Is it true that waiting until spring to sell your home will get you the best offers? We want to sell our home this fall, but don’t want to get shorted on value. Will we get the best price for our home now or should we wait until the spring?
Anthony and Deb, Grand Junction
Anthony & Deb,
What a great question and one that we hear often, especially this time of year! This is also a difficult question to answer, however, there are good reasons to sell now and also some good reasons to wait and sell in the spring! Keep in mind that there are so many variables to consider that each decision should be made on a case-by-case basis. Before making your final decision, always contact your real estate professional and meet to decide the best way for you to proceed and maximize your return. I will give you some basics on selling now vs. waiting till spring.
Selling now has its advantages, particularly considering the lack of competition you will face this time of year. Many sellers are pondering the same question you are and will ultimately decide to wait until spring to sell, thus leaving fewer homes on the market throughout the winter. Showing and selling during the winter months is less appealing to many because of the holiday season. Most families, and mine is one of them, value the holiday season as a time to reconnect and concentrate on friends and family. Trying to show and sell your home during this time can really put a damper on and increase the hassle factor of an already busy time of year! This clearly is a decision that your family will have to make.
When it comes to competition, less competition is a good thing when selling! If a buyer has fewer options to choose from it significantly increases the chances of your home being chosen…at least that was always my thinking when it came to high school dances (I always hoped for low guy turnout!).
Another advantage to selling this time of year is the unique ability to showcase your house as a home! There is no better time to showcase the warmth and down-home feel than winter and “homes” always win over “houses.”
There are several reasons not to sell during the winter and hold out until spring and increasing prices is one of them. Generally, in our market buyers start to emerge from hibernation sometime in mid-March to mid-April and the summer sprint begins. Our team experience is that during the months between April and June we typically generate the most contracts each year, and this is also the time when we will typically see prices really start to rise. You can generally anticipate good demand every spring and thus price your property a bit ahead of winter’s pricing curve.
Keep in mind that this increase in demand also brings increased competition. Nothing does more for pushing prices upward than increased demand, thus why we see prices really start to rise throughout summer and level off a bit during winter – basic economic principles. If you are absolutely looking for maximum value, then waiting until spring is probably your safest choice, however, every year we sell many homes during winter that get max value, as they face less competition and show flawlessly.
I hope this helps, but I can't emphasize enough to consult with your real estate professional and come up with an individualized plan and a plan that is best suited to you and your family.
The Kimbrough Team
HAVE A QUESTION? ASK DAVE!