2015 is under way and a lot of our clients have decided that this is the year they are going to sell their condo or house at the beach. With that in mind they have a lot of questions about selling – here are the most common:
When is the best time to sell property at the beach?
When researching sales throughout the last 12 months you will find that there are sales taking place in very single month of the year – but having said that – every year we see a ton of activity during the first quarter.
Here’s what happens: In January and February a lot of buyers come into the market looking to pick up rental properties before the high spring break and summer rental seasons. So we see a lot of properties listed after the first of the year and then go under contract 30- 90 days later and closing during Spring Break – right before the summer rental season. Last year May was the #1 month for condo sales and home sales in May were only 3 units off the peak.
My Point: You have probably heard the saying: “Fish while the fish are running”, well it’s the same if you are going to sell your condo or house at the beach – Sell when the buyers are in the market.
Should I wait until after the high rental season so I can collect the big rent?
Here’s the thing: It’s your property and you can certainly sell it whenever you want. Two things you are going to want to consider with this strategy though:
- The rental income is very attractive to buyers and if you take it out of the deal by selling in the fall you give up a lot of your bargaining power.
- Holding the property to collect summer rent leaves you open to risk. Risk of hurricanes, wear and tear causing ongoing maintenance costs, and adverse market conditions.
My Point: Be careful that you aren’t risking the larger gain for a relatively small upside (summer rent vs. proceeds from the sale).
Finally, should I continue to rent my property while I’m selling it?
If you don’t rent it certainly makes it easier to show the property but I’m a firm believer in you keeping as much money as you can. Also, investors like to see that there are “heads in beds” so we would recommend that you continue to rent.
Here’s the thing: If we can’t show your property it makes it very difficult to sell it. What we recommend is that when we list your property you require the rental company to establish a “showing time” where we can schedule appointments. For example, on Saturdays from 1:00 – 3:00 the property will be available for showing appointments, inspections, appraisals and so on. That way it allows the renter to enjoy their stay and we know we can show the property at a specific time each week. Everybody wins.
The Bottom Line:
There are always buyers in the market and I’m sure when you are ready to sell we can find one for you as well.
About The Author
My name is John Moran – I am the Team Leader for Keller Williams Realty’s At The Beach Team. I and all my team members are committed to doing the very best we can to get you the greatest return for your real estate investment and will strive to help you maximize your position whether you are a buyer or a seller. I hope this information is helpful for you and if there is anything I or any of our team members can do to help you in the future please do not hesitate to call or text me at 850-217-7618, or email me at JohnMoran@AtTheBeachTeam.com
Note: Keller Williams Realty’s At The Beach Team sells more condos from Panama City to Pensacola than any other Realtor or team of Realtors. The At The Beach Team also ranks in the Top Ten for combined sales (Houses and Condos).
More Real Estate Tips Like These
If you would like to see other tips about buying or selling real estate simply send me an email at JohnMoran@AtTheBeachTeam.com and I will be happy to email them to you. If you would llike to receive future tips – we typically send them out once a month – again simply send me an email and I will make sure you get them.
– John Moran