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Should You Sell Your Home Over The Holidays Ignore The Traditional Slow Down
In most markets, real estate follows the same seasonal pattern: more homes sell in the summer when the weather is nice and school is out, and home sales slow in the winter when harsh weather can keep people indoors.
Here are the top 5 reasons you should consider listing now instead of waiting until the weather warms up!
Demand Is Still Strong, and Motivated Buyers Are Still Out There
According to the National Association of Realtors’ REALTORS®Confidence Index, buyer traffic remains strong in nearly every state. Despite the holidays, there are still people in need of a new home, whether it’s relocation for work or buyers just desperate to find their new dream home!
There’s Less Competition
Across the country, housing inventory is constrained. All year, there simply haven’t been enough homes on the market to meet the rising demand of buyers. In fact, last month there was a 4.3 month’s supply of homes on the market. Generally, a 6-month supply of homes (meaning it would take 6 months at the current sales pace to clear the housing inventory) represents a balanced market.
With so few homes for sale, sellers have the advantage in today’s market. That advantage is particularly strong over winter, when as mentioned previously, fewer homeowners list their homes for sale. Those highly motivated buyers will be forced to compete over the homes available.
Home Sales Are Still Strong, and Equity Is Up
This year, home sales kept an astounding pace. In fact, in October, home sales rose the highest annualized pace in nearly a decade! This follows a pattern of strong home sales and rising prices that we’ve seen since the market started its recovery in 2012.
As prices continue to rise, millions of homeowners are regaining equity in their homes.
Mortgage Rates Are Rising
For the last couple years, we’ve enjoyed record-low mortgage rates. However, mortgage rates are rising. At the end of October, rate ramped up from 3.5% to 3.94%, and they are expected to continue rising as the year goes on.
If you’re thinking about moving into a new home, you should consider locking-in your mortgage rate before they rise. Even small increases can have a huge impact affordability!
(Bonus) Get Extra Mileage from Your Holiday Decorations
Have you taken the time to clean and prepare your home for holiday guests? Have you decorated, strung up lights, and made your house look generally festive? Your home will look more appealing when decorated for the holidays, so get some extra use out of your decorations and attract some buyers!