For many thinking about selling their home, the time of year you put it on the market can be a significant factor in how quickly it will sell. There are certain months within the year that can improve a seller’s chances of getting their home sold, and this is what I'd like to share with you.
For many years seasonal trends have been charted in an attempt to better define the window of opportunity for sellers. Traditionally late spring and through the summer months have been thought of as the best times because demand builds during this time of the year and more people are out looking to purchase.
When you pause to think about this it makes a lot of sense. For one, couples with children don’t have to worry about uprooting their kids in the midst of a school year. Moving in the summer makes for a much smoother transition from one school to the next. Also, in general, the spring and summer provide a more relaxed work schedule for people and they are therefore able to make time for vacations and major events such as moving. Generally volumes peak in the months of June, July and August.
The landscape changed however in 2009 when the government rolled out the first-time home buyer’s $8,000 tax credit. Normally home sales volume dramatically decreases in the fall but with the tax credit, initially slated to end November 30, 2009 and recently extended to April 30, 2010, sales were up substantially bucking the seasonal slowdown. According to the National Association of Realtors® November survey of members reported that the number of first-time home buyers climbed to 51 percent.
So when is the best time to sell your home? You'll avoid market competition by listing your home earlier in the year, think January, February and March. In 2010 this will be even more important because with extension of the tax credit, that now includes repeat home buyers as well as first-time buyers, activity in the market will increase dramatically. In order to be eligible for the credit all residential transactions will need to close no later than June 30th, thereby initiating serious buyers to the market even earlier.
All this culminates into a tremendous incentive for sellers to list their property as early as possible, assuming they are ready and comfortable with their strategy. As a seller, your goal is to capitalize on this demand-rich environment.
Many sellers of residential real estate will find that in a buyer's market, the buyer's have a buffet to choose from. Sellers are always looking for new and innovative ways to stand out as the better choice in the line. If you are considering selling your home even when you owe more than your home is worth or would like to learn more about plausible strategies as a seller I would be happy to listen to your real estate goals and aspirations in order to guide you to an exciting and enjoyable outcome!
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