February isn’t exactly springtime in Milwaukee. But if you’re considering selling your home, now is precisely the time to think spring. Sure, your grass will be greener, the trees will look prettier, and the gardens will start to come alive in May and June. But it’s also the time when there’s a whole lot more competition. The best outcomes happen when inventory is low, and demand is high. That’s exactly why we’ve seen a spike in prices over the past few years. Part of it was driven by low interest rates which gushed the market with new buyers. The other factor was a steady decline in inventory. Check out this trend over the last few years.
| Whitefish Bay Homes Listed | |
| 2019 | 377 |
| 2020 | 325 |
| 2021 | 301 |
| 2022 | 242 |
As you can see, the low inventory remains a compelling metric for selling success. That’s why it’s to your advantage to not wait. Getting on the market before the coming wave of new listings puts you in the most competitive position. That’s far more important than how great the garden looks. Create a plan to prepare the right way by reducing clutter and freshening up how your home it’s presented.
You may ask, “haven’t higher interest rates diminished demand?” My experience so far is – not by much. Buyers are still out there. The only difference is their purchasing power has diminished. As a result, they are more leery of getting into price wars. Therefore, pricing correctly is essential. But be careful to about benchmarking against past sales of an overheated market because it may cause a pricing error.
Remember, selling success is always about 3 simple things: being strategic about when to go on the market (when), presenting your home beautifully (how), and pricing correctly (how much). A knowledgeable Realtor will help you navigate the nuances. Best of luck!