Realtors are always being asked by prospective sellers, “When is the best time for me to list my Cape Cod home for sale?” So let’s explore the options and the relevant data.
First, we need to dispel a myth that the summer is the height of the real estate market on Cape Cod. While the summer is surely the height of our tourist season, it is not when most home sales occur, nor is it when most homes go under agreement.
Examining the last 3 years of sales data, the most popular months for CLOSINGS on the Cape are consistently May and June. Home sales that closed in May or June most likely went under agreement between mid-March and mid-May, making late-winter through mid-spring the busiest time for buyer activity.
So what does this mean for sellers? It means you should get your home on the market by April 1st or even sooner to participate in the best buying season. Winter buyer activity is largely weather dependent. If we are experiencing frequent snow storms, buyer activity will be low until March. But if we are experiencing low snowfall, as we have been thus far in 2020, buyer activity will be moderate throughout the winter. Regardless, it typically gets very busy by April 1.
After May and June, the next consistently popular month for real estate closings on the Cape has been October, judging by the last 3 years of data. October sales most likely went under agreement from late August through September. August and November were also strong months in different years. The FEWEST closings consistently take place in February followed by January. This confirms the obvious assumption that buyer activity is low during the holiday season – which runs from mid-November through New Year’s.
Regardless of the time of year, the most important factor in selling your home is making sure the home is ready for sale. This means at a minimum, eliminating the clutter in the home and giving it a professional-level cleaning. Fixing obvious maintenance issues on both the inside and outside of the house will help eliminate post-inspection renegotiating when the home goes under agreement. A fresh coat of interior paint will give the home a clean, fresh look and will help all buyers more readily picture themselves living in the home. Other pre-selling tips will depend on the home. A good Realtor can help you decide exactly what improvements will give you the best bang for your buck in your market.
If you are thinking of selling your home in 2020, and if you want to take advantage of the busiest buyer season, you should be speaking with Realtors NOW to get their opinion on what your home is worth in today’s market and what you should do to prepare your home for selling. Please contact me if you would like a free, no-obligation market analysis of your home. It would be my privilege to assist you.