Welcome back! With the holidays upon us, so what happens with the market? For years I have been telling people that I do more business between November and April and today I am going to explain why and dispel any myths. During the holidays, inventory typically goes down. This happens because most realtors are telling customers that no one buys homes during the holidays and want you to take your home off the market. Ironically, when there are no homes on the market, inventory prices go up.
Interest rates are also at an all-time low making it a great time to buy. With the low interest rates, surplus cash is also factor this time of year. People generally get bonuses and tax returns at the end of the year and are eager to spend it. This surplus of cash is perfect for the down payment of your next home. The old school belief is that school is in session which means no one is looking for homes. The reality is that if you’re being relocated and have to buy a home, you will.
The average days on the market in this area for homes are currently 60-90 days; the three properties I put on the market this past month averaged only 11 days on the market.
For quick reference, I have listed 11 reasons to show you why now is the time to list during the holidays:
1. People who look for a home during the Holidays are more serious buyers!
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
3. The supply of listings will dramatically increase in January, so there will be less demand for your particular home! Less demand means less money for you!
4. Houses show better when decorated for the Holidays!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
6. Buyers have more time to look for a home during the Holidays than they do during a working week!
7. Some people must buy before the end of the year for tax reasons!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until spring to buy, you must be on the market now to capture that market!
9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
11. By selling now, you may have an opportunity to be a non-contingent buyer during the spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!
If you or someone you know is looking to buy, sell or invest in real estate, please don’t keep me a secret. I am here to help. Have a great week!