With the market still thriving, I've had a lot of sellers ask me whether the summer is a good time to list their home. Thus, this article from last summer deserves a repost! Take note and speak with your trusted real estate agent as to what timing works best in your situation.
Summer can be fantastic for many reasons. The sun comes out in full force, family time expands with ‘school-free’ kids, and vacationing becomes high on the priority list for many people. With all that being said, is it a good time to sell your home? Take a look at a few factors below before making the decision.
1) The Current Inventory
Assess the current inventory to see what your competition looks like. Are there a great number of apartments like yours on the market or will you be one of few in your price range? If inventory is tight and the options are slim, it could prove to be a prime time to list your home.
Without a doubt, price is the leading factor with regards to the time it takes to sell your home. Overprice your property and it doesn’t matter what season you choose to list your home in, you’ll have trouble selling. Run a thorough comparative market analysis and be sure your pricing is in line with recent sales. Take a look at similar listings that have most recently gone into contract and pinpoint what asking prices are producing results. Be diligent in both your research and your list price.
3) Your Apartment Features
Is there something special about your home that might make it more advantageous to sell in the summer? Perhaps you have amazing outdoor space or maybe you’re located on a top floor with astonishing sunlight and remarkable views? Maybe your rooftop pool has recently opened for the season or your gigantic roof deck is in full bloom? If impressive summer features abound, you might want to take advantage.
4) In What Part of the Summer are you Listing?
Generally, June and July are better months to put a property on the market. If you can ride the coattails of a successful spring market, it may be easier to attract those buyers who have recently lost out on apartment bids. List towards the end of summer, and you may see (and feel) a bit more of a slow down.
There are a vast number of factors that can determine the success of a summer sale. Weigh the pros and cons carefully and make the best decision for your particular situation.
Licensed Real Estate Salesperson
Douglas Elliman Real Estate