In the past month I have heard agents talking about what they believe is the best tine to put upcoming listings on the market. Each of them has their own unique ideas of why waiting or listing right away is more beneficial. What surprises me, however, is that these are closely held beliefs that don’t necessarily have any proven merit. They are simply opinions.
So how do you know when is the right time to put a listing on the market, when a seller tells you they could list now or in a month?
Many agents come up with various reasons to list immediately or wait. And that decision is often based on that particular agent’s pre-conceived idea of what is better.
For example, I had many agents ask me if they should list in the middle of August or wait until after Labor Day. I can’t possibly answer that question unless I know what the inventory levels are at that specific moment in time. Timing in the market is not just based on a holiday, a season, or a weekend: it is based on what is happening at that moment in the market.
If a market is flooded with inventory, then listing August 15th versus waiting until after Labor Day probably isn’t going to matter much. If inventory levels are low or if the houses currently listed have a long days-on-market number and have probably been picked over, then putting your seller’s house on the market immediately is going to create an advantage for your seller.
Timing is important, but understanding the ebb and flow of inventory in the market at the moment you are going to list the property is critically important.
For example, a client of mine recently came to me and said that a seller of hers wanted to list after Labor Day. When I pulled the inventory levels for that area, I noticed that there was hardly any inventory. I encouraged the agent to go back to her seller and try to get her to list immediately. The seller listed, they received multiple offers, they pended within two days – and now the seller is on her way to closing well before Labor Day.
That’s the power of timing and knowing your inventory.