March 4, 2016 by Jeff Lowen
“When’s the best time to list my home?” A question I get asked a lot. The Spring market is just over the horizon, and many believe it’s prime time to list a home for sale. I must ask you though… Is that what you really want to do? Did you know that over 50% of sellers the “List” their homes for sale, end up with no sale whatsoever? * My guess is, that you really don’t want to just “List’ your home. You want to SELL it!
I read an article about Zillow’s new “Best Time To List“tool that attempts to answer this question stating, many sellers keen on fetching top dollar for their property often pose the “When” question to real estate agents. But, c’mon now… Have you ever heard of a seller that didn’t want to get the most amount of money they could from the sale of their home?
Although, I see the value in a tool like this if you want to impress your friends at the next happy hour, the real “Best time to list” is about your particular situation. Most of the homes owned are owner occupied, so things like life events, employment changes, family growth and kids moving out of the home, downsizing time, etc. are what drives the desire to move. As opposed to an investor’s motivation that usually boils down to the return on his or her bottom line.
Zillow’s tool estimates how much the timing of when a property is listed will influence its sales price, based on the sales history of the property’s local market. How local is local? Does Zillow factor in the neighborhood across the street’s run down community with your, well-kept, HOA well run community? Does it factor in the fact that the supply of listings influences the demand of buyers? How long will it be before savvy buyers figure out if they can hold off, the best time to buy is when Zillow’s guess at the best time to list isn’t now?
All this remains to be seen.
The moral of the story here is that I haven’t met many sellers that want to “List” their home at all. They want to get it sold and move on with their lives. Statistically (Since that’s how Zillow bases its tools), with 54% of all home that go on the market don’t sell, what does that do for you who is looking at a high activity market to sell your home in? Or any market for that matter!
When you’re ready to make a move, it’s important that you gather as much information as possible and meet with a professional agent that can help you digest it, weighed along with your reason for your life change. Look into a Certified Home Selling Advisor to help you with that.
*According the National Association of Expert Advisors research, cumulative statistics in the past five years, due to life changes, expired, cancelled and withdrawn listings, mis-informed homeowners and the real estate agents that represent them – are what they consider, doing well below the national averages compared to a successful real estate agent’s production and services.