When the time comes to sell your house, the general rule of thumb is to sell during the prime season – usually between spring and summer. But, what if you want to put your real estate on the market during the off-season? Is it the right move for you and your Michigan property, or would you be setting yourself up for failure?
Spring time marks the start of the busiest home-buying and selling time of year for Fenton, Michigan real estate agents. With more daylight, warmer days, and the drive to have a new house before the new school calendar kicks off, buyers tend to be more likely to shop for real estate now, with purchases peaking in June. Below, we discuss the pros and cons of selling your home during the prime season.
Selling During the On-Season (Spring – Summer)
The Pros
- A Bigger Asking Price
Unlike other retail markets where greater inventory equals lower asking prices, the real estate market in areas like Grand Blanc, Lake Fenton, and Linden, Michigan, work differently. Prices peak in the prime season when most homes go on the market. While this may sound counterintuitive, it is function of demand being driven by the school year and the weather. Furthermore, there are more buyers during this time, as it is just more convenient to move during the on season.
- Favorable Valuations
When real estate agents value your home, they look into data for comparable houses sold in the areas. However, if the most current data is from a property that sold for cheaper during the winter, it might hurt your valuation. In other words, only having smaller bits of comparable data can hold you hostage. But, with more homes on the market during the on season, the comparable data is more accurate. After all, the more data, the better your chances of a higher valuation, and prime season is when data is at its best.
- Days Are Longer and Houses Look Better
Spring time means shine time for properties. Buyers are out and flowers are blooming. Another positive point: daylight savings time means buyers have more time to look at homes and that means your house is likely to be seen by more buyers in the day, in turn bringing in more interested buyers.
- Summertime Bidding Wars
Bidding wars may be a nightmare for buyers, but they are a big positive for sellers. The ideal is to place your property on the market close to when inventory is at its highest. It means there’s more chance for multiple offers and bidding wars. In turn, you can potentially look forward to more money in your pocket and the chances of less demands and repair requests from buyers. Furthermore, cash buyers tend to be more aggressive in their bidding, so you could even find yourself with a buyer who has a pocket full of dollars and is ready to close.
- Sellers Are Also Picky
More buyers mean more options for new home owners. Worried about your old family home being torn up to make way for the Golden Arches? During the on season you are more likely to find a family or lovely couple to buy your property and keep it right where it is.
The Cons
- Buyers Are Fussier
With so many Michigan houses on real estate agent’s lists during the on period, buyers tend to have a bigger wish list. If your house is in need of repairs, buyers could pass for the next property. What’s more, most buyers are shopping at a leisurely pace at this time (whereas they may shop for property under pressure during the off season), so there is a pool of highly selective buyers.
Selling During the Off-Season (Fall – Winter)
The Pros
- More Motivated Buyers
During off-season, you are more likely to have to field lower offers from cautious property shoppers. Real estate buyers during the off-season are usually more serious and focused about finding their perfect property in a shorter period of time. In most cases, they need to relocate for work or are in a situation where they need to move soon.
The Cons
- Thrifty Buyers
Our real estate agents in Fenton, Michigan note that sellers who put their property on the market during the off season tend to do so due to an extraneous factor, be it a layoff, short sale, or a death in the family. And, there are buyers looking for good deals during this season. They are a lot more sensitive to price and they are intent on buying now. They want a discount, which usually means investors are on the prowl during the off season. You may find that you have to accommodate the potential buyer’s desires, such as making particular repairs or swallowing up some closing costs in order to secure a quick sell.
- Homes Go for Less
When there is less real estate on the market, homes will sell for less. There is a chance you will be able to negate this and raise your price, though, to accommodate a lower offer.
- Curb Appeal Is Not Great
If you want to sell your home in the winter, be aware that the property is going to have much less of a colorful pop compared to the springtime. The curb appeal just isn’t there – there’s a lack of beautiful blooms, lush green lawns, and in-ground pools are under cover. If you must put your property on the market at this time, you can try to offset the blandness of the colder months by keeping your sidewalk and driveway as clean and clear as you can, and offer real estate agents pictures of your beautiful Michigan home during the spring for reference.
The Verdict: On-Season Wins!
According to experts, on-season is a surefire winner. Sellers who do have a choice as to when their property is put on the market can, and should, wait until prime season so as to reap the many benefits we have discussed.
If you want to sell your property, now is the perfect time. Contact us to discuss your options.
Jennifer Lasco Real Estate
101 N. Adelaide St.
Fenton, MI 48430
810.433.9556
http://www.jenniferlasco.com
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