Last fall, I did a blog post for other Realtors, explaining how to capitalize on the real estate market shifts that tend to accompany the last couple months of each year. The fact is, this is a situation that is not only beneficial to real estate agents, but to informed Buyers and Sellers as well. Allow me to explain. Looking at this year as whole, there have generally been very few homes on the market at any given time. Even summertime, when inventory typically hits its yearly peak, brought a relatively paltry number of listings on the market. As such, the listings that have been on the market have been selling for previously unheard-of prices. If you’re a prospective home buyer, there’s a good chance this has proven to be a frustrating year.
So now we’re heading into the holidays, the time of year when real estate activity tends to bottom out. School is well underway, the weather is cooling down and rain is moving in. Especially once we pass the Thanksgiving threshold, real estate will be the furthest thing from many people’s minds. There’s a reason real estate offices tend to get very quiet in December.
What Does This Mean for Me?
The thing is, this situation presents a unique opportunity. That is to say, the limited market activity can benefit wise buyers and sellers alike. Look at it like this: we’re at the beginning of what is most likely, in a year with far fewer homes for sale than usual, the time of year in which the fewest homes yet will be available. So if you’re looking to sell, you could have your home be one of these few gems on the market, and get a much higher share of attention than you might at other times as a result. This increased attention, if leveraged correctly by your real estate agent, can result in a substantially higher sale price for your home.
Don’t be fooled, though: the holiday market can benefit buyers as well. You will note that I mentioned leveraging a home for sale correctly. This is because, historically, there just aren’t that many buyers around during the holidays. With the numerous events, responsibilities and distractions the end of the year brings, people often lack the time or energy to shop for homes. As such, as a Buyer, you’ll suddenly find yourself with less competition. If you’re vigilant, aggressive and act on the advice of your agent, you might just be able to ring in the new year with a new home as well.
Naturally, everyone’s situation is different, so please feel free to contact me with any questions or concerns you may have regarding home buying or selling, during the holidays or the whole year ’round. I’m always happy to help!