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The Pros and Cons For Selling a Home In The Spring

Similarly to how there are advantages and disadvantages to buying a home in the spring, there are also pros and cons for selling a home in the spring. It is well known that the spring and summer are the busiest times in the real estate world. People become excited about buying and selling homes during this time of the year. When it comes to buying a home, the spring and summer months result in high competition for homes with higher prices. Meaning that the spring and summer are not necessarily the best seasons for individuals to purchase a home. But how about for a seller? What are the pros and cons for selling a home in the spring?

The pros for selling a home in the spring:

  1. A higher asking price. Typically, when there is high inventory of a product, the price of that product decreases. Then when there is less inventory, the price rises. However, with selling a home, the opposite is true. In the high season of selling and purchasing a home, the spring and summer, the prices for homes are at their highest. The demand for homes increases during these months, enabling sellers to keep a high asking price.
  2. More customers. People choose to purchase a home during the spring and summer because of the good weather and the timing. If a family is looking to move, moving during the summer is their best option before the next school year.
  3. A higher valuation. Appraisers are responsible for determining the value of homes on the market. In order to determine a home’s value, they compare the seller’s home to other homes in the area. If the last homes that were sold in that neighborhood are homes that were sold during the low season, at a lower price, the appraiser may give the seller’s home a low value. But if the most recent homes sold are homes with higher prices, then that home is most likely going to be given a higher value. When looking for an appraiser, be sure to choose one who is well educated and well-informed on the area that the seller’s home is located in. As appraisers compare homes, it is important to make sure that they are comparing the seller’s home to a home that is of similar style in order to give an accurate appraisal.
  4. A better looking home. The spring is when the sun is out, the flowers are blooming, and the grass is turning green. Having a good curb appeal is important. Spring is the season to have the best curb appeal. With the better weather, it also enables sellers to touch up the outside of their home without the harshness of the colder months.
  5. The ability to choose a buyer. Because of the number of buyers looking to purchase a home, a seller does not have to sell their home to the first buyer that walks through their house. A seller can afford to be choose who they sell their home to. They can decide whether they are looking to sell to an individual owner, joint owners, or corporate owners.
  6. Better opportunity for bidding wars. A seller wants a bidding war to occur. In a bidding war, the cost of the house is most likely to increase, providing a seller with more money. In a time where there are a large amount of buyers looking for homes, the chances of having a bidding war increase. In a bidding war, a seller has the opportunity to receive more money for their home without having to put down money for different requests made by the seller. There is also an increased chance of having a buyer pay with cash, speeding up the entire home selling process.

The cons for selling a home in the spring:

  1. Less urgent buyers. Because of the number of homes on the market, buyers do not have to settle for the first, third, or fifth home they find. They can afford to take their time, be more particular, and have sellers meet more demands. For example, with more homes on the market, a buyer can look for that chef’s kitchen or indoor swimming pool that they have always dreamed of having. For a seller, this means that their home needs to stick out from the crowd. Their home needs to be of better quality, have more amenities, and be of more value. Most buyers are not going to be looking for a home that they are going to have to invest large chunks of money into in order for it to be livable.

In San Diego, as the sunshines the majority of the year, there is not as clear of an “on” and “off” season when it comes to selling and buying a home. The weather is not as big of a factor as it is in other parts of the country. However, as mentioned earlier, the “on” season is a time when families are more than likely going to be looking to purchase a home, increasing the demand for homes during that season. For buying a home, there is not a clear distinction of which season is the best to purchase a home. For selling however, the advantages of selling a home during the spring outweigh the disadvantages.

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