Our Eastside of Los Angeles Real Estate clients ask us all the time: “When is the best time for us to list our home?”. Conventional wisdom tells us that selling in the prime season is usually your best option, which generally starts in spring and lasts all the way through summer.
But what if you waited until the off-season—is that a smarter decision, or would you be leaving money on the table?
Let’s face it, when you talk Los Angeles, California, a city that arguably doesn’t have an off-season, or an off button for that matter; a handful of individuals arrive in LA everyday for a variety of reasons, and none of which is our poor weather forecast or lack of entertainment.
Nonetheless, most professional Eastside of Loa Angeles Realtors will tell you that spring does mark the start of the busiest home-selling and property buying season in most areas of the known universe. With the warmer weather, more daylight hours, and the urgency to get a new home checked off the list before the next school year begins, prospect buyers are more incline to write their offers during this time of year, with home buying peaking in June to mid July.
In other parts of the country, the buying seasons can have a huge swing in sales month to month. For example, areas with drastic weather patterns for instance can be a game changer.
Typically, depending on where you live leaves a lot of cards on the table or variables to think about — both in timing and overall demand for purchasing and selling in the real estate market.
The On-Season Selling Time: Spring & Summer
Pro: More Dollars In Your Pocket
With more buyers willing to write offers on Eastside of L.A. Real Estate in the spring and summer, the possibility of your house going into multiple offers is generally good for you. This means, assuming you have a skillful and professional Eastside of Los Angeles Listing Agent, you’ll be in a great position to send out a handful of counter offers and ask for not only more money, but more favorable contract terms: Shorter escrow period, sold “as is”, and a number of other ideas to help earn sellers more money.
Simply put, there are more buyers for Eastside of L.A. Real Estate in the spring and summer. Comparative to demand, the supply of homes is actually tighter in spring and summer than in fall and winter.
Pro: Easier Valuations
Once our Eastside of L.A. Listing Agents get you house into escrow for the most money and best terms, the buyer will most likely be getting a loan, which means the lender will order an appraisal. When your house is being valued, the appraiser will look into data for comparable homes sold in your neighborhood. Our Eastside of L.A. Listing Agents usually do our best to help the appraiser along the way by pulling COMPS (comparable properties sold) the best we can.
If our Eastside of L.A. Listing Agents are selling in the winter months there may be fewer COMPS and homes may sell for less in which case it may hurt our valuation. With more properties selling in spring and summer, the comparable data (or “comps”) tends to be more abundant which could be interpreted as more accurate. Either way, the more data the better — and the prime season is when we have a handful of COMPS at our disposal.
Pro: Homes Look Better, Days Are Longer
There’s no doubt that spring and summer is when we get the most light and foot traffic. That typically means a bigger chance for more interested home buyers.
Con: Buyers Are Pickier
With more Eastside of Los Angeles houses on the market to chose from, buyers can afford a larger wish list. If your property needs repairs, buyers might simply just pass, or will sometimes get lowball offers from flippers and real estate developers waiving their all cash fast close offers in our faces.
Throw on top of that that most home buyers aren’t shopping under pressure (as they might be during the off-season), and you have an array of specific shoppers that may be ready to pull the trigger or may not.
Pro: Sellers Can Be Picky, Too
With more buyers out there, sellers can be picky with who they ultimately decide to sell with.
The Off-Season Time: Fall and Winter
If you chose to list your Eastside of L.A. Home For Sale in the off-season, it could be looked at as a “fire sale”, meaning you have to get out instantly. Individuals may assume it’s probably because of an extraneous factor—such as a death in the family, or a layoff.
Pro: The Motivated Buyer
While you may experience a handful of lowball offers from some home shoppers, that doesn’t mean the motivated buyer won’t come around. Our Eastside of L.A. Listing Agents will often tell you that if buyers are willing to invest the time to schlep into houses and write purchase contracts during the holidays, chances are they’re most likely serious home buyers.
Verdict: The On-Season Is better
It seems like traditional wisdom seems to get it right, according to our experiences as Eastside of Los Angeles Real Estate Professionals: Sellers who have a choice in the matter might be better served to wait until the prime season begins so they can reap the benefits of making double sure that they’re not leaving any money on the table.
Than again, in southern California specifically Los Angeles, the standard rules for the rest of the real estate universe don’t seem to apply.