You’ve surely heard that interest rates are still great for buyers, and everyone knows that Spring is the best time of year to try to sell your house. But I still have people telling me that they are going to wait a bit before they try to sell. Well, waiting is a bad idea!
Every year, as we look at the home sales from month to month, we talk about the Seasonal Weighting Factors. We use these to make projections on how the year will progress. Based on previous years, we can see that January typically accounts for about 7.4% of the PENDING SALES IN MIBOR. That is, homes with accepted offers.
Here’s a chart (thanks to my husband who understands Excel) that shows what percentage of houses typically pend in each month…
weightingfactors (Click please! I can’t make it appear as a picture for some reason)
It is clear that March is the busiest time of year for pending sales. Many people think they can just wait until March and put their house on the market, and it will sell right away. What they forget is that buyers usually take at least 2 months to find the right house, and start looking online even before that. It takes a little bit of time to get all the advertising into the hands of the buyers and for them to set up an appointment to see your house and then to make the decision to move forward.
So, RIGHT NOW is the perfect time of year to get your house listed, because in the real estate world, it is already Spring!!