Thinking of selling your home in the Spokane area and wondering when is the best time of year to sell?
Most of the time, homeowners choose to sell their home because there is a need at that moment in time... a job transfer, a life change (i.e. a growing family or a divorce), the perfect next home just came on the market... these are just to name a few. I bring this up because often times there isn't an option to be strategic about the time of year to sell a home. You do it based on what works for YOU and your life.
However, if you have the opportunity to strategize and you want to maximize your timing of selling, the best time to list is in February. You might be saying to yourself right now, "Is she crazy?! It's cold as s#^+ outside during that time! No way I'd do it!" Well, if you want to maximize all opportunities to sell, that's precisely the time to do it!
Let me break it down for you as to why...
During this time of year, most other homeowners are thinking the exact same thing as you... it's too cold and they don't want to deal with the inconvenience of moving during bad weather, dealing with keeping walkways shoveled for buyers, things like that. Which means good news for you! During the month of February, you have very little competition from other new homes hitting the market, in comparison to other times of year.
Beyond minimizing your competition, knowing the cyclical nature of buyer activity is crucial to timing your home sale. Most buyers begin looking for a new home in February. Why? Well, the holidays are over, they're ready to accomplish what goals they've set out for the year, and tax season has hit, which means they may be getting a tax refund to use towards buying a new home.
So if your competition is low but buyer activity begins to pick up, this creates the perfect storm for your home to be a high priority on the list for buyers. When this happens, there is a greater chance that you'll have more showing activity on your home, and if your home is priced at or just under market value, you'll likely have multiple offers. Due to the scarce nature of the competition, the potential of multiple offers will likely cause a much higher price escalation than if the same situation happened in the middle of summer.
There is one more factor I want to mention, and this is important to consider, given how competitive our real estate market has been over the last few years and how few homes have been available in comparison to the number of buyers looking to buy a home. February is the start of our seasonal market. This means that most buyers begin freshly looking for homes around this time. Whether the buyer is newly beginning their home search, or whether they took a break after last year and are starting their search again, they are likely feeling very "fresh" and energized about their home search. In comparison to what many buyers feel like that have been searching all spring and summer, buyers in February tend not have any sense of being jaded about the competitive real estate market we have. Why does this matter to you? Well this often equates to buyers being willing to spend more money to secure a home they love, being willing to put forth their best offer, and being willing to put all their emotional and financial cards on the time. This means that you're likely to get stronger offers than if you waited until summer to list your home.
Now that I've shared all of this information with you, there is only one instance where I may recommend that you wait until a bit later, say March, to list your home for sale. If the Spokane area is hit repeatedly with snow, it may actually be better to delay temporarily. Although serious buyers will trek through the snow, others will hold off. So if the snow is like it was in February of 2019, it may be best to delay until the craziness clears.
If you're thinking about selling and want to find out more, don't hesitate to reach out to me! You can reach me via phone (call or text) at 509-844-5843 or via email at Keri@SpokaneHaven.com.