The matter of timing is a curious thing. In life it is everything. In fishing it is too. And in real estate, it is everything and just a little bit more. It’s timing that causes one to realize a gain or suffer a loss. Timing can work in your favor or it can ruin your chances of a sale, and the biggest problem with timing is that timing isn’t consistent. Timing is a complete and absolute flake. Timing could be termed fate, or we could call it luck. But whatever we call it we must call it something, for timing certainly matters.
It’s timing that leads me to expire listings in early December. The Holiday season is typically slow in real estate, and there seems little reason to accrue market time when buyers are historically absent from a market. This December and early January break is nice for the market, and it allows buyers to get into a good comfortable position to view the upcoming rush of listings that is sure to begin in mid to late January. The spring real estate market at Lake Geneva generally begins in early February. As a result, sellers list in mid to late January to time that spring market without sitting idle over December and most of January gathering days on market that might indeed hurt them later.
This is what normally happens. This year, things have been a bit different. Over the past week at least three Geneva lakefront homes have been listed. One was re-listed, which makes the timing even more curious. One other home was listed for nearly $10MM, and since you know how I feel about those sort of prices on 100ish foot lots, we’ll skip that one for now to save it from the shame it is due. The other, a pleasing listing in a desirable location at a reasonable low $3MMs price. This home was listed in the middle of December. Would it have been smart to wait another month?
I think the answer is yes, with a qualified “but”. If the market is active in certain reaches that I’m not currently showing, perhaps there is cause to list now and attempt to grab on to a buyer before the lakefront competition increases in late January. I too will play the game of getting out in front of the inventory rush of January, and by doing so I’ll attempt to put many listings on the market around January 20th instead of waiting until the first week of February, but to list a full month in advance of my early January date is a plan that can easily backfire. The first three or four weeks on market is a crucial time for any offering. If you’re able to beat your drum loud enough to capture the attention of the market, it will likely be early on. If you miss the first month and buyers take a pass on your product, isn’t the second month going to be harder even if that’s historically when more buyers arrive on the scene?
Perhaps I’m wrong. This fall, two fairly large lakefront estates hit the market, one at South Lakeshore that I told you has just gone under contract, and another in the 700 Club with 150′ level frontage. These two lakefronts, both priced just shy of $3MM, sold during the month of December. This is not entirely common. In this case, had those sellers waited until January to list they may have waited themselves right out of a buyer. Such is life in a small market like Lake Geneva. Wait too long to list and lose the one buyer who may have wanted your home. List too early and damage the reputation of your listing in the market by adding unnecessary market time to your home before any buyers are expected to take notice.
This is a seller’s issue with timing. As a buyer, you have issues to contend with as well. There will be an influx of inventory on the market next month. You can wait and troll the internet to self diagnose value, or you can start working with me now so that by January we’re squarely on the same page. Buyers who are motivated will be on the look out next month, and when new and potentially exciting inventory hits the market they’ll be the ones ready to pounce on any available value. January brings new opportunities to Lake Geneva, but only for those with their eyes wide open.