Sell now or wait for spring?

7 Replies

I have a one bedroom condo in Over-the-Rhine, Cincinnati, OH that I am wanting to sell. My intentions are to use the funds to buy additional 4-plexes in Cincinnati just north of downtown. The market is slim with high list and sale prices but winter will quickly move into southern Ohio. Should I list the condo now or wait until spring 2020?

what does DOM look like for the comps?  Also depends on what you plan to buy if you list a $100k condo and want to buy 5 $100k rentals if you do it all in winter you get a bigger discount on what you're buying than the hit you take on what you're selling. If that makes sense.

So let's say everything sells for 90% of spring value you would lose $10k on the sale of your condo but gain $50k on the purchase of the new properties.

Statistically, you are entering the winter market which usually has lower prices and longer days on market. Check out the DOM and what comps are selling for. That's likely what yours will too. A decent realtor can help with this.

@Aaron K. @Frank Geiger

The DOM averages 14 days (MLS) with the latest sale on 10/2 on the market for 15 days - it's comparable to our condo with a sale price I would be happy with. I am struggling with the decisions since I know DOM will increase and sale price will decrease as we move into the colder season, but I also want to take advantage of winter or early spring prices on my next properties. I am "new" to the game as I have not yet sold any of my investment properties (I actually have never sold a property before at all since this condo was my first home and I have been moving through Cincinnati holding and renting everything I buy).

I'd list it now and it will be sold before Winter sets in.  And you can buy your new property between Thanksgiving and New Year!

This time of year, the fall time is the second best time to sell. And like you said the market is slim which will give your property more attention because there is less competition and will give you more of an advantage. People are looking to be Downtown where everything is going on and close to work. (Especially since they have that nice new Krogers) But you can always test it out for a month or two on the market and if you don't see any action, pull it off and put it back on the market early spring.

Originally posted by @Katie Roettgers :

@Aaron K. @Frank Geiger

The DOM averages 14 days (MLS) with the latest sale on 10/2 on the market for 15 days - it's comparable to our condo with a sale price I would be happy with. I am struggling with the decisions since I know DOM will increase and sale price will decrease as we move into the colder season, but I also want to take advantage of winter or early spring prices on my next properties. I am "new" to the game as I have not yet sold any of my investment properties (I actually have never sold a property before at all since this condo was my first home and I have been moving through Cincinnati holding and renting everything I buy).

 If that's the case, I'd list it now.

The best time to sell is when you are ready to. Yes seasonality helps but why wait if you are ready now.  Can go both ways. Maybe there will be less buyers but there will be less sellers too. Sell if the time is right for you.