If you have been trying to buy or sell a home and the end of the spring-summer real estate season is giving you headaches and anxiety, take it easy!Although real estate sales tend to plummet downwards at the end of warm weather, there is still lots of potential in buying and selling during fall and winter. Bear in mind that sales volume is not your dilemma. The only thing you need to focus on is the house you want to sell or hope to purchase.
Today, real estate isn’t as seasonal as it was in the days of old. If a property is priced and marketed properly, there will always be a buyer; it doesn’t matter which season it is.
On the upside, a lot of home buyers and sellers are capitalizing on the seasonal nature of residential real estate, taking advantage of the benefits of buying or selling houses during fall and winter – which includes the amazing colors of fall leaves (the few deciduous trees we have here in LA even offer color!) and holiday decorations that flaunt the fullest potential of homes. Whether being the seller or the buyer, you can have the upper hand during the off-season. Here’s why:
Sellers
- Buyers are motivated. Numerous off-season buyers are more serious than the herd of potential buyers who attend open houses in spring. Think about reasons why they didn’t buy during the peak season. Maybe they didn’t have enough money for a down payment or couldn’t get a mortgage at that time. Just the fact that they are now looking at homes during the off-season may have a very important effect.
- There is a second season. While sales undeniably fall short during early fall, most of the time they start to pick up again in October in a lot of cities. Here in Los Angeles Westside, October is one of the busiest months.
- Cyber sales. The growth and increase in Internet usage have amplified a substantial amount of off-season real estate sales. Potential buyers can now look for homes for sale without getting out of their houses through an abundant range of Web sites. Virtual tours can make them feel like they’ve personally visited different homes and they can preview neighborhoods, schools and city information without breaking a sweat.
- Hindsight. When you put up a home for sale in the fall or winter, you have the advantage of hindsight: You and your agent can go through which homes sold quickly in your area during the peak season. This gives you the chance to make adjustments in your pricing and terms accordingly, and enough time to make your home more marketable.
Buyers
- There’s less competition. Need I say more? Think about not worrying about getting that dream house last April being bought while you were trying to decide on making an offer the next day.
- Sellers are often pressured. Motivation is crucial given any real estate situation. Determine how long the property has been on the market. If it’s been on the market for quite some time now, the seller is probably feeling restless.
- Interest rates. If you’re ready to buy, waiting until next spring can have bad consequences. A lot of experts are betting on mortgage rates shooting up from here.
Helpful tips for selling or buying in the off season:
Sellers:
- Ensure that your property is priced accordingly. Remember, pricing and condition of property can be just as important as location.
- Exploit the lack of competition and work with your real estate agent to make sure potential buyers fall in love with your home at first sight.
- Be sure to keep landscapes well maintained. Color your garden with season-friendly plants. Rake leaves, prune back spent plants and shrubs and keep sidewalks and driveways clean.
- Check your heating system as part of your pre-sale inspection. Make sure it doesn’t make strange noises, emit odd smells or if it’s just not working at all. If you can’t afford to make repairs in advance, get written bids and share them with potential buyers. It at least saves them the hassle of figuring out how much they’re going to spend on repairs.
- Repair windows if they don’t close properly to maximize warmth. A warm house is essential during fall and winter.
- Don’t hold back on holiday decorations. Autumn wreaths and holiday lights make homes look great at this time of year. But don’t go overboard, either.
- Bring in the light. Wash all windows, open drapes or blinds, and turn on lamps. Buyers are attracted to light-filled homes during the darker months.
Buyers:
- Remember that days run shorter during the fall and winter. Spend more time on visiting homes during daytime and on weekends, instead of evenings after work.
- Take the time to visit the local schools, once you find a home you like. It’s a better way of getting to know the schools and talking to administrators and teachers while school is in session.
- Look for signs of foundation drainage problems. You’ll see the effects of this with water pooling under the house.
- Be on the lookout for great deals. People tend to forget that it’s easier to get a good look at a house, and feel less pressured to make a quick decision during the off-season.
If you are interested in buying or selling- call me at (310) 487-0099, email me, or visit my website today to see if the timing is right for you!
