You’ve heard that selling a home during certain seasons gives you an advantage. Conventional wisdom says that home owners should wait until Spring to put a property on the market.
But this might not always be the case. Los Angeles has different trends than other markets. There are advantages and disadvantages for property listings in each season!
Let’s take a look at the effects of seasonality on the home selling experience.
Winter (Dec. 21-Mar. 20)
Sellers tend to be hesitant to list their home in the Winter. The belief is that people are still recovering from the holidays or their curbside appeal will suffer.
According to research by Redfin, this might be the best season to sell in Los Angeles.
There is a combination of factors involved here. One is a lack of competition. There are fewer homes on the market to choose from, as many people wait until the Spring.
The other factor is that 66% of homes listed in February sell within 90 days.
If you want to get a head-start and reach buyers that are looking for a second home, Winter is a great time to sell.
Spring Property Listings (Mar. 21-June 20)
Spring is the Superbowl of real estate. Property listings during this season do well, with 15% selling above the asking price and 39% going under contract within 30 days. Houses also sell faster if placed on the market in the first two weeks of May.
While there is more competition in the market, there are also more buyers, so it tends to come out in favor of the seller. Buyers have higher expectations than in other seasons, so make sure you have your home and lawn in top condition.
Summer (June 21-Sept. 20)
Summertime in Los Angeles tends to see a drop in homes under contract within 30 days. This reduction could be due to various factors and should not discourage sellers from listing their homes.
Families planning on moving to Los Angeles will come to visit in the Summer when their kids are out of school. These motivated buyers want to make a quick deal. Many of these buyers can’t afford homes in Marina Del Rey and other Westside neighborhoods.
If you have a home for sale in the South or East sides, you can take advantage of this! Present a home that is ready to move into now, keep your price competitive, and you could turn over a quick profit.
Fall (Sept. 21-Dec. 20)
Fall tends to be a slow season for property listings. The season shows the lowest amount of houses under contract within 30 days, although it’s only a 1% decrease from the summer.
Most of this is due to the holiday season. There are three major holidays during this time, so people are hesitant to put money down. Putting a house on the market later in the Fall can lead to Winter sales so getting an early start might be ideal.
In Los Angeles, Seasonality Matters Less Than Other Factors.
Unlike other housing markets, Los Angeles property listings tend to do well year round.
There are other factors that influence when it is right to put your home up for sale. Housing prices, the number of listings in your area, economic predictions, and future construction can drive demand or slow it down.
Your best bet is to get an experienced and determined realtor. Powerhouse real estate, led by respected broker Daryl West, will help you navigate the process of selling your home for its true value.
If you want a motivated team working for your future, contact us today!