In Friday's blog, we looked at some of the risks that come with waiting until next year to sell your home.
Today we'd like to develop this theme and consider some of the more unique aspects of selling your home in the fall and winter.
Fewer homes for sale - The real estate industry makes a great effort to persuade sellers to stay on the market as the holidays approach (why, we're even doing this right here and now!). Try as we all might, however, it's absolutely inevitable that some sellers will withdraw from the market, for a variety of reasons and, indeed, misconceptions. This means that already challenging levels of low inventory will migrate even further south. The advantage of maintaining your listing is therefore obvious and twofold - you'll have less competition and, very likely, even more interest in your home from buyers, keenly aware of the shortage of homes that tick their boxes across most sectors of the Albuquerque area market. And if you wait until Spring, there'll simply be more homes out there for buyers to choose from. Better for buyers, but possibly not so good for the sustainability of your asking price.
Some buyers want to move in before the holidays - In a recent blog we gave buyers advice on how they can still move into a new home before the holidays begin. This is a buyer motivation that's unique to fall, so if you take your home off the market, you've just eliminated the possibility of landing a qualified buyer who's all ready to move, and to do so in record time!
Buyers don't hibernate - We'll go into some of the reasons why buyers are so motivated at this time of the year later, but perhaps we should cover every eventuality by saying that it's complete untrue that there aren't many buyers around. In fact, it's the biggest myth in all of real estate! And in recent years, we've seen an increasingly lively final few months.
Fall/winter buyers are very serious - Summer inevitably encourages people to spend their time outdoors and to find something fun to do in their spare time. Some will even choose to very casually look at homes. They aren't serious at all, but maybe have a vague notion of moving at some stage in the future. This type of viewer rapidly disappears as the weather deteriorates. What's left are far more focused buyers, who have a very good reason to still be looking for a home.
New year job changes - January is a very popular month for people to begin new jobs. This is pretty much peak season for relocation. Waiting until spring therefore means you'll completely miss this lucrative seasonal market of buyers, who have a massive incentive to be in their new home, ideally before the holidays.
Buyers tend to be more emotional - Let's face it, we're heading into one of the most wonderful seasons of the year. This is an emotion not lost on buyers who are just as excited about the fun that's to come as you are. This means they are more likely to make positive decisions and agree to deals. Why wait until the grind of early New Year sets in and the mood of buyers inevitably changes.
Your home will look at its very best - Home interiors arguably never look better than in the weeks to come. Full of autumn colors and aromas, beautiful lighting and, as we progress nearer to the holidays, tastefully decorated to look stunning. Match this to the heightened emotions of many buyers and you have a unique staging opportunity within the 12-month real estate cycle.
Taxation - There can be a range of reasons why it pays to close a home purchase before year end from a taxation perspective. Again, this is another incentive you won't find at any other time of the year.
Buyers are more relaxed and have more time on their hands - The holidays inevitably provide a fine chance to relax from the rigors of work for a few days. They also allow us a bit more time to do things we might have been putting off. There's no reason why this can't include a more focused home search. At the risk of repeating ourselves, you have to be listing to capture holiday buyers.
You can limit viewings - A common fear among buyers is that by listing their homes over the next few weeks they might be disturbed when they are entertaining. This is so easily solved by arranging with your agent to limit or even stop viewings over certain specified periods.
Low mortgage rates - These continue to positively inform the Albuquerque area real estate market and have significantly contributed to busy year ends for some time now. With rates still very low, there's no reason at present to expect the closing months of 2017 to be any different.
We hope the above points help to convince you that it's such a good idea to keep your home on the market in the coming weeks. We'll be just as driven to sell as we are all year, so why not contact us today and discuss the possibilities in more detail.