The Right Time to Sell Part II
2004/08/15 Originally published in the Vernon Morning Star.
Each year home sellers are faced with the same question. Should they wait until Spring to put their homes on the market? They'd like to get on with their plans for the new year but they feel compelled to wait until their lawns turn green and their gardens are in bloom. They feel they must have their yard showing to the best of its' potential in order to capture the highest sale price.
There is no doubt a brown lawn or a blanket of snow doesn't add anything to the beauty of a home. But there is an important factor to consider. All the homes on the market at this time of year have yards that look the same. So, the competition has no greater advantage.
The benefit to putting a home on the market in this first quarter of the year is that there is less competition.
I have often said that For Sale signs "come up with the daffodils". It's true. At that time of year there are a much greater number of homes coming onto the marketplace. The competition intensifies.
Granted, the number of buyers picks up in the Spring, too. But, sellers can potentially benefit from marketing their homes earlier in the year. It's simply the laws of supply and demand working for them.
An exception to this would be if the yard of the home is its' best feature. In the case of truly exceptional landscaping and gardens, it is likely better for a seller to wait until March or April when the grounds can show off their above average beauty.
The other factor to consider is whether or not you are selling and buying at the same time. If you are, then there is little to worry about. If prices do rise, as CMHC predicts they will, a seller who sells and buys at the same time will simply benefit by the price increase on their new place instead of on their previous home. If it's an investment home, and the seller does not intend to reinvest in another piece of real estate, then it's reasonable to assume they will probably be better off to sell later in the Spring when values are anticipated to be higher.
Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email or call 503-3755.
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