Springtime is selling time for owners in Northern Virginia. As soon as the snow melts and the green starts to pop, so does real estate signs announcing homes for sale and open houses.
The number of new listings is generally flat in January and February for so to skyrocket in March and April. The number of listings then declines until about July after which we get a small August/September bump. The market then again decline towards the Thanksgiving-New Year timeframe.
The number of sales is generally a lagging indicator – typically the number of closed sales peak a few months after the number of new listings do (the typical closing time is 30-60 days + about 30 days needed on the market to get an offer.) The last few years that typically means that the number of closings peak in the June timeframe. There is also a peak in august for closings – possibly due to people scheduling their closings at the end of the summer before school starts.
Weather does play a role too – in 2014 homes came on the market a month or two later than usual/ It was probably caused by the colder weather and more snow.
So, when is the best time to list your home? It will vary from year to year and also on depend on the type of home and community.
Towards the end of 2014 we have had a surplus of inventory in many locations. Some of that inventory is “wintering over”. In particular, some condominium communities have a lot of inventory and may have additional inventory coming on in the Spring. This may present a buying opportunity.
Most owners will probably still put their homes on the market in March/April as usual. I do suspect there will be quite a few new listings in late January and February in 2015 that are being relisted from 2014. We may also have some new listings that have been waiting patiently for the inventory to clear and can wait no longer.
For a single family home I would suggest listing as soon as the weather warms up in late February/March. Yes, you will be competing with other homes but there will also be a lot of buyers in a buying mood.
With inventory expected to remain high in many areas you will need an aggressive pricing strategy and will need a property that shows great. Your home needs to hit the market like a polished jewel and with a bang. If you do not get showings you need to reduce quickly and aggressively or your home may linger on the market like with the rest.
2015 will be an interesting year for real estate. Some people expect the market to keep going up while others expect it to go down. Interest rates are low and may fall more. The job market and optimism in our area is great.
If 2015 is the year you want to sell, we can help you make that happen. All that is needed is a winning and aggressive Soldsense on your side!