The holidays are upon us. That magical time of year when family, food, charity and goodwill change us as individuals and communities. That moment in time where an extra traffic light, or a long line, is just an opportunity to listen to Bing Crosby belt out the single best rendition of “White Christmas” ever recorded.
It’s also the time of year where home sellers face a quandary. Do I list my property now, or wait until the New Year?
The simple answer is - wait.
The market historically softens around the holidays, there are fewer active buyers and coordinating showings around travel, house guests and holiday parties can add stress to an already stressful time. Ahhh, but nothing in real estate is simple.
Some sellers don’t have the luxury of waiting for the predictable spring spike in activity. A change in job, relationship status, personal finance, or just a good old fashioned itch to start a new life can necessitate a move.
Often these sellers need to get the property on the market and sold as soon as possible. In a normal market cycle, this could pose a big problem. If a property is listed in December and doesn’t sell, the days on market could stigmatize the property and lead to a less desirable sales price.
But not to worry, this is no normal market cycle.
The economy is roaring. New jobs and new people are moving to the Valley at a feverish pace. Interest rates are near historic lows. In spite of nearly a decade of year-over-year price increases, home affordability is still among the best in the country. Meanwhile, new home construction is simply not keeping pace with demand.
As such, home inventory is critically low and buyer demand is through the chimney.
If you’re a visual person check out a graphic from my friends at the Cromford Report. It’s showing listings were down 21% last month and prices were up 8%. The trend will continue in December.
The bottom line is this: If you can wait until the spring, do it.
Your home value could move up another 3% by March so enjoy the presents and the egg nog and sell it when the credit card bill comes due.
However, If you need to sell your home now, don’t stress, put it on the market.
If the home is move-in ready and priced at market value, Santa will bring you a buyer by Christmas.
West Valley real estate professional John Crow is the CEO of Centurion Investments Corporation, a leading integrated provider of residential and commercial real estate and marketing services delivered through brands Century 21 Northwest Realty, Century 21 Commercial, Fix My House General Contracting and Striventa. Call him at 623.556.6170 or email email@example.com