3 Ways Back-to-School Affects the Market
Back-to-school season is here and its a busy time for all! If buying or selling a home is on your list of to-dos this fall we've got you covered. Here are some helpful tips to keep in mind:
1. School District Boundaries Matter
School districts are a major consideration for buyers: A study on Realtor.com found that among Buyers surveyed, “23% would pay 1-5 percent above budget” while "20% would pay 6-10 above budget” to live in a home in a specific school district. For many potential buyers, school district boundaries serve as one of the primary concerns factored in when shopping for a home. As a seller you want to have your house on the market by mid-July to ensure it is featured prominently – especially if you live in a sought-after school district.
2. Brace for Market Challenges
Be aware: Brace for challenges if selling family homes, 3 (or more) bedroom units, multi-level homes etc. Traditionally the market slows down with these family-style units ---especially around this time. Don’t let the stress overwhelm you as the market tends to pick up in Mid-August after school starts. Prepare for a slow period and be ready to advertise across multiple channels.
3. Some Properties Still Sell Fast
Among the slow market challenges, some homes traditionally sell well regardless of the season. This includes but is not limited to retirement communities, condos and Town Homes. It might make sense to prioritize your energy on family homes during this period -- but as always treat it case-by-case and see what works.