We just sold another beautifully renovated single family home here in Geneva, New York. It took us three months to renovate the house and six months to sell it. While that might not sound too bad, it is three months longer than my usual flip cycle. Let me tell you why this was a special case.
When you are a property renovator, it is critical to know your market. Most markets have a premium high selling time. In Upstate New York, this is what we call the early spring market. It starts during the last week of February or the first week of March.
Buyers are out in droves wanting to buy after being pent up with the snow and cold all winter. This trend continues until mid-June. If you miss this window, you might as well know right now that it is highly unlikely that you will sell your house quickly or for a premium price.
After the last week of June, buyers slow down. They are typically planning for summer vacations and back to school time. There is a little sales spurt from late October to November but then it falls down again until early spring.
Now, with this project, we had a few complications that added another 30 days to the renovation. This put us exactly where I didn’t want to be which was the first week of July. This is one of the worse times to list a property for sale being the first vacation weekend of the summer which then leads into more of the same for the balance of July through the end of August.
The city that we are in is a college town. This makes it even more important to have inventory ready for incoming professors and parents who might be in the market to buy for themselves or to obtain rental property to house their student.
If you miss the market, be prepared for a longer sales cycle and a drop in price. I was fortunate to have a great agent, Belinda Fratto with Nothnagle Relator, who was diligent about having an open house every weekend for several weekends in a row to keep the property energized.
This cycle might be different in your area. Make sure that you know when the best times are to sell property. If you know this, you can have property renovated and ready to flip at a maximum profit.