What Is The Best Time of Year to Sell Your Home
BY MICHAEL ROBLETO FEBRUARY 8, 2021 3:56 PM PST
Realtor with Compass Pasadena. Specializing in the buying and selling of Pre-War, Historic and Architecturally significant homes and lofts in Altadena, Pasadena, Eagle Rock, Highland Park, Silverlake, Los Feliz and DTLA.
Selling your home is never an easy task. The packing, the stress, the strangers milling about your personal space. So it is natural for sellers to want to make a concerted effort to “time” the sale of their home to best work for their specific needs and to shoot for the fastest and most profitable time of year to sell.
Traditionally Peak Seasons
In Southern California, the main selling season starts with listings in March and peaks in June to significantly slow down in the fall with very low inventory through the holidays until the season starts again.
While the above chart shows when home sales close, we see the peak in June, just know this could represent homes that had been on the market for a couple of months indicating that March is the key time for new listings to start coming on the market.
However, the above chart also shows how the Global Pandemic has broken all the rules. In the east side communities (Silver Lake, Los Feliz, Eagle Rock, Highland Park, Pasadena, Altadena etc) that I primarily work in, we see that the peak didn’t happen until December last year and sales were up in much of the fall.
The reason sellers strategized for a peak season was to ensure as many buyers as possible would come through their home and in doing so the odds of multiple offers over list price would happen. People would vacation late summer and be less likely to want to move during the holidays so spring through early summer is a no-brainer.
The Temporary Normal
So what is a seller to do now? Well, the fact that we have a record low of inventory (the light green lines in the above chart show homes the number of homes that are for sale) and record-low interest rates have made every month peak selling season.
Every house that comes to market that is in good condition and fairly priced according to sold comparables (not Zillow numbers or what the owner “thinks” it is worth) will draw multiple offers and sell within 30 days.
Inventory is so low, that it is almost an advantage to sell now while the inventory is so crazy low. However, this could change as the spring season opens up. As many would-be sellers opted to not sell, we see this changing. Mass vaccination, peak pricing will undoubtedly bring more listings to the market. Increased supply will cool the demand and level pricing.
The key, as in the past real estate cycles, has been all about the prep. Decluttered, staged and mechanically sound houses will fair the best. In my professional opinion, it is better to take the time and have the house ready that rush to be one of the few homes on the market.
I have a whole guide on how to properly prepare a home for sale , if you have specific questions, just email or call me direct.
Will Traditional Peaks Return
I anticipate that by next year we will return to the normal cycle. The shock of a pandemic will have worn off and people will have adjusted. Note, the fact houses are selling so well right now is because of the uncertainty. Buyers do not know if more options will come up, the scarcity combined with uncertainty is a perfect storm for sellers. This will subside as we enter the 2022 sales cycle.
You Sell, Then What?
The bigger challenge for sellers is where their next home lies. We often hear about a swath of Californians fleeing the state with Texas, Arizona, Nevada, and Washington state being the top choices for relocation.
If relocation is a possibility, know that Compass, the brokerage I work for, has vetted agents in every state you could possibly consider. If you need a recommendation of a local expert, just ask.
If you are pondering selling your home and would like to have a discussion about home values, the process, what to expect or any of the aspects I frequently report on, just fill out the form below and I will be in touch.
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Michael Robleto is a Los Angeles based REALTOR® that specializes in Historic Pre-War residential properties and those with architectural merit in Pasadena, Los Feliz, Silverlake, Eagle Rock, and Mount Washington. Michael uses his vast knowledge of historic homes, residential construction, and modern-day marketing to predict and solve the many problems that arise in real estate transactions. His client accolades of insight, prompt communication, integrity, and hard work support the fact that he is not your average agent.
Michael leverages his personal passion for historic architecture to provide his clients with the unknown insight into the pros and cons of older homes. Michael, the son of a contractor, a California native, grew up in an older Bungalow home and has spent 23 years in Southern California admiring the unique architecture of the region. Michael brings 20+ years of negotiation and sales experience to his seven-year career in residential real estate. He often writes on homeownership strategy, historic residential architecture, and related topics that can be found on Facebook, YouTube, Twitter, and Instagram under the common profile name of his blog; BungalowAgent.
Michael sits on the Board of Directors of Pasadena Heritage and is frequent volunteer for the preservation efforts of numerous historic neighborhood associations and the LA Conservancy. When not working you can find Michael on hiking trails statewide with his faithful German Shepherd Axel.