“To everything there is a season…” The Bible says it (and the Byrds sang it). But for the past few years, the seasonality of the real estate market we’ve all grown so accustomed to has disappeared. Longer sales cycles are the new normal.
Here’s one example. For decades, listings for the “spring market” began the moment the Super Bowl ended.
Now -- because of lackluster Wall Street bonuses, harsh weather and other factors -- buyers don’t feel the same urgency.
Sellers, meanwhile, spend more time prepping for sale.
With new inventory hitting the market for months after the big game, prospective homeowners take a wait-and-see attitude. For everyone -- including realtors -- the seasonal rhythm has changed.
Back in the day, buyers felt pressure to be settled by Memorial Day -- before summer begins. That’s no longer the case. Some even choose to rent for a summer. That enables them to see which neighborhoods they prefer. And, of course, they continue to monitor the market.
But summers -- once a dead period -- are coming alive. Buyers who still analyze in the spring now tend to buy during the summer. Or even fall.
Which brings us to right now: the back-to-school rush. We usually count on a flurry of sales just before the start of school. Yet again, buyers who won’t settle on a purchase may rent for a while. They keep looking for the right home -- during a new sales cycle.
The “in for the holidays” idea still exists. But if the perfect property can’t be found, buyers are content to wait for the new spring market. Which, as we noted earlier, may begin at any time. So what’s a KMS Partners client to do?
If you’re selling: Prep your house. Create a “shiny penny.” Price your home according to market comps. Then list it -- whenever you are ready.
If you’re buying: When you find the house you love, submit an offer. You may be surprised what a wonderful deal you get on a dream house!
PS: We’re experiencing another “new normal” with land sales. The timeline that builders like to follow has changed. With land demand lower than in years past -- and new construction supply growing -- builders are not looking to secure land and build in time for traditional seasonal trends. They’re waiting for custom builds, and have buyers secure the land or buy when there is perceived value.
Want to know more about the “changing seasons” of the real estate market? Give KMS Partners a call at 203.454.5411. We’re happy to chat, any time of the year!