Just like our clocks this weekend, the housing market will soon “spring forward” here in Southern California. Similar to tension in a spring, high inventory had been holding back the market with it taking an average of 140 days for a house to sell.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially true given the unusual amount of rain we have seen here this season.
It is common knowledge that a great number of homes sell during the spring buying season. For that reason, many homeowners hold off putting their homes on the market until then. The question is whether or not that is a good strategy this year.T
The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June
The other listings that come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market during this season in comparison to the rest of the year? The National Association of Realtors (NAR) recently revealed the months during which most people listed their homes for sale in 2018. This graphic shows the results:
The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,520,000.
That number spiked to 1,870,000 by May!
What does this mean to you?
With the national job situation improving and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now.
If you are looking to sell this year, waiting until the spring/summer to list your home means you will have the greatest competition amongst buyers. With the rush of housing inventory about to enter the market – it is wise to list your home today to ensure you can achieve a quick sale – for the highest price.
There are many reason why houses do not sell in a strong market. Before locking yourself into a lengthy listing contract – think strategically. A failed home sale can be an incredibly frustrating experience costing the seller valuable time, and money.
Consider implementing a different approach. Check out our suggestion for the top trend among southern California homeowners. An excellent solution for anyone who has either had a listing expire or encountered difficulty in selling their house.
One idea could be opting for a retail auction home sale utilizing a popular platform that is creating unprecedented results in the Southern California market. An auction home sale is not for distressed properties, but rather homes intended to sell for full market value. Auction listings typically sell in far less time than the standard “list-and-wait” home selling process. the average days for an auction home to sell is at 35 days with 90% success rate, whereas a standard home sale in southern California is up to 140 days on the market with only a 40% success rate.
That said, all auction sales are not created equal. As the success of this selling strategy continues to grow in popularity among homeowners, many southern California Brokers have been quick to jump in and meet demand by offering auction sales to their clients without fully understanding how to execute the auction process effectively. We strongly encourage that you perform due diligence in interviewing agents and ultimately select someone who specializes in auction home sales.
Our pick… Harcourts Auctions who has been a recognized industry leader in retail auction home sales worldwide for more than 130 years. Harcourts USA headquarters are located in Orange County California with many offices available throughout the entire southern California region.
Want to learn how more than 1183 homeowners sold their house in less than 35 days – with a 90% success rate. Click here to see the auction platform that local industry experts recommend most.