The Gellman Team Market Update and Timing of Selling
Waiting until spring to sell your home seems like a logical idea, but in actuality, you’re better off listing it now.
Should you wait until after the new year to list your house so it’s closer to the spring market, or should you list now?
To answer that question, you must take a few things into consideration. Where are you going to move? Are you moving to a different area with a different market, or are you moving within the same area? Different variables will produce different answers.
The market has been inconsistent for different price points. The $200,000 to $300,000 price point is still a very strong market in areas where the home is prepared well and priced right. Those homes are still getting multiple offers.
For the $500,000-and-up price points, though, it’s a different story. The market has softened on these homes, and the average days on market is increasing for even the ones that are priced right and prepared for sale to the highest level. Some of this is due to insecurity as people wait for the presidential election to show some more clarity. Although interest rates continue to be extremely low, it doesn’t appear to be motivating the higher-end market.
If you’re thinking of selling at these higher price points, we recommend that you consider putting your house on the market. Not only are frustrated sellers pulling their homes off of the market already, but we believe that as the holidays get closer you’ll see even fewer homes on the market and even less competition. The sellers that are still left will be the ones that buyers look at. In addition, the buyers that are searching are serious about buying.
We’re in a lull right now, so if you want to hold off for a few more weeks, that’s okay. We still recommend listing your home during the next quarter. We really believe in what has been happening over the past few years in the fourth quarter and we still believe that once the election is settled, we’re going to see stability in the housing market and a strong fourth quarter.
If you wait until spring to sell, we believe you will face significantly stronger competition from more homes being on the market. You could also have to deal with an interest rate hike at the end of this year or the beginning of next year. If you’re in one of the higher-end price points, you may have to be prepared to be on the market a little bit longer. There won’t be as many showings, but the buyers you do attract will be more serious about making a purchase. In the $200,000 to $300,000 price point, we believe that you should get your house on the market now because there are a lot of first-time home buyers that are active out there.
If you have any questions about the value of your home or any home you’re looking to buy or sell, please don’t hesitate to call, email, or text us. We’d love to talk with you!
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