It’s back-to-school time, summertime is in the past, and the real estate market will feel the effects of this season.
What is behind the shift in home buying and selling at the start of the school year (late August and early September)? Here are a couple of common trends:
- Homebuying families with kids put a pause on their home search, preferring instead to have focused on the homebuying process during the summer before the kids go back to school – especially if the new home means a new school.
- Homebuyers and sellers may also feel the nudge to purchase or list a home before the holidays, starting with Thanksgiving, knowing it can take a month or two to negotiate terms, get under contract, finish the closing, and then actually move.
Based on these general back-to-school buying/selling behaviors, here are some insights and tips into what real estate agents can expect in this market and how they should navigate through it:
Expect a decline in sales.
During the fall and winter months, there will be fewer buyers and sellers in the market during the school year. This decline occurs after the back-to-school rush and continues through the holidays, with a resurgence in March and a peak in the summer.
Expect homes for sale to sit longer on the market.
The median days on the market are more in the fall and winter months than in the spring and summer. In July 2022, the average home in the United States was listed for 21 days before contract, while by August it increased to 27 and by September, it was up to 32 days.
Target, research, and plan.
During this time, buyer agents should customize their marketing plan for the specific targetmarket of families with school-aged children by showcasing properties in close proximity to quality schools through research on academic performance, resources, and extracurricular activities offered; safe neighborhoods; and family-friendly layouts and amenities. Use social media platforms and local community forums. Agents should also urge potential buyers to plan ahead by starting their home search before the school year begins.
Home sale prices may slightly decrease.
When the kids go back to school, home sale prices may dip because of the lesser buyer demand. This seasonal median price change is usually slight, but agents should be aware of this trend to best advise buyers and sellers.
Be flexible.
When back-to-school season arrives, there is usually a more limited inventory available, so agents need to encourage buyers to be more flexible and open-minded to a wider range of properties that are still within their budget and location, but just need minor renovations or updates. For those selling their home, listing agents should know how to sell in the middle of this season.
Effective home staging.
Consider your target market of potential homebuyers with children by staging spaces that they can picture as study areas, playrooms, and more. Be sure to also point out safety features throughout the home, such as childproof cabinets, window locks, and outdoor fencing.
Time your open houses.
Keep family-friendly hours in mind when scheduling an open house, such as weekends or after school. Market the open house well in advance for families to plan ahead accordingly and offer virtual tour options, like 3D tours or live video walkthroughs.
Navigating the back-to-school season in the real estate market requires a deep understanding of the needs and preferences of families with school-aged children.
Connect with Paige Bird, a successful local real estate agent who will find the right house for you during this season. This year also marks Paige’s 20th year working in the real estate industry. During her tenure, she assisted more than 2,200 families in their home-buying and selling journeys. Paige is renowned for her extensive experience and commitment to high ethical standards, which uniquely positions her as the go-to agent for those looking to achieve their 2024 real estate goals.
Download the Paige Bird app free in the App Store or Google Play today!
For a free consultation with Paige, contact her today at 843.450.4773.
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