If you read most of the run-of-the-mill real estate news and advice sites and magazines on the Internet, most of them will advise you to list homes for a summer sale and move-in. The theory, of course, is that lawns and gardens look great in the spring (true), and you want to take advantage of kids getting out of school in the summer which frees families up to load moving vans in June.
The luxury home market is a little different. Many of my more affluent clients – buyers looking to purchase homes in the $700,000 range and up in Frisco and Plano and other North Dallas suburbs – are taking some well-earned vacation time in the summer. That’s premium travel time! It’s also a great time for them to catch up with grandchildren as they enter their own peak earning years. They aren’t thinking of going home buying in June. They’re making vacation plans or firing up their RVs and boats.
So in the luxury home market, we sometimes see a bit of a slowdown as we enter the dog days of summer. Yes, homes get bought and sold, but sometimes we don’t see as many competing offers as we might during other times of the year.
But the early autumn is a great time to list homes in the luxury market. Wealthier Americans are back from their vacations and ready to focus on planned home purchases. Plus some of the excess inventory has already been shaken out of the system from the traditional May-June home sales. So autumn sellers have the advantage of selling into a tighter market, from an inventory perspective. Fewer listings mean less competition from other listers, and a stronger bargaining position.
Home staging is also particularly effective during the autumn. There’s nothing like a bit of cider or lemonade in the kitchen and the smell of autumn cooking to make a house feel like a home. Spring looks pretty from the outside – but if you can get an autumn buyer into the home, a skilled home stager and seller can really have them hooked!
Another dynamic that sometimes happens under the radar: Spring buyers are often looky-loos. They’d love to buy – but they can’t quite qualify, for whatever reason. Buyers who are actively looking in the autumn tend to be more serious buyers. Plus, a lot of folks who lost bidding wars in the spring come back to the market in the fall – sometimes in a stronger position.
The time to start planning is now.
As we said, fall is a terrific time to sell a luxury home. But it takes time to prep a home for sale at the best price. Now is the time to start getting ready by getting the deep cleaning and basic repairs done. Get a pressure washer out there and clean up the brick and driveway. Green up the lawn a bit, and get some seasonal vegetation in. Start moving personal items out of the home and into storage to get ready for the home staging process. We don’t want to formally list until the home is truly “ready for prime time.” For larger homes that can take a bit of time and effort. The good news is this: I’m here to help you with that process, which is worth the effort many times over. Especially in the luxury market.
Looking to list a home in Plano, Frisco, Allen or nearby this year? Let’s make a plan! Give me a call at 214-435-9551.