Our team’s “under contract” board is full this time of year as we have a concentration of settlements around the 4th of July holiday. Last year we actually had 6 settlements on one day. For a team that sells on average 2 houses a week, that stood out! We send a “happy home anniversary” card to past clients and towards the end of June and early July, the number of cards increases considerably. It made me think of how similar it is to
being at the airport around Thanksgiving when people travel to visit family and friends.
There are three key factors that contribute to this phenomenon. The traditional spring real estate season for most markets is from March through May. That correlates to transactions going to settlement towards the end of June or early July, which peaks the week before and includes the week of the 4th of July.
First, most people enjoy the 4th of July as a work holiday, just like Thanksgiving. Many people take off additional days around the holiday, depending on what day of the week the 4th actually falls on. This gives the folks buying and selling a home time for everyone to get settled into a routine before summer activities kick in. And if there are any vacations planned, that is taken into consideration as well.
Second, most homes take 30 to 60 days on the market to receive an offer acceptable to the Seller and go under contract. A peak time for homes to go active on the market for sale is in the spring. Thus the settlement date projected out from those date counts from the March through May time frame. The typical number of days from contract to settlement is in the 45 to 60 range. This correlates to settlements falling towards the end of June, early July calendar dates.
Third, it is much like everyone wanting to travel home for Thanksgiving and airports are at full capacity for moving passengers, all on a deadline. Another factor that contributes to this is that in many areas schools close for the term in May or June. That means that those who want to move during the summer months in order to have the least amount of disruption for the students in the family, often want to move right after schools close.
Most people anticipate the highways to be busy and full of travelers on their way to the beach or to visit family and friends for the summer. What many people don’t consider is that just like the highways, lenders and settlement offices are busy navigating their own traffic. Those passengers are the ones making the move from one home to the next. In the high traffic of peak settlement times, buyers and sellers might not get the attention and high level of service one would during a slower season. Professionals though seek to provide the highest level of service in all situations and markets.
Karen Briscoe and Lizzy Conroy as well as their team of agents at HBC Group at Keller Williams are delighted to work with Sellers, Buyers and Investors in all price ranges. We are happy to be of service in the Northern Virginia, suburban Maryland and Washington, DC marketplace. Please contact via the means most convenient for you: www.HBCGroupKW.com
, 703-734-0192, Homes@HBCGroupKW.com