Selling Your Condo in the Fall: Smart Move or Missed Opportunity?
If you're considering selling your condo in Arlington, you might be wondering if the fall is the right time to do so. While most people associate spring with a bustling real estate market, fall has its own unique advantages that can make it an ideal season for selling.
Understanding Market Trends
One of the key trends to note is the uptick in activity after Labor Day. Historically, there is a noticeable jump in new listings come September, as evidenced by market data. This increase in listings suggests that sellers are capitalizing on the heightened buyer interest returning from their summer hiatus.
The chart below shows the number of new condo listings by month for the past ten years. The red arrows point to the bar for September and as you can see, there is a noticeable jump.
Benefits of Selling in the Fall
Motivated Buyers
Come September, buyers who delayed their home search during summer vacations are back in action. They are often motivated to close deals quickly, especially before the holiday season sets in, making them more likely to make competitive offers.
Moreover, fall is also a transitional period when people start planning for the upcoming holiday season. This creates a sense of urgency among buyers who want to finalize their housing situation before the busy holiday season begins. As a seller, this means you have a higher chance of attracting serious and motivated buyers who are looking to make a move quickly.
Nicer Weather
Fall offers a respite from the summer heat and humidity, providing a pleasant environment for both open houses and property showings. The crisp air and beautiful foliage can enhance curb appeal, making your condo more attractive to potential buyers.
Back from Vacation
With vacations wrapped up, congress back in session, and routines back to normal, more people have the time and focus to consider major decisions like purchasing a new home. This can lead to increased foot traffic at open houses and more serious inquiries about your property.
Election Cycle
This year we have the added influence of the Presidential cycle. Usually the Fed does not raise interest rates near the election as that could have a negative impact on the incumbent party. In fact, this year, even next month, we could see a rate cut, which could lower mortgage rates. As mortgage rates drop, more buyers jump into the market.
Considerations for Selling Your Condo in the Fall
While the fall has many benefits, there are some considerations to keep in mind:
Compressed Timetable
The window of opportunity in the fall is somewhat limited. September and October are fantastic months for real estate activity; however, as you approach November, the days become shorter, and people start focusing on the upcoming holiday season. Thanksgiving, Christmas, and New Year's can distract potential buyers and slow down the market.
Shorter Days
September still has long days but as we get deeper into October, the evenings get darker sooner. It is always best to see a property in daylight and showings after work tend to diminish rapidly as the sun sets. This is especially true after November 3 when we move back to standard time and fall back an hour.
Price Competitively
With a compressed timetable, it is even more important to set the right price from the start. If you overprice your condo to start, you might be too late when you adjust the price. Many sellers will take their home off the market in mid-November and try again in the Spring, which means waiting another 5-6 months.
Are you Ready to Sell?
Selling your condo in Arlington during the fall can be a strategic move if you capitalize on the post-Labor Day activity and market your property effectively. With motivated buyers and advantageous weather conditions, fall presents a promising opportunity for sellers. However, it's crucial to act promptly and make the most of the early fall months before holiday distractions set in.
