There are a lot of factors that can impact real estate trends, including the time of year. The market’s ebbs and flows are often dictated by the seasons: For instance, summer months might be busier than winter, while the winter holidays can lead to a slump in sales, or the inverse, depending on the type of property or region.
As a real estate professional, you need a firm grasp on how the changing seasons impact your local market. Here’s how the experts of Forbes Real Estate Council recommend taking advantage of the current time of year when handling clients and investments.
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- Selecting the right time to list doesn’t mean that the seller needs to be an expert on the weather conditions.
- Home sellers can always set up fresh flowers and other details to increase curb appeal — in any season.
- Spring is the most positive time to market a property, but the competition is fierce.
When Is The Right Time To Sell?
The art of selecting a particular season to sell doesn’t lack a meteorology degree. Before buyers decide the time is correct, they need to delve in and do thorough homework about market conditions with a real estate agent. During hard times, the number of homebuyers is approximately low, and the market trends with a low appeal pattern, which element prices to fall.
4 Things To Consider When Buying Or Selling are
1- Be Prepared For Changing Seasonal Property Approaches
External factors like weather, foliage, and light can greatly impact the perception of a property. Be aware of how these may vary each season. A property with stunning views may be diminished once leaves are on the trees.
Likewise, what appears to be sunny and bright may drastically change if under a tree canopy that’s currently bare. Beach homes may see a very different traffic pattern in season. Seasonality matters in real estate.
From fall to winter and spring to summer, home sales pieces of information continues to establish that time of year has an amazing brunt on buying habits,
2- Check In With Contacts During Seasonal Staffing Changes
As seasons change, staffing changes. People move. You should use this time to catch up and make sure your contacts are placed as you remember. While you are at it, update yourself on industry trends you wish to share.
Listen for clues where you can provide services, such as expansions, contractions or consolidations. For investments, check for external changes as they affect each type of investment.
3- Financially Prepare For Seasonal Downturns
Being prepared ahead of time for changes in market conditions is important for prudent investors. Utilizing moderate leverage is the best way for an investor to protect themselves if a downturn occurs, enabling them to refinance or divest of the asset without incurring a loss.
In addition, high cash reserves allow investors to swoop in for discounted properties while others are running away.
4- Tailor Your Access To Your Buyer’s Needs
Tailor your access based on the needs of the buyer and why they’re looking in a specific location. In markets like Manhattan, you’re not impacted by the season as much as you are in the Hamptons or other primary summer destinations.
It’s important to make sure brokerages have sufficient in-season marketing material so they can showcase homes that highlight its value through all four seasons.
There are downfalls and benefits to each season, so it is essential to focus on the positive aspects of the current or upcoming season to build confidence with your clients. There will always be ebb and flow to the inventory available and buyers available. If it is winter, highlight there will be less competition on the market for your seller, but if it is summer, focus on the high demand.
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