Today, I was having lunch with several of the real estate agents in my office catching up after the holiday break. Many of us are preparing for the Spring and have begun working with our clients (sellers) to discuss what needs to be done to get their houses ready for the market.
Part of the conversation turned to the effect of the new status in the Metropolitan Regional Information System (MRIS) called “Coming Soon”
“Coming Soon?! Yeah, X has a listing ‘Coming Soon’ too. I wonder how many more houses we are going to see in that neighborhood?”
That was an interesting point because in the past, it was hard to predict what houses were going to be for sale in a given period, but with this new status, real estate agents will have some visibility into what inventory is getting ready for the market. and they can adjust their marketing strategy to match.
Speaking of Coming Soon…
Some of our clients have been taking their houses off the market with the idea of putting them back on in the Spring, when they believe that there will be more buyers in the market. While this has been against our advice, we understand the strategy. The idea is that most people are conditioned to the notion that sales happen mostly in the Spring, so why wouldn’t you put your house out there when the most buyers are looking?
The reason that this is against our advice is, that like Warren Buffett, sometimes it is good to go “against the market”. This means that anytime you have your house selling against less competition, the better it is for you, since serious buyers don’t have as much to choose from and thus are more likely to choose your house. In addition, there are a lot of “tire kickers” out there in the Spring, so your house is getting a lot of attention from people who aren’t really ready to buy.
Either way, if you are thinking about selling your home in the Spring, the sooner that you can begin the process, the better. Watch below, then check out our Home Valuation Tool!