Many of our clients assume that because buyer activity tends to drop off in the summer, it’s a good time to take their home off the market. If you’re a home seller, though, this isn’t always the best plan.
In June, we usually see the highest number of canceled and expired listings fall off the market. This results in a drop in inventory, particularly in the luxury markets and the markets primarily occupied by second-home buyers.
When this inventory drops, there is a lot less competition among sellers, and although there are fewer active buyers, the ones that are out and about are far more serious about purchasing. While you may only get about half the number of showings you’d see during the prime selling season, you won’t have to deal with buyers just looking to see what they could afford some time in the future.
“If you wait until October to list, a lot of other inventory will hit the market at the same time.”
Additionally, it’s important to remember that buyers also have less competition during this time, and buyer demand never drops below where inventory is. So in reality, some of the best times to list in the luxury and second-home buyer markets are during the summer.
By comparison, if you choose to wait and list in October, a lot of other inventory will hit the market at the same time, and most buyers won’t even be in town until spring.
If you’re looking to sell your home, we advise that you keep it on the market during the summer. If you need any help putting your home on the market or you have any other questions, please feel free to give me a call. I’d be happy to speak with you.