If you’re considering selling your beloved property, you might be surprised to learn that you can make more money by strategically planning when your home makes its grand entrance on the Ventnor real estate market. Buyer activity is more lively during certain months of the year, and sellers often find that they can attract more traffic to their listings if they get the timing right. Below you’ll learn the ideal strategy for listing your home to garner the most interest.
Spring and summer are king
According to the National Association of Realtors, sales prices and the number of sales are highest during the warmer months, with May, June, July, and August being the timeframe with the most buyer activity. In fact, on average, the number of sales during this timeframe makes up 40% of the total sales volume over the entire year, with June being the month with the highest number of sales.
There are several factors that make market activity strongest during this time. Many real estate seekers are excited to get out and shop for homes after staying inside throughout the winter. Plus, many buyers want to avoid loading boxes and driving moving trucks in inclement winter weather. In addition, some buyers receive their tax returns and make plans to use the extra cash on a down payment. Finally, families with young children are eager to move after the school year ends so that they have ample time to settle into their new homes before classes resume in the fall.
While it’s true that homeowners may face the challenge of increased competition from other sellers if they list their homes in the spring, the massive influx of buyer demand usually makes this a minimal issue.
Avoiding the “slow season” of fall and winter
The market stays hot through August before cooling down in September and October, reaching its lowest point in January. In fact, the number of sales within the “slow season” from November through February makes up only 68% of the total sales from May to August.
Winter is often the most challenging season for selling homes. The same families who were shopping for homes in the spring and summer are now busy driving kids to and from school and attending extracurricular activities and after-work responsibilities. Others are distracted with holiday plans, travel, and end-of-year work goals. Homes sell twelve months a year, but average prices are often lower between November and February.
If you need to list your home during the slow season, your agent will have tried-and-true methods up their sleeve to make sure you still reach success. It’s also true that some buyers aim to move in the winter just before the end of the year because of how it improves their tax situation. However, most sellers find that they have to work much harder on marketing if they want to generate significant interest in their properties when selling during the slow season. You and your agent will devise a marketing strategy that is sure to generate interest.
What is the best day of the week to put my home on the market?
There are two schools of thought on this question. Some people think it’s better to list a home on the weekends because people are more likely to see it and head out for an open house. However, others believe that you should publish a new listing early in the week so that prospective buyers have time to schedule a private showing for the upcoming weekend.
You can accomplish both goals by listing your home on Thursday. This ensures that any interested buyers who want to see your home on the weekend will still have time to schedule a showing. It also means that you’ll stay closer to the top of the list on Saturday and Sunday, catching the eye of buyers who prefer to look for new homes over the weekend when they aren’t working.
What is the worst day of the week to list my home?
Try to avoid listing your home on a Sunday if you can, as most people are too busy with family activities or preparing for the week ahead to check for new home listings. Sundays are also a popular day for open houses, and many of the buyers that you would be hoping to reach are already out and about, viewing other homes.
Likewise, Monday isn’t a good day to put your home on the market, either. You’ll have a better chance of buyers seeing your home, but most buyers cannot take action until the weekend, which is still several days away. By the time the weekend rolls around, your listing may have been forgotten.
What time of day should I publish my listing?
You’ll often see several new listings hit the market early Thursday morning. The problem is that many buyers won’t check for new listings until after they get off work in the evening, and a home listed earlier in the morning could already be on the second page of recent listings by the time they log on. To combat this issue, consider listing your home in the late afternoon rather than first thing in the morning. You won’t miss many buyers during the day, and you’ll give yourself a better chance at remaining close to the top of the list when people log on to check for new homes after they get off work.
If I’m not going to sell my home immediately, what can I do while I wait?
If your home-selling journey is on the horizon, but you want to stay productive in the meantime, you can make a few upgrades to your home that will help it stand out on the market. Your agent can advise you on which renovations or upgrades may be worth the effort. Many sellers find that minor kitchen and bathroom renovations offer the greatest potential return on investment, along with any upgrades that make their homes more energy-efficient.
If you have more questions about when to list your home or if you’re ready to take the next step, reach out to Anthony D'Alicandro of the Dwell Real Estate Team. Anthony is an expert in Ventnor real estate and has been involved in over 2,000 past transactions. He is passionate about the local market and loves educating his clients so that they can make wise decisions when buying and selling homes. He would love for you to be the next client he serves. Reach out today!
*Header photo courtesy of Shutterstock