We are fast approaching the new year and the time when you as a Realtor can provide some of your most important advice to potential clients. Specifically speaking, the advice that you give when posed with the common question, “When is the best time to list my home?”
Question the Question
It is often appropriate to ask questions in response to a question. This is one of those instances. The first question you should ask in this case is, “Tell me please when your ideal closing date?” This question is key because many homeowners have a less than accurate perception of how long it takes to sell a home. During your presentation, you inform them that the average market time in their town or neighborhood is 105 days, for instance. In their mind, that initially translates to preparing to place their home on the market three and one-half months before they want to close.
Delving Deeper
Let’s take a closer look, however:
- Preparing the home to list: (Staging, gathering workmen, etc.) Anticipated Time: 1 Week / Actual Time: 3 Weeks
- Market Time: (Many MLS systems do not include days accumulated when homes were either cancelled or expired and re-listed.) MLS suggested market time: 105 days / Actual market time including expireds and cancelled listings: 165 days
- Processing Time: (From pending date to closing): 45 days
You can see with the example above that the homeowner really should begin preparation at least 7 months (231 days) in advance if they would like to close during a specific month.
The Alternative Answer
Often, when posed with that question, the homeowner is looking for a suggestion regarding the optimal season to sell. They’re not so much concerned with closing during a particular month as they are attracting the best buyer. Conventional wisdom is that the Springtime is best.
My twenty-five years experience has told me differently, that no one season is better than another. For every reason someone can give me as to why it’s best to list in the Spring, I can give a reason as why the Fall is just as fruitful. One just can’t predict when the best buyer for a particular home will appear.
In actuality, the best buyer will come forth and the opportunity for the most satisfying home selling experience typically occurs at that moment when the homeowner is emotionally ready to sell and the home is physically ready.
What advice do you give your clients when they ask the best time to sell?
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