John, when is the best time to sell my Boston condo in 2021?
As you can see below, in this chart of top real estate markets by population, there is quite a bit of variety depending on location:
|City||Best day of the week for a quick sale||Best week for a quick sale||Best day of the week for an above-list sale||Best week for an above-list sale|
|New York, NY||Wednesday||December 23-29||Wednesday||December 23-29|
|Los Angeles, CA||Thursday||February 25-March 3||Thursday||April 22-28|
|Chicago, IL||Thursday||February 4-10||Thursday||February 18-24|
|Dallas-Fort Worth, TX||Thursday||March 18-24||Thursday||March 18-24|
|Philadelphia, PA||Thursday||December 23-29||Thursday||April 1-7|
|Houston, TX||Thursday||January 21-17||Thursday||March 25-31|
|Washington DC||Thursday||February 18-24||Wednesday||March 18-24|
|Miami-Fort Lauderdale, FL||Sunday||December 23-29||Thursday||May 13-19|
|Atlanta, GA||Thursday||February 25-March 3||Thursday||May 13-19|
|Boston, MA||Wednesday||March 18-24||Wednesday||April 8-14|
Seasonality affects when to sell a house
Spring is typically the best time of year to list your home for sale — at least in the years before the pandemic-fueled housing boom. It’s when buyers tend to come out of winter hibernation and hit the market in droves.
It remains an open question whether 2021 will bring a return to normalcy in that sense. It’s likely that seasonality in the housing market will remain in some form, even if the changes from season to season are less dramatic than in the past.
Selling a house in the spring
As you can see from the trends above, people tend to shop for homes as the weather gets warmer, so prepping your home in the winter months to sell in spring usually makes sense. With tax refunds in their pockets, nicer weather for moving in the forecast, and summer break from the kids’ school coming up, it’s easy to see why spring is typically the most popular time to buy and sell.
School is back in session and the holidays are right around the corner – it’s the time of year that potential home sellers start looking forward to the next selling season, instead of moving in September/October.
Are you thinking of waiting until 2022? Here are my reasons for selling now, instead of later:
1. The Shine Is Off The Frenzy. Those who are pulling back on their enthusiasm:
JBREC – Two of three buyer categories are down slightly (above chart).
CoreLogic – they only predicted a gain of +9.1% in San Diego pricing over next 12 months, which is way less than the +23.7% since last July. Don’t be surprised if +9% becomes the new +3% of predictions – it’s a lot higher than the previous safe bets without being double-digit.
Zillow Offers – backtracking 5% on price commitments made 2-3 weeks ago.
Navy Fed – suspended the issuing of home-equity loans ‘temporarily’.
Refi appraisals – heard of several appraisals coming in low as market softness creeps into their minds.
2. Interest rates – They have nowhere to go but up, and it’s just a matter of when. Once they start, home buyers will want something in return from sellers.
3. Boomer liquidations – There probably won’t be a mass exodus, but all you need is 2-3 on your street.
4. Fewer Fix-Ups – The current inventory is so thin, sellers are getting away with murder now. If there was an index that measured how close sellers got to selling ‘as-is’, we’d be setting records today.
5. Safe – You know what you can get today, and let’s admit – it’s a lot higher than it used to be. Cashing out now instead of risking any of the above getting worse in 2022 is the safe bet. How much are you hoping to hold out for next year? Another 2% or 3%?
When is the best time to sell? When everyone else isn’t!
Boston Condos for Sale 2021
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I’m often asked by downtown Boston real estate owners when the best time is to sell. And it seems like all bets are off these days amidst the pandemic.
The busiest times in Boston real estate market—when many homeowners tend to list their properties—are traditionally the Spring and Fall. The weather is good, there are plenty of condo buyers out there and there are no major holidays to distract everyone.
But there can be stronger competition at the peak times, with more inventory on the market that can swing buyers’ away from your home. For example, being one of only a handful of nicely presented condos on the market can result in more offers for you.
Though you should take seasonal aspects into concerns, it’s equally important to determine the best time to sell specifically for you. And you’ll need a solid game plan. Here are the main factors you’ll need to sort out:
– Where will I go if I sell my downtown condo?
– Can I buy my next home first, and sell after?
– How long it will take to sell my property?
– How much is my property worth, and how much will I need for my next purchase?
– What will I have to do to get my property ready for sell?
– What are the main selling costs?
As it takes time to develop your game plan, I recommend getting started at least a couple months prior to your targeted selling timeframe. One of the primary parts of my job is to consult with potential Boston condo sellers about the aforementioned factors. If you’re considering selling in 2021, please contact me at 617.595.3712 or firstname.lastname@example.org. I’d be happy to do an initial consult to help point you in the right direction.
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