One of the first things I do every day is look at ALL the new listings, look at ALL the price reductions, look at ALL the new pending sales, and look at ALL of the new closed sales.
Want to know some things I have noticed over the years?
In the spring, the number of houses selling quickly is higher than any other time of year. More buyers are out. There are usually fewer listings early in spring since most sellers want those first few warm weekends to work on curb appeal.
In the summer, we start seeing more new listings. Sales remain strong. Overpriced houses get overlooked.
In the fall, we see fewer new listings. The frenzy slows down. There are fewer multiple offers and fewer houses sell the first day or two on the market. In an appreciating market, I also see houses that have been on the market for a long time begin to sell. Why does this happen? They were the overpriced listings in the spring and summer. With prices going up, they have appreciated into their list price and now are competitive with newer listings. Also, in an appreciating market, most sellers get greedy. They want what their house is worth PLUS $5-10k. Yesterday’s overpriced listing looks really good to a buyer compared to a brand new overpriced listing.
In the winter there are far fewer new listings but this is the best time to be a buyer. Most sellers have been beat into submission by the buyers of prior seasons and are the most realistic they will ever be. For a seller, the benefit is that your competition is typically just the other listings that are left over from spring and summer. You stand a better chance of catching a buyer.
So, when is the best time to be a seller or be a buyer?
If you are a picky buyer looking for something specific, spring and summer because you will have more choices.
If you are a buyer who isn’t too picky, then fall and winter may get you the best price.
If you are a seller with a house that has been a buyer’s second or third choice all spring and summer, then your best bet is the fall and winter. The reason your house never made it to be somebody’s first choice was because there was always a new listing that lured the buyers away from your house.
If you are a seller with a nice house and are willing to price it appropriately, then you will sell quickly any time of the year. Your house will always be somebody’s first choice.