By Jennifer Riner, Zillow
Navigating the housing market can be tricky, especially if you’re new to real estate. But, with a little research, you can avoid the mishaps that commonly occur as a new Loft buyer or seller trying to maximize your dollar and keep your buying or selling power at its peak.
Keep these tips in mind when determining the most opportune times to buy, list and sell a property.
Buying
You might be a new Loft buyer or a seasoned Homeowner, but choosing the right season to buy depends on the current market. Keeping up with the latest research trends – especially those revolving around your local market – is the first step in ensuring a good investment strategy.
With rents climbing to historical highs, especially in coastal markets, it might make sense to take advantage of low mortgage rates.
Traditionally, most experts agree the best time to buy Lofts is in the spring and fall seasons. Typically, this is when inventory tends to increase, allowing buyers more options and sometimes more leverage in terms of bargaining power.
Listing
Timing the listing of a Loft is more specific – imagine when buyers search Lofts online. Sundays are considered prime time for showings, but listings often hit the markets on late Thursday and Friday afternoons so house hunters have time to plan their weekends accordingly.
But to stand out, consider listing on Monday or Tuesday. Potential buyers unhappy with the previous days’ open houses will be searching for new listings and you can gain the largest scope of interested buyers throughout the week. Keep the open house on Sunday to make sure everyone has an opportunity to see your Loft in person.
Zillow offers a Best Time to List tool so sellers know how much sale price can fluctuate month by month based on their ZIP code as well as historical listing, transaction and Zestimate data in each local market.
Selling
Sellers should avoid the holiday season and the winter, although enthusiastic buyers rarely keep to seasonal trends. But, bear in mind, eager buyers aren’t in every city. Buyers searching for Lofts in San Francisco might be more inclined to move in January because the weather is mild and the market is hot. On the flipside, the Chicago real estate market is cooler in the winter, as are the temperatures – making relocation a bit of a hassle.
But no matter the season, make sure to consider how long your Loft remains on the market. Having it on the market for too long is a red flag to buyers. Come spring, buyers who were searching in the winter are weary of stale listings, and may assume there is something wrong with the property other house hunters have scoped out already.
Being new to the real estate game is stressful, but there’s no reason you can’t be successful from the start. If you’re feeling lost, consult a real estate professional in your area for more information on how to properly buy, list or sell according to market trends.
