Friday, August 9, 2019 / by Jordana Tobel
When selling their home, many sellers mistakenly believe they need to time the listing of their home, rather than focusing on listing the property at the right price.
The Fallacy of Timing
Especially in South Florida, real estate is considered a seasonal industry; however, the truth is, in today’s world, timing is less and less important. Why? Because today’s buyers and sellers are increasingly connected no matter where they are in the world. Even if a buyer is cruising somewhere in the Mediterranean, they have access to the internet, to either look at homes, sign a contract or simply stay in touch with what is happening in the market.
Here’s the reality: our business goes all year round. There are no rules when it comes to timing a listing. Yes, buyers with children try to close before the school year, but then again after the school year starts, more people head to Florida for the weather. Same goes for the winter and spring months. Clearly, business occurs around the clock in Florida, no matter the season.
Let’s Talk Pricing
As a sample of overall buying activity, let’s take a look at the sales of condos priced in the $1 to 2 million range. If priced appropriately, the home sold no matter when it went on the market – even if there was an overall decrease in market activity.
When comparing listings with price reductions to properties that sold for close to asking price, it’s clear the difference is not when the home is listed but how well it is priced. A home that is priced too high will sit on the market. It may get showings but there will be no offers. Alternatively, homes that are priced fairly will get showings and will net more than a home that was originally priced too high – which is a concept that not all sellers understand. When a home is initially listed too high, the market will force price reductions and buyers who would have been suited for the home are missed.
To sum it up: in today’s digital world, buyers are always connected even if it’s not “season.” Between social media, notifications and alerts sellers and agents should spend more time focused on listing homes at the right price rather than on when to list it. A buyer will act when a product is desirable and priced right.