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Tuesday, March 25, 2014

Sellers Ask Themselves: Should I Sell Now or Wait Until Summer?

[Published Mar. 27, 2014, in the Jeffco editions of the Denver Post's YourHub section and in five Jefferson County weekly newspapers]

We tend to think of real estate as seasonal — the “selling season” begins in May when school gets out and parents can move without disrupting their children’s education.

Just this Monday I had a listing appointment where we discussed the pros and cons of listing a home now vs. in May.

In this seller’s case, he was single with no children, but he couldn’t move until June because of a job commitment. (He’s moving out of the area.) Since homes are selling quickly now, he was afraid to list now and have to move before June.  Also, he knew his home would look better once the trees in his yard leafed out, looking more beautiful and giving his home more privacy.

Those are good points, but here are some arguments I offered him for listing now instead of waiting.

(1)  We don’t know when this hot market will cool off.  Will the supply of listings explode in May and the crazy multiple-offer dynamic we are witnessing now dissolve?

(2) Interest rates are known to be rising. It’s a major motivation for today’s competing buyers.

(3) You don’t have to accept a buyer’s proposed closing date. Every aspect of a contract can be countered, including closing and possession dates. If a buyer must close before June 1st for financial reasons (e.g., an interest rate lock is about to expire), you can close in May and lease back the property until June.

(4) If you have nice summer-time pictures of your yard, they can be scanned and used on the MLS.

(5)  January and February proved to us that there is no “selling season” nowadays. People are buying homes year round — and they always have.  It’s just more pronounced now because of pent-up demand, rising interest rates and low inventory.

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