Let’s swap out these seven letters SEASON with these seven… SUPPLY!
It’s all a simple game of supply and demand. Seasonality plays such a small part in the overall equation for real estate that it’s really not even worth mentioning. Yet, everything you hear about real estate reinforces the old idea that real estate is seasonal. It is not seasonal.
We can all agree on one thing… Life knows no season. In most cases, people buy and sell real estate because of a life event they are experiencing. As such, it is the life event that is the catalyst for real estate sales. This has always been the case and this will always be the case.
If you are considering or maybe you need to sell your home in 2021, take this information to heart. When supply is high, it’s harder for a seller to sell their home for a premium price. When supply is low, it’s much is easier to sell a home and more likely to secure a premium price.
We all learned these basic economic concepts in school. And they are never more true in practice today. So do the best you can to time the purchase or sale of a home based on supply and demand. The higher the supply, the market is trending toward or is in a seller-controlled dynamic. The lower the supply, the market is trending toward or is in a buyer-controlled dynamic.
When the seller is in control, the buyer has to meet the demands of the seller whether it’s on price or closing date (or both), in order to get the seller to accept their offer. When the buyer is in control, the seller is adjusting their offer response to meet the buyer’s requests. The idea is to be on the winning side of the dynamic when you buy or sell.
If you have questions about this idea and the timing of buying or selling, we have answers.
Reach out to us any time!