January 19, 2016

Should I Wait For Spring to Sell My Home?

Should I wait for Spring to Sell My Home?

I know, I know. It just finally got cold here in Southeastern PA and we are talking about the Spring market! But with chilly temperatures outside, who can help dreaming of warm sunshine ahead!? Winter is here and so is cold weather cabin fever. While we are all stuck inside for a few months, we might start considering our home and if it is time to make a change. If you reach the conclusion that you need to move, you must decide when to sell.

Spring has long been considered the hot, Hot, HOT market for both buyers and sellers. In climates with tough winters, Spring can seem like the ray of sunshine at the end of a very cold and icy tunnel. While there are many great reasons to sell your house in the spring, there are also some drawbacks. Is spring the time for you to make a move?

Pros to Selling Your House in Spring

  1. Homes Show & Photograph Beautifully in Spring

    The grass and trees are green. The flowers are in bloom. Your curb appeal is at its best. After long, dark, gray winters, the lush and colorful beauty of homes in springtime is very attractive to buyers. Plus longer days mean more buyers will get to see your home in the daylight. Take an inventory of the elements of your home’s curb appeal and decide if your home will look its best in the springtime.

  2. Market is Packed with Buyers

    Many families seek to move in spring to be sure they can be settled into their new homes before the school year. If you consider your home and neighborhood to be “family friendly”, Spring might be the perfect time to sell. Besides timing for your target buyer, there are other benefits associated with a buyer-rich timeframe. First, more buyers in the market means more buyers that will want to see and purchase your home. This rush of buyers also means that prices will be higher because sellers gain the right to be pickier, knowing there are more buyers out there.

  3. Home Pricing and Valuations are More Accurate

    When determining the right price for your home, you will seek houses in your area that have sold recently that are comparable to yours. When an appraiser comes to value your home, they will do the same. With a greater density of sales in the spring, these valuations tend to be more accurate because there are more recent sales to use as comparable properties for your home. This almost always works in the favor of a seller who is working to justify the price they want for their home.

Cons to Selling Your House in the Spring

  1. More Competition Can Decrease Visibility for Your Home

    With a larger number of homes on the market, there is an even larger pile for your home to get lost in. Make sure your home looks its best and be sure that your marketing highlights the unique features that set you apart. This will help your home stand out from the pack.

  2. High Density of Transactions Can Lengthen Closing Timelines

    From your mortgage broker to your home inspector to your appraiser, all parties involved with the sale of your home will be swamped in the spring. This often leads to longer timelines between contract and closing. While more buyers may mean getting offers more quickly, that doesn’t necessarily mean that you will make it to the settlement table any faster.

  3. Buyers Can Be More Demanding and Slower to Act

    There are often more buyers looking for homes in the spring, but these buyers know there will also be more sellers. This can lead them to drag their feet when making a decision and to have a miles long wish list for their dream home. Remember, you don’t need 100 people to want to buy your house… you just need one!

No matter what time of year you are considering selling your home, it is important to seek the advice of a local real estate expert. Every market is different and a Realtor can advise you on the trends in your local market and devise a property marketing plan that will optimize your homes best features. By carefully crafting an optimal time to sell alongside a marketing plan, you and your Realtor can find the best way to get your home sold.

If you are thinking of selling your home in the Chester County PA or surrounding areas, please let us know. We’d love to help!