Friday, October 30, 2015
By Admin

 


As we write this blog, there are less than 36 hours left in October and, where did the time go, it'll be November on Sunday (don't forget to put your clocks back an hour before retiring on Saturday night too!).

When thinking of a topic for today's article, there seemed to be one outstanding candidate as we head into Month 11 of 2015. As our title says, we strongly recommend you don't put off your home sale until the New Year.

There is also a tendency among some active sellers to withdraw from the market until after the holidays, so we would also address these comments to you if you're already listing and that sums up your current thought process.

With a very strong fall market this year, we're not seeing a sharp decline in buyer sentiment. Indeed it could be argued that, this year, buyers have a greater sense of urgency now than has possibly been the case all year.

The key reason for this can be summed up in four words - still low mortgage rates.

With widespread reports in the past couple of days of the average 30 year rate descending to just 3.76%, the timing simply couldn't be better to further stimulate the market as the colder weather starts to head in.

Almost everyone is aware by now that low rates were given something of a stay of execution last month, when the Federal Reserve took the decision not to raise interest rates, despite commentator speculation that it would do so. This was exactly the energy boost that the post-peak season homes market needed and it is surely no coincidence that selling activity has been doing very nicely ever since the announcement.

Wednesday saw a reinforcing announcement by the Fed of rate stasis and the next focal point will be when it meets again in December, which many are now seeing as possibly the moment for a percentage hike, triggering a resulting rise in mortgage rates.

We've said before many times that current low interest rate policy is going to change around at some point. Whether it finally happens in December or not is so unclear, as we've all lost count of the number of times when an expected date for a rise has passed with no change.

What is certain, however, is that deciding not to list or to withdraw a listing until the New Year is fraught with risk, as we may be looking at an entirely different set of buyer motivation dynamics by then if the inevitable rate rise finally happens.

Also never forget that talk of difficulty in selling a home near the holidays is something of a myth anyway, with many buyers simply not having the luxury of waiting until 2016 to move, for a vast range of reasons, including moving for job purposes. Remember, too, that many people will be keen to fast track a move so they can be in their new surroundings for the holidays.

And with inventory of available homes still so low in the Albuquerque area, you'll have an even better shot at a quick sale at the best price, due to less competition. Given that some people will still ignore good advice and delay or withdraw from listing until the festivities are all over means you'll have even fewer competitors!

Call us today and discuss your best listing options.

 

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