It's the Economy . . . Stupid.
It’s the Economy . . . Stupid.
It was James Carville who wisely noted during the 1992 presidential election campaign: “It’s the Economy . . . Stupid!”
When is it a good time to sell a house? Do we wait for the busy fall market? Until the cherry blossoms bloom? Until the children are out of school?
While it’s easy to follow trends, in real estate it’s not always the best idea to do what everyone else is doing. If you decide to wait to until the first week in spring because everyone else is, the market has a higher chance of being crowded. In fact, the highest sales often occur during periods of low inventory when buyers are eager to find a house.
If you have the luxury of choosing when to sell, you should be selling when the economy is good. Buyers buy when they feel good about the overall economy. When the stock market goes down, buyers typically take a step back. On the flip side of the coin, if you’re a buyer it might be best invest in a property when activity is low.
Every scenario is different and there are micro-economies within every macro-economy. What’s true for one neighborhood may not be true for another. Condos and houses each behave differently because of several factors. Consult with a seasoned and trusted real estate professional to better understand what is happening in your market.
The Washington DC metro area’s housing market is year-round. We don’t have any season where homes don’t sell. Because of this absence of high and low seasons, buyers and sellers need to make decisions based on their own life needs, data on recent sales, and overall economic trends.
Instead of putting your house on the market based on market timing, it’s more important that you ensure your home is ready to be shown in its best light.
You get one chance to make a first impression. Don’t adjust your launch date for your home sale based on the calendar, sell based on a complete analysis about the market. More importantly, make sure your home is in a condition to sell fast – whether that means focusing on repairs, staging, marketing, or all of these.
Real Estate: It’s about the economy . . . silly.