Why to Sell Now

Jeff Ward | July 22, 2022

Last Updated: August 2024

Deciding to list your home is a big decision. It's not one that you and your family should take lightly. The right time to list your home will be a fine balance between what works well for your family and what maximizes your home's value on the housing market. If you've been on the fence about whether you should list your Jackson Hole home for sale, rest assured: now is the time to sell.

Jackson Hole is currently a very hot seller's market. That means your property could sell for more than your asking price. That might not be the case for long. There are big changes on the horizon for the housing market, and these changes will likely cool the housing market and bring property prices down. These changes are coming soon, too, which means the best time to list your property for sale is right now.

3 Reasons to List Your Home for Sale Now

Listing your home for sale is not a spur-of-the-minute decision. It's one that you'll need to carefully consider. However, here are three reasons you might want to make the move sooner rather than later.

1. Jackson Hole real estate inventory is at an all-time low

The pandemic created a booming real estate market in places like Jackson Hole. In fact, Jackson Hole's real estate market shattered more than 42 records in 2020. The first three quarters of the year alone saw more than $1.5 billion in real estate transactions, an all-time record high. What's even more impressive, though, is that the town reached this record when there was a record low number of homes listed on the market. Available listings were down by 44% in 2020 as compared to the previous year. That's the lowest it's been in the last 40 years. While there is slightly more on the market now, there isn't much, and there is unlikely to be a lot on the market any time soon.

While supply is low, demand is high. People are looking to move out of the city and make resort living their full-time lifestyle. That's thanks in part to the rise in remote working. Employment is no longer tied to location, so people have more freedom to choose where they want to live. They can get out of the city while staying in touch with long-distance teams and managing operations from afar. That's why more people are choosing to find homes in resort towns like Jackson Hole. It's being called the Western Land Rush, and buyers are flocking to buy up land and luxury real estate in more remote locations, particularly places like Montana and Wyoming. They are craving the peace and quiet of the country. Jackson Hole has that in abundance, along with all the luxury amenities you could want close at hand.

With a low supply and high demand, Jackson Hole real estate is fetching a premium price. The average listing in Jackson Hole is currently $3 million, an incredible 85% year-over-year increase. That's a huge increase that's continuing to trend upwards. While this information might tempt you to wait and see if that trend continues and you could get even more for your home in a few months, beware. It looks like the housing market tides are about to turn.

2. Interest rates are expected to go up throughout 2022

Don't expect the housing market in Jackson Hole to stay hot forever. It's likely to cool off soon because interest rates are going up. They are also expected to continue going up through the end of the year.

In May, the Federal Reserve made its biggest interest rate hike in 22 years, increasing from 0.75% to 1%. The Reserve made these changes to combat growing inflation in the post-pandemic world. However, their efforts aren't going to stop there. While interest rates are currently hovering around 1%, predictions are they will continue to go up to nearly 3% by the end of the year. That could add hundreds of dollars a month onto a mortgage for a million-dollar property. That makes a big difference not only in the monthly payment amount but also in the total amount paid at the end of the mortgage term.

These interest rate increases are going to have a massive impact on the housing market. Low-interest rates encourage buyers to borrow money because it won't cost them as much. They end up buying houses and may pay over the asking price for a home because they can comfortably afford higher mortgage amounts.

Higher interest rates mean higher costs on loans. Buyers are going to become wary about purchasing a new home if they need to take out a mortgage. That will be the case even if it's a smaller mortgage to make property improvements. High-interest rates generally drive down property prices, too. That means if you don't take advantage of low interest rates now, your home may end up losing value later in the year.

3. Listing now doesn't mean moving now

You may be delaying your listing because you aren't ready to move right away. However, it's unlikely that by listing your home now, you'll need to move anytime soon. That's because it takes an average of about 90 days to sell a home in Wyoming. It's usually around 60 days to get an offer and another 30 days to close. Those numbers go up as the value of your home increases. Luxury homes like the ones found in Jackson Hole appeal to a much smaller demographic. Because of this, it can take longer to find the right buyer for your property. In fact, luxury properties spend an average of 220 days on the market.

That means listing your luxury property as soon as possible can give you some big advantages. You'll be able to take advantage of a seller's market while still having time to prepare for the move. If you haven't already found a property to purchase, you should still have plenty of time to search the market. If you have children, it gives them time to finish out the school year. It also gives you plenty of time to coordinate moving companies and all the other details that go into making a move.

Knowing the approximate timeline can take the pressure off of you when deciding when to list your home. There is always the chance that a well-placed, well-priced luxury property could sell a lot faster, though. That's especially true for Jackson Hole, where homes are high in demand and low in supply. If your home does sell quickly, ask for a contingency clause in the sale contract that allows you to stay in the property for a bit longer. Your agent may also be able to help you find alternative housing for an interim period to help ease the transition to your new home.

Maximizing Your Home's Value in the Current Market

Selling your home in Jackson Hole now can be a lucrative opportunity, but to truly maximize your home's value, you need to be strategic. Here's how:

Highlight Unique Features: Jackson Hole is known for its stunning natural beauty, luxury properties, and unique outdoor lifestyle. If your home offers exceptional views, proximity to nature trails, or high-end finishes, make these features the centerpiece of your marketing. Potential buyers are not just purchasing a property; they are buying into the Jackson Hole lifestyle. Professional photography and videography can help showcase these elements effectively.
Invest in Strategic Upgrades: Small upgrades can have a significant impact on your home's value. Consider updating key areas like the kitchen or bathrooms with modern fixtures and finishes. Energy-efficient upgrades, such as new windows or a smart thermostat, can also appeal to environmentally-conscious buyers. Given the market's high demand, even modest improvements can lead to a substantial return on investment.
Stage for Success: Staging your home can make it more appealing to potential buyers. In Jackson Hole, where luxury and comfort are key selling points, professional staging can highlight your home's best features and create an inviting atmosphere that resonates with buyers. A well-staged home can sell faster and at a higher price, making this investment worthwhile.
Price it Right: Pricing is crucial in a competitive market. While it may be tempting to set a high price due to low inventory, it's important to strike a balance. Overpricing can lead to your home sitting on the market too long, while underpricing can leave money on the table. Work with a local real estate agent who understands the nuances of the Jackson Hole market to set a competitive price that maximizes your home's value.

Timing the Market: Why Seasonality Matters in Jackson Hole

Timing can be everything when it comes to selling your home in Jackson Hole. Understanding the seasonality of the real estate market can help you list your home at the optimal time.

Peak Tourist Season Brings More Buyers: Jackson Hole experiences a significant influx of tourists during the summer and winter seasons. Many of these visitors fall in love with the area and consider purchasing property. Listing your home during these peak seasons can increase its visibility to potential buyers, especially those looking for vacation homes or investment properties. Summer, in particular, is a popular time for real estate activity as the weather is conducive to home tours.
The Holiday Season Can Be a Hidden Opportunity: While the holiday season might seem like an unconventional time to list a home, it can actually be advantageous in Jackson Hole. The area's charm during winter, coupled with holiday festivities, can create an emotional connection for buyers. Additionally, with fewer homes on the market, your property will face less competition, allowing it to stand out more.
Spring: A Time of Renewed Interest: Spring is traditionally a strong season for real estate, and Jackson Hole is no exception. As the snow melts and the landscape comes alive, potential buyers may feel more motivated to explore their options. Listing your home in early spring can capture the interest of buyers eager to settle into a new home by summer.
Avoid the Mud Season: Jackson Hole's "mud season," which occurs during late fall and early spring, is a less favorable time for selling due to the area's wet and muddy conditions. Fewer tourists visit during these periods, and the lack of curb appeal can deter potential buyers. If possible, avoid listing your home during these times to ensure it shines in the best light.

Preparing Your Home for a Quick Sale in Jackson Hole

To sell your home quickly in Jackson Hole's competitive market, preparation is key. Here are some essential steps to ensure your property is ready to attract the right buyer swiftly:

Declutter and Depersonalize: Buyers want to envision themselves living in your home, so it's important to create a neutral, inviting space. Remove personal items, family photos, and excess clutter to make rooms feel more spacious and open. Consider renting a storage unit for items you don't need on a daily basis, allowing your home to feel more organized and move-in ready.
Deep Clean and Repair: A thorough cleaning can make a significant difference in how your home is perceived. Pay special attention to areas like kitchens, bathrooms, and floors. Additionally, address any minor repairs that could detract from the home's appeal, such as leaky faucets, chipped paint, or squeaky doors. A well-maintained home gives buyers confidence that the property has been cared for.
Enhance Curb Appeal: First impressions matter, and the exterior of your home is the first thing buyers will see. Invest in landscaping, power washing, and a fresh coat of paint if needed. In Jackson Hole, where natural beauty is a key selling point, make sure your outdoor spaces are inviting. Highlight features like a well-maintained lawn, attractive entryway, or cozy outdoor seating area.
Be Flexible with Showings: To sell your home quickly, you'll need to accommodate potential buyers' schedules. Be prepared for last-minute showings and keep your home in show-ready condition at all times. The more accessible your home is for viewings, the faster you're likely to find the right buyer.
Work with a Local Agent: A local real estate agent who understands the Jackson Hole market can provide invaluable insights and help you position your home for a quick sale. They can advise you on the best pricing strategy, marketing techniques, and timing to ensure your home attracts serious buyers quickly.

How to Make Listing Your Home Easier

For some people, waiting for the market to be right isn't why they are putting off listing their Jackson Hole home for sale. It may be the practicalities of listing the home that makes them wait. You might not love the idea of having strangers in your home, keeping it picture-perfect for viewings, or working around property staging. This is understandable, and it's enough to make anyone want to delay the selling process as long as possible.

So what can you do to make the process of listing your home easier?

Work with a trusted real estate team. They will understand your need for discretion and work around your schedule when it comes to showings. Agents with a history of selling luxury properties will have experience in this area and understand how to make the process easier on you.
Outsource as much as possible. Leave the marketing, staging, and cleaning to the experts. Make sure your listing agent has contacts that can help with every aspect of the selling process, so it takes the burden off of you.
Trust in the power of good marketing. High-quality photos and video walk-throughs can do a lot to sell your home, and they can limit the amount of time you need to open your home up to interested buyers, too. Make sure you work with an agent who puts a premium on high-quality marketing instead of relying solely on in-person showings.

Get help listing Jackson Hole homes for sale

If you are ready to list your home, Jeff Ward at Compass Real Estate can help. Jeff has been selling homes in the Jackson Hole area for more than 20 years. He not only understands the market, he understands the needs of his clients. He puts a value on discretion and understands that while you are selling your home, you still need to live in it. He will do everything possible to make the process easy for you and your family. If you are ready to take advantage of this seller's market, get in touch with Jeff today to start the listing process.