Everything is cyclical; the seasons, styles of jeans, and even the real estate market. Ask any real estate professional, and they’ll tell you the same thing: however hot an individual market may be, there are good times to sell your home, and there are bad times to sell your home.
Knowing the difference takes experience, insight, and some hard data. Luckily, we have all three.
For Idaho buyers, choices are going to range from good to great. This is because the Idaho real estate market as a whole is red hot.
Over the past year, home values in Idaho have risen an absolutely incredible 17.2%, and are forecast to rise a further 9.8% over the next year, making Idaho real estate a better investment than Apple stock.
Still, in a market this awash in cash, you want to get the best deal you can possibly get. Timing the market can be tricky; the best ways to do it are to crunch the data, or to partner with a seasoned local real estate agent with insight into your market. Ideally, you’d do both.
Let’s begin by crunching some of the data.
The Best Time to Sell in Idaho
In this section, we’re going to take a closer look at the Idaho Falls market, which is nicely representative of the larger statewide market. Like the rest of the state, the Idaho Falls market is very hot, with homes selling for record prices, at record speed.
The data suggests that the best time to sell your home fast in Idaho Falls is in July when homes sell 13 days faster than the yearly average. Further research indicates that the worst time to sell would be January when homes take a staggering 24 days longer than average to sell.
If you’re targeting that July hotspot, you still need to decide which day, exactly, to list. Many experts suggest Thursday since most buyers are looking at listings toward the end of the week, in preparation for a weekend of open houses.
The earlier in the week you list, the farther down the list your home will be pushed.
Key Factors That Help Idaho Homes Sell Faster
Like the rest of the state, the Idaho Falls market is on a major upswing. Home prices are at an all-time high, and the average time on the market has fallen an amazing 65% since 2013.
With inventory staying low, sellers in Idaho Falls routinely receive multiple bids above ask soon after listing. So what can you do to speed up what’s probably going to be a fast process?
One way is to try to shape how your buyer is going to view your Idaho property. Many people move to the Gem State, or stay there, because of the unprecedented natural beauty of the area.
With stunning mountains and miles of unspoiled forest that’s usually visible from anywhere in town, sellers should take full advantage of this backdrop. Many sellers in Idaho have had success using aerial drones to make a video presentation of their home to remind buyers of everything they’d be buying into, over and above the home itself.
3 Tips for Maximizing Your Profits When Selling a Home in Idaho
Timing Is Everything
If you’re in no particular hurry to sell your home, but want to make sure you maximize your profits, you’re going to want to aim for an August sale, when homes sold for 5.6% more than the yearly average.
On the other side of the coin, you’ll want to think long and hard before listing in February, when homes sell for a dismaying 13.6% less than average for the rest of the year.
Of course, before you list, you’ll need to arrive at a price for your home. The best source for that is a comparative market analysis (CMA), which uses complex algorithms to compare your home to similar homes in comparable markets.
A CMA will give you a realistic and accurate value for your home that’s grounded in up-to-date, real world data points. There’s no better method to arrive at that all-important list price.
When a prospective buyer evaluates your home, they’ll be looking at some very solid, fundamental aspects of the property. The surrounding market, the foundational stability, the basis “bones” of the place.
But they’ll also be evaluating more surface-level characteristics of your home. They’ll be looking at things like walls, floors, finishes, even your furniture. So freshening up these things is an easy way to improve your home’s appearance.
If you have old, run-down furniture, it will certainly hurt the overall image of the house. If your furniture is less-than-ideal, you may be tempted to simply move it out of the house, and show the property empty, but that may not be a good idea. It may seem counterintuitive, but empty homes simply don’t show well. The best move may be to buy new furniture just to stage your home.
But you probably don’t want to buy expensive top-of-the-line furniture just for staging purposes. Consult with your agent to get an idea of how much a fresh dining room set could help your asking price, and work from there. Always think about the cost-benefit to your cosmetic improvements; if you spend more than your home’s price ends up improving, what’s the point?
Find a Great Real Estate Agent
The right agent knows the local market inside and out, and can help with everything from staging and pricing to reassuring talks during that anxiety-ridden waiting period.
Clever Partner Agents come from major name-brand brokerages, are top-rated in their local markets, and offer a full-service experience with a flat-fee pricing structure.
If you’re thinking of selling, contact Clever today for a no-obligation consultation.