Wondering when to list your home for sale? Well, in Northern Virginia, the fall and winter are busier than you think. In particular, Prince William County sees an upswing in value in the fal months due to less inventory to meet Buyer demands.
When Should I List My Property?
I have been getting this question more and more. From homeowner sellers who have been struggling to get their house sold trying to plan for the perfect time to sell, from rehabbers planning their work and builders and developers looking into future in terms of when their product will be ready, we are getting this question several times a week.
The big picture I tell folks is that the best time to sell is when YOU are ready, especially for homeowners. It is very difficult trying to plan the seasonality of the market. And in reality, at least in Philadelphia, the seasonality is out of whack. For example, we did not have a spring market this year. The summer has been slow. It was busier in the winter of 2010 and January and February of this year. Those folks who waited until spring of this year to list their properties made a huge mistake.
The first-time homebuyer tax credit of last year threw the market out of proportion from a seasonality standpoint. Personally, I think the market will be busier in the winter again this year. Many sellers will be taking their properties off the market and waiting until spring next year which will be a mistake again if they are interested in selling their property now falsely believing that "no one will be looking" in the winter.
For rehabbers, I recommend to get the job done as quickly as you can without compromising the project. And then getting the property on the market when it is ready. You certainly do not want to hold a property through the winter thinking that the demand is not there and have the extra carrying costs. For builders and developers, it will be a little more complex as there will be more elements that go into the equation. But strategically, there needs to be discussion with their Realtor to work together to maximize the strategic benefits and synergy of the project as well as the marketing.
Personally, I am finishing up a rehab property in Fishtown that will be going on the market around Labor Day. I am excited about it as it is a super product and will be a terrific home for some lucky buyers by the year's end!
As a Realtor, what do you say to "When Should I List My Property?"
As a property owner, what are your thoughts?