key reasons to sell before peak season
1. What if you could sell your home FASTER?
It’s highly likely your home will sell faster than it would during the peak season. Most sellers tend to wait until late spring/early summer to list, so local inventory falls during the off-season. However, there are still motivated buyers who are ready to move now and don’t want to wait to purchase a home. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time.”² These eager buyers may flock to your home. You may not need to try as hard to make your home stand out in the sea of other similar homes. With less competition, more buyers will express an interest to buy. Demand is high in the Kansas City Metro right now and our inventory is next to nothing.
2. Is it possible that you could potentially set a HIGHER listing price?
Homes sold during the off-season tend to sell at a higher price, on average, than those sold during the late spring and summer peak. There are many reasons for this. First, motivated buyers are willing to pay closer to the asking price — and in many instances over — for a home. Second, homes are more likely to be priced right and reflect the economics of not only the local market, but the neighborhood as well. Often, homes listed during the peak may be priced to compete with other homes in the area and neighborhood. Sellers may be pressured to sell for less than the list price in order to encourage buyers to choose their home over the others on the market.
3. What if it were EASIER to maintain curb appeal?
Curb appeal is intended to attract the buyers who are just driving by as well as those who saw your home online and wanted to see it in-person. It sets the stage for what interested buyers can expect when they step foot in the home during a showing or open house. If you list your home during the peak of the selling season, you may exhaust your time your energy maintaining curb appeal. You’ll likely spend most of your free time mowing the lawn, weeding, trimming shrubs and hedges, planting flowers in pots and in flowerbeds, pulling spent blooms and watering it all to ensure it looks lush and healthy on a daily basis. The off-season eliminates the pressure to maintain a picture-perfect front landscape.
4. Could your potential buyers have MORE purchasing power?
Many buyers receive employee raises and bonuses at the end of the year. If they’ve been saving to buy a home, this extra money may allow them to reach their goal for a down payment and put them on the path to becoming a homeowner. Additionally, companies often hire new employees and relocate current ones during the first quarter of the year, creating a strong demand for housing. Turns out, the “off-season” is the perfect time to sell your home!
Still not convinced to sell before peak season?
During the third week of February, one of our clients decided to put their home on the market in this so-called “off-season”. We blasted this home out to potential buyers and had over 80+ groups through within 2 days (sorry, we lost count during the Open House). The seller received 4 strong offers and accepted one well over list price!
Ready to get a jump on your competition? Schedule a phone consultation with us now.
SOURCES
1. Time, October 30, 2015
2. National Association of REALTORS, 2016 Profile of Home Buyers and Sellers
