If you’ve paid any attention at all to the real estate market in Central Kentucky (including Lexington, Georgetown, Versailles, Midway, Frankfort, Richmond, Paris, Cynthiana, Winchester, Richmond, and more), you know that demand is high and inventory is low, creating a sellers’ market. Many of my clients who are thinking about selling have asked me whether they should go ahead and list now or wait until spring.
Reasons to list now
- You can take advantage of the hot sellers’ market that exists NOW. Although interest rates are projected to remain low over the next year, you never know what the world (or the economy) is going to look like in 3-4 months.
- There aren’t as many buyers in the market now, but many of the ones who are looking are MOTIVATED because they HAVE TO move because of a job or a change in marital status, for example.
- YOU may need to move, since a lot of job changes and corporate relocations take place at the first of the year.
- There’s less competition – fewer homes available for buyers to choose from means yours is more likely to get attention.
Reasons to wait until spring
- Your exterior photos will look prettier once your landscape greens up. Similarly, your neighborhood will look better in the spring.
- There’s still a lot of winter left. If your house is on the market, you will need to make sure your driveway, sidewalk, steps, and porch are cleared of all snow and ice to avoid any slip and fall situations.
- You might have less mud and snow mess to deal with from buyers going through your home.
- There will be more hours of daylight available for showings.
- Some properties or features, like large farms or swimming pools, may be virtually inaccessible during wet or snowy winter months.
- If you have to hang out in your car when you leave your home for showings, it won’t be so cold.
- Typically, there are more buyers in the market in the spring than in the winter (although there are also more homes for sale).
- There are several programs that can help with down payment or closing costs that are only available in the spring.
- You might not want to move your kids during the school year.
My advice
Basically, I tell my clients if they want to sell and their house is ready to list, let’s go ahead and list it. If their house needs some repairs or updates, I recommend they get those done and we’ll list later. Not sure? I walk through my sellers’ properties and give them my thoughts about what needs to be done before listing – if anything. A home that shows well and appears well-maintained will sell faster than a similar property that needs a little paint or a good, thorough cleaning, regardless of season.
What I don’t recommend is pricing the house high now, thinking you can just reduce it in the spring if it hasn’t sold. You have one chance to make your debut in the market. Every facet needs to be at its best – the condition of your home, the staging, the photos, and yes, the price. If a house under $300,000 has been for sale 3-4 months in the current market, buyers know it is overpriced and may suspect there’s something wrong with it. (The situation is a little different for more expensive properties, as those are expected to sell more slowly.)
There are so many factors to consider, but I recommend my sellers do what’s best for them and their families versus worrying about whether they might clear a little more by selling at one time or the other.