A Legitimate Reason.
There have been quite a few theories tossed around, and even more head scratching when it comes to figuring out why there have been so few homes for sale in San Carlos so far this year. I think I’ve heard just about every one of them, and made up a few of my own along the way. But there’s one very legitimate reason every year that some sellers with school-aged children will wait to put their home on the market:
They’re waiting for the school year to end.
This makes complete sense, especially if the family is planning to move out of the area. Adapting to a different neighborhood and new schools can be pretty traumatic for young kids. So it’s completely understandable that parents want to at least keep their kids in their school through the end of the year. But does that mean they should wait until after the end of the school year to sell their home? The answer to that question is no, and here’s why.
Now is the Time.
This may come as a shock to some parents, but most schools will be out for summer break in two months (or less). Yikes! But if you start to count backward from the end of the school year and get a little creative with how you sell your home, you’ll see that you can take advantage of the super-heated real estate market now, and still stay in your home through the end of the school year. Here’s how…
Most home sales take about 30 days to close escrow — some less, if there’s no bank involved in the purchase. 30 days is not enough to get you to the end of the school year. But in a market where buyers are doing just about anything to sweeten their offer, securing a 30-day (or more) rent-back is just about a slam dunk if you make that need known when you list the home. In fact, many buyers will gladly throw in that month free of charge if it means securing the deal.
So sellers get the best of both worlds — they get their home sold now (and the cash in their pocket), and their kids get to stay in their home and in their school through the end of the year. The alternative of waiting until June or July to list your home is usually a risky one, since the market generally cools down over the summer as buyers take vacation breaks. In a normal year, that means missing the spring market window.
But of course, this year is anything but normal in San Carlos.
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