The Best Time to Sell Your House in Southern Delaware
One of the initial decisions sellers have to make when listing property is picking the best time to introduce the home to buyers. There are usually a number of factors to consider, but ideally, they should first try and understand the individual characteristics of the market they are in.
In a very general sense, the best time to sell is when you have the most buyers looking to buy. This increases your chances that the right buyer will come along and purchase the home. More specifically, sellers need to know the type of market, market conditions, and who are the buyers driving the market activity.
The Two Common Types of Markets
Primary markets are typically large populations where homes are used as a primary residence. These markets are strongly influenced by the movement of families and the school calendar. The peak buying and selling season is toward the end of the spring and through the summer into late fall.
Secondary markets, such as the coastal region of Delaware, are more about a lifestyle. These markets have a smaller population and the majority of properties are utilized as second homes. Because of this, we experience slightly different cycles and trends than Primary markets.
Market Conditions for Southern DE - Two Distinct Sales Seasons
Spring Season typically sees an increase in activity around Easter, which will stretch through the end of June and into early July. This season is driven by buyers looking to secure their beach and investment properties.
Sellers have been preparing their properties through the winter to list at a more suitable time to increase their chances to sell quickly. Things will then slow down for the summer while owners are enjoying the prime sunshine or their prime return on investment.
Fall Season is a smaller window of activity that runs from Labor Day through the middle of November, which is typically motivated by buyers who are making a move after an inspired summer.
We usually see an increase in inventory because a) owners realize they are not using their second home as much as they thought or they decide to transition to a more permanent home, and b) owners are tired of being landlords and ready to sell their investment properties.
Market Activity – Who's Buying?
Coastal Delaware offers a wide range of homes which attracts a wide range of buyers. At any time, buyers can be looking for a manufactured home, condo, townhouse, duplex or single family. They can typically be grouped by the following:
Full-time Residents Buying Permanent Homes, Usually Single Family
These buyers are typically active all year round. We have a massive influx of people migrating to DE from neighboring states. The average age of this buyer is 55 years old, so these movements are not necessarily tied to any particular circumstance (such as job relocation) but are usually motivated by people looking for tax relief and a lifestyle change.
Investors Aiming to Capitalize on the Lucrative Summer Rental Season
Investors are usually looking for specific homes that meet their financial objectives. There are many condos, townhomes and single-family homes being operated by investors. Most of these investment properties are located on the eastern side of the county toward the beaches, where returns are the highest.
Investors are typically more active in the Spring since they can take advantage of the upcoming summer without carrying the property through the winter. However, a shrewd investor is ready to pounce on a great deal no matter what time of year.
Delaware beaches have long been a great place to vacation. Our beaches are free, clean and only a short driving distance from surrounding states. This makes it ideal for people who want to own a piece of Delaware that they can enjoy on weekends and throughout the summer.
Of course, it is important to acknowledge that there is an attraction to the DE beaches all year round. There are buyers in the wings at all times waiting for the right property to come along. Investors and second home buyers are not buying out of need but out of want and are willing to wait until the right situation comes along.
Considering these factors is an important step in correctly positioning a home for sale. Not every seller has the luxury of waiting for the right time and the right conditions but understanding how the property relates to the characteristics of the market will certainly increase the chances of selling for the highest price in the shortest time possible.
The Nitan Soni Group