Home sales start ramping up dramatically in the spring, and buying and selling activity continues at elevated levels throughout the summer until school starts for many in September, according to data from the National Association of Realtors.
And this year promises to be a scorcher: Mortgage rates continue to hover near historic lows and the Federal Reserve indicates it will hold the Fed Fund Rate steady at 2.5 percent or even lower it. So expect a lot of transactions!
With school out, summer vacation, better weather, longer days and great rates, more people are in the market to make the next transition in their lives.
That means that summer is a prime time for real estate agents, and you should be fully prepared to make your listings sizzle for your clients.
Make the most of this summer — get those listing agreements signed, and start strategically marketing them to generate the most traffic to get those competitive offers!
Take advantage of more daylight hours
Open houses provide a great opportunity to highlight your property in nice weather.
Pay attention to the landscaping to ensure it makes a great first impression; it can be something as small as planting some colorful flowers. If property is an apartment, you can put some beautiful planted flowers on the window sill or balcony to create that summer feel!
People tend to spend more time outside in the summer, and they are more likely to enjoy going to open houses. Great light makes properties look more enticing. The summer solstice is the day that has the most daylight within the year. Take advantage of these longer days — summer provides us more opportunities to host open houses, which could include a weekday evening.
But keep the air conditioning running during the day so that the temperature is comfortable, and serve some refreshing cold beverages like ice tea or lemonade to create that welcoming, homey feeling.
Let your sellers know they are in the best position
Most people juggle two real estate transactions simultaneously so that they don’t have to pay two mortgages at the same time.
“If you need to sell your current home before you can buy another, you’ll likely have an easier time with the balancing act during the summer,” according to realtor.com.
Very few people want to be paying a mortgage for a property they don’t want anymore, so the likelihood of being able to pull off the two transactions within close proximity to each other is higher in the summer because there is a bigger pool of both buyers and sellers.
You can use this fact to reassure your clients at the beginning of the listing process.
Price it properly
This is so important! As summertime shows an increase in demand, you’ll get a faster sense on whether you priced your listing properly.
Check out these two articles on Inman (here and here) for some more strategies on pricing.
Leverage the school calendar
The school calendar can affect closing dates for both buyers and sellers. When either party has school-aged children, they usually look to close before school commences so they can prepare for the upcoming school year.
“Families with children will be more aggressive with their offers on a home that is located in a good school district that they want to get into,” reports Aceltis Financial Group.
For their child to register and attend a particular school, they need a home address within the school district by the time the school year commences. So leverage that fact in your marketing.
This summer will likely sizzle. Leverage every advantage you have.
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Marilyn Blume is a licensed real estate salesperson with Warburg Realty in New York. Connect with her on LinkedIn.