End of the Season Selling
Hello, everybody! It has been a while since I’ve posted, but today’s a good time to return to my soap box. We’re officially one week past Labor Day, the official finish line of a record-setting market.
There’s no question that Labor Day signals the end of summer and the summer selling season. The big question is if the hot 2017 selling season is done or if we’re going to see a continuation into the fall?
Unlike newspapers which only talk about what happened last month, let’s talk about what’s going on for sellers right now. My colleagues and I do see a slowing market. However, that slowing has little to do with Labor Day.
Here are three main reasons for the slowdown and three things you can do to beat the slowing market.
- The largest reason is the lack of inventory. There just aren’t enough homes out there for buyers to buy. Many buyers are discouraged and are sitting on the sidelines.
- Next, some sellers are getting “irrationally exuberant” in their pricing. Yes, prices have legitimately risen! Yes, a few buyers still believe it’s 2010 and think they can get something for nothing! However, some sellers are equally as foolish. They believe that they can offer nothing but demand something. Most buyers recognize that they must open their wallets wider than before. But wider wallets come with a requirement of value.
- The third reason is fatigue. Buyers are already suffering from lack of inventory and unrealistic sellers. Let’s add a lack of something different. Imagine how discouraged you would feel after seeing the 100th place in a row that hasn’t been cleaned, is still sporting old paint, has dated styling, and is five figures overpriced!
Just like the previous 99 places.
If you have a house that hasn’t sold, you need to act fast. Labor Day is your huge red flag! The hot selling season is over. Thanksgiving is 72 days away. Winter begins in only 100 days. Snow starts flying before Thanksgiving in Wisconsin, realistically meaning you have about two months before shovels and snow blowers replace lawn mowers and leaf rakes. It also takes 6-8 weeks to close after an accepted offer, only a rare few sellers sell on the first day they list, and there will be things to do to the property before you go live.
What do I recommend?
- Decide whether you truly need to sell. If you are not 100% dedicated and willing to make the sacrifices necessary to sell, remove your property from the market and let’s start preparing to list next Spring.
- If you still want to sell, accept that you are in a time crunch. This isn’t the time to look for low bidders or friends of friends to be your Realtor. The luxury of cheap and less-than-professional has passed. Labor Day signals the time for you to demand a competent expert on your side. You need complete honesty throughout the process preparing your property for market. Accept that everything must be done much more quickly, perhaps faster than you prefer. Remember that your goal is an accepted offer before the snow flies and that time is short.
- Unless you are retired or have extraordinary control over your schedule, sellers must consider the time value of money and probably need to hire out repair work. I’ve got a list of qualified people who work inexpensively. For example, hiring a painter could save weeks of work. As you know, you absolutely need those saved weeks to be on market. A landscaper can clean and prepare your yard for the fall. Having a mason take care of the chimney, especially in the high winds of Fall, will save a lot of time, trouble, and perhaps save yourself an accident!
My name is Michael Kwiatkowski and I’m a Broker Associate with Coldwell Banker Residential Brokerage of Brookfield, WI. I love the Fall because it separates the basic Realtors and mediocre houses from true professionals who represent quality properties. Let’s talk about what it takes to have a successful sale after Labor Day! My email is Mike.firstname.lastname@example.org and my phone number is 414-207-2938. I look forward to hearing from you!