Last year home inventory levels were reported at record lows. Now that the 2017 holiday season is here, those records are now even lower. The total number of available single-family homes for sale is down 49% and for condos/townhomes, the numbers are even more drastic at 71% when compared to 2016. Lower inventory means higher prices.
Buying & Selling Real Estate at Year End
While spring and summer are popular times to sell a home, low home inventory levels in the Bay Area make selling and buying any time of the year the right time. Here are just a few reasons to put the “for sale” sign up along with the holiday decorations:
- Buyers are Motivated
With so few homes available, serious buyers are actively looking. While some folks may take time off during the holidays, others are using this “slow” time to their advantage. In the recent San Jose Mercury News article, buyers are fighting the clock. One year ago, the median price for a single-family home in Santa Clara hit $1 million; now that median reached a new peak at $1,125,000, a jump of 19.7%! Buyers don’t want to wait and get priced out of the market.
- Emotions Sell
Decking the halls with holiday cheer is part of the dream of owning a home. Touring a house that’s decorated for the season along with the aroma spiced cookies is just, well, homey. These are feel-good touches that can make your home stand out. The trees outside may be bare of leaves, but those holiday lights can add a lot of charm.
When The Timing Is Right For You
Based on personal experience, I’ve found the holiday season to be a great time to buy or sell. There’s less competition and often room to negotiate, depending upon the neighborhood, property condition, and a myriad of other factors.
If the timing is right for you, let me know and I’m happy to be your guide. In the meantime, happy holidays and best wishes for 2018!
Photo credit: ProFlowers