Summer has come to a close and you are wondering if you have waited too late to sell your house this year, here are some facts to help you decide.
While the peak selling months for residential home sales fall in the May-August period, the simple fact is that home sales occur in every month of the year at varying levels. Of the 9,717 homes which closed in the last 12 months, 32% of those fell in the September-December time frame. To bring it down further in the most recent year we saw: September at 9%, October at 8%, November at 7% and December came in at 8% of the total sales. These sales amount ranged from 701-879 homes per month compared with a June 2017 high of 983 closed units.
In the not too distant past, it was perceived that all families moved during the summer months, when children were out of school, this simply does not hold true in today’s residential market. Since our winters are mild, the home shopping season begins immediately after the first of the year and continues into the holiday season. The internet allows home shoppers to preview properties regardless of temperatures or weather conditions as well today.
There are many reasons a real estate transaction is necessary regardless of the month or season. A few to consider include: Birth (out grown the home), Age (no longer need the space/ unable to live independently in the space), change in financial position/job (both positive or negative can force a move). Another factor that motivates many house purchases and sales are marriages and divorces. Absolutely none of these factors are tied to school calendars or seasons of the year.
Because of the age-old perception that Spring/Summer is the best time to sell, many home owners have held off entering the market until the following year. This habit has lessened the number of potential new properties coming to market and thus reduces overall supply. With less supply and fairly stable sales levels, a fall/winter seller actually has less competition than the peak Spring/Summer seller. In our current “sellers” market this may provide further advantage to home sellers this fall/winter.
So, now that you have these facts, you can see that it is not too late to sell your home this year.
Call on a professional member of the Greater Chattanooga Association of Realtors to prepare a Market Analysis of your home. They can give you insights into what your home may be worth and how long it should take to sell, in the fall/winter of 2017.
The Greater Chattanooga Association of REALTORS is The Voice of Real Estate in Greater Chattanooga. The Association is a regional organization with more than 1,800 members and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors.
GCAR services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade and Walker counties in northwest Georgia. Go to www.GCAR.net for more information.