For some nine years running, residential real estate in California has been riding a tide of strong housing demand, sustaining a mostly seller-friendly market. But amid that overall momentum, there isll still be seasonal swings at work to keep sellers on their toes.
Historically, “peak season” for demand arrives in June. Days on the market – or the number of days it takes to go from listing to sale – starts to shrink in May and begins to expand in mid-July. By September, sellers will find themselves in an “off-peak” season, when the pace for demand eases, even in the most robust of housing markets.
How does a seller find success outside of the peak market? First and foremost, an effective pricing strategy is paramount when the market relaxes.
As a seller, it’s less likely that you’ll receive multiple offers at or above list price from buyers while in an off-peak period. At the same time, buyers looking in certain price points may well experience more inventory to choose from than during the peak season.
The bottom Line: be prepared to be competitive and price your property in a way that recognizes the shifting demand. research shows that when a house is overpriced upon the first day of its listing, and subsequently requires price reductions, it will take up to three times longer to sell that house in the southern California market compared to a house that’s priced right from the start.