What Causes Real Estate Seasonality?
Homeowners looking to sell their properties may be surprised to learn that housing prices aren’t just affected by economic fluctuations or local property value—the seasons of the year can also dramatically impact the price you can fetch on the market.
While each area of the country differs in terms of real estate value, seasonal real estate trends play a huge role in what buyers are willing to pay and what sellers are able to get. So what seasonal factors impact the market, and what can sellers do to beat these seasonal trends? Let's take a look.
In general, the housing market heats up along with the weather. No one wants to pack up and move into the middle of a snowstorm!
Spring and summer are also the ideal time to complete simple home improvement projects, like adding a fresh coat of paint and improving the landscape to enhance curb appeal. The busiest moving day, studies show, is July 31. But weather isn't the only cause of these housing market seasonal trends.
The slowest time of the year for buying and selling homes in between November and January. It's not just because it can be cold—most families prefer to be moved in and ready to entertain by Thanksgiving.
Afterward, Christmas, Hanukkah, Kwanzaa and other important celebrations fill the calendar with cocktail parties, family dinners, and get-togethers. After New Year's Eve, the market starts to improve. Once the decorations are put away, most sellers wait for the thaw before listing their homes. Most buyers also prefer to wait until the inventory is better.
Another seasonal reality impacting the real estate market is the start of the school year. Families, for good reason, want to make sure they're settled in before classes start, especially if they're moving into a new school district. The transition is challenging enough, without having children uprooted into the middle of their studies. If a major selling point of your home is the great schools nearby, listing in April or May is your best bet.
The Takeaway: Beating Seasonal Trends
Real estate seasonality may make logical sense, but that doesn't mean the timing fits within your needs. If you're looking to sell in order to access your home equity, one popular option is to Sell and Stay. This process allows you to sell your home in as little as six days, and then rent your home for as long as you'd like. Selling your home when the inventory is low can often result in a better end result—without having to worry about moving out.
EasyKnock's MoveAbility program is another way to beat the housing market seasonal trends. This program makes your home value available to you before you put your home on the market. Without having to worry about upending your life, you can take your time and list your property when the market heats back up, and you're ready. You'll still benefit from the appreciation and have the freedom to negotiate with buyers to get the most favorable bottom line.
Ready to learn more about these options for beating the seasonal trends in real estate? Contact the experts at EasyKnock today.