In Lake Havasu, we will see ups and downs in the real estate market each year, mostly having to do with seasonality. Due to the fact that we have such a specific tourist season, stretching from December to March each year, we will generally see more inventory come onto the market in April through the late portions of the year due to the fact that people who rent out their properties will generally sell after the tourist season has completed. The primary reasoning behind this is because landlords have the ability to charge significantly higher rents during the season than they can when we are off season, these increases being fueled by a lack of available inventory to rent out. This lack of competition allows everyone with a rental property to charge more for the busy months, and also lends itself to the fluctuations in the market as far as properties that are up for sale. In a nutshell, most people will sell after putting the increased rental months into the bank, and not before.
There is an alternative school of thought with regards to seasonality and selling a home in Lake Havasu. Essentially, you are able to ask more for your home if there is less inventory competing with it. This means that the extra money that you would potentially make on a sale when there is a lack of available inventory vs the price that you would need to ask when there is lots of available inventory may make selling before the busy season a better bet. As we have seen from the statistics lately, prices for homes are on the rise in Lake Havasu this year, but would be expected to drop a little bit once the season is over and the houses that were being rented out "one last time" hit the market. The extra competition that will happen will force sellers to either accept that it will take their property longer to sell, or potentially reduce the price to reflect the overall state of the market. While there is no "set in stone" formula that is going to predict if you will be able to make more selling now than if you waited until April and offsetting the price reduction with the final months of rental income, but considering that the steady rise in the prices paid for homes that have been sold this year is currently continuing, it may be a good time to call us or consult your realtor in order to figure out your best option.
If you are deciding to prepare your home for sale in Lake Havasu, there are a few things that you may want to consider. First and foremost, you will want to correct any issues with the house. If you have been renting the property and the tenants have broken tiles or made the carpets dirty, it will be the time to repair and replace those things. Painting the walls and cleaning up the yard is also going to help you sell fast. Essentially, if you are starting to consider that you will be putting the house up for sale, that is the time to repair and refurbish any aspects of it that may make it less desirable. Because contracting and cleanup work can sometimes take upwards of a month to complete, you will not want to be forced to wait to put your house up for sale until those items are completed. Once again, contact us for tips and advice on what steps you should be taking before selling your house.
The seasonality of Lake Havasu is one of the major factors that decides the prices that houses for sale in our area command. The other factors involve the house itself, and how desirable it is to a buyer. Most buyers in our area are retirees of people who do not want to have to work on a home, choosing instead to relax. Keep this in mind when you consider selling your Lake Havasu home....our buyers are unique!