Don’t wait until Spring to list your Nashville home.
Notably this time of year – and even more notably when the wintry mixes descend upon Nashville – common sense would seem to point any homeowner planning to sell their Nashville home this year to wait for the moment…at least until Punxsutawney Phil’s forecast starts to come true (the venerable groundhog said that winter 2016 will be a short one).
A quick glance at Nashville listings in most February’s usually endorses the assumption that most people decide to wait. As proof of this, the number of Nashville listings in February is a good deal smaller than will be the case a few months later.
But holding off isn’t necessarily the most timely answer for every homeowner – which begs to question whether that particular bit of common sense is always as astute as it seems. At least one writer thinks not.
The most fascinating proof for that claim comes from an online brokerage firm whose two-year study of asking and selling prices led it to conclude that listings activated in December through March actually generated the greatest chance of resulting in above-asking price sales: 17%!
Just over a year ago, Kenneth Harney authored an account describing some contrary evidence. Writing in The Washington Post, he reported on national sales results “that suggest it’s not necessarily the case” that spring or early summer are the most favorable times to activate listings. In fact, a winter activation (this year, from December 22 through March 20) can prove “surprisingly advantageous.”
The most fascinating proof for that claim comes from an online brokerage firm whose two-year study of asking and selling prices led it to conclude that listings activated in December through March actually generated the greatest chance of resulting in above-asking price sales: 17%! The evidence was alike for those wishing to sell quickly. Listings appearing in February turned out to be winners: an average 66% of February listings sold within 90 days, making it “historically the best month to list.”
We might be compelled to accept that these are reasons enough to accelerate and scramble to enter the Nashville listings promptly. Of course not all alone – but for properties already in showable condition, it might be a reason to consider it. Logically, fewer Nashville listings mean less competition. Since it’s commonplace for those whose homes did not sell last summer to take them off the market until the spring, homeowners who list before then stand to get a headstart on the market. And yes, since many corporations tend to transfer employees and hire new ones early in the year, some of those newcomers will have found their new Nashville homes before the spring real estate rush begins.
Harney’s article does after all weaken the idea that accurately picking a good listing month undoubtly assures a quick sale at a higher-than-asking price. The giveaway comes from one quoted source who comments that homeowners that hadn’t appealed to serious offers during the warmer months “get more realistic at this time of year”. This therefore makes winter also a good time for “smart shoppers.” My experience with my own clients (all of whom are definitely smart shoppers) indicates they rarely are longing to make higher-than-asking offers – certainly not immediately. The inevitable truth is that, like most other factors, the results compiled by any Nashville listing depend on an entire assortment of factors as well as the season.
If your own plans include listing or house hunting any time this year, I hope you’ll give me a call. I’ll be delighted to provide you with my totally confidential, no-obligation consultation, including an up-to-the-moment Nashville market situation report. Or perhaps you would like to get a free home valuation to find out just how much your home is worth.