It’s getting to be the time of year when would-be sellers begin to fret about seasonality. Days are getting shorter, and rains will (hopefully) be on the way. The holidays will be an increasing distraction as we get past Halloween, and so everyone wants to know: is it OK to list your home for sale at this time of year?
Let me come right out and say: there are fewer sales in November, December, and January than in other months of the year. That may not be true every year, because every year is different – but as a general rule, volume is lower in the late fall and early winter.
However, sales can still be brisk this time of year. And in fact, they are very brisk at the moment – despite those pesky mortgage rates which are bumping up at 8%.
For example, for the first two weeks of October in Santa Clara county, the single-family homes that closed sale had an average of 16 days on market. Pretty snappy, for an average. Here’s how some other counties fared in that same period:
- Alameda County: 17 Days
- Contra Costa County: 24 Days
- San Mateo County: 22 Days
- Santa Cruz County: 27 Days
- Monterey County: 37 Days
It really all comes down to that old saw, supply vs. demand. If demand in December is weak, but supply is even lower than it typically is at the time, you can still expect that your home will sell briskly – and possibly with multiple offers, and over list price. It can happen. It has happened. It could happen to you.
And of course, I’d be remiss if I didn’t point out that the future is very, very uncertain. So much is up in the air – who will be the new Speaker of the House? What will happen in Ukraine, and Israel, and Gaza? How about fuel prices, inflation, and mortgage rates?
There is simply no way to know what the future will hold – the only thing we can be certain about is today – and we can’t even be all that certain today either.
It may be that the bottom totally falls out of the market in January, for reasons having nothing to do with the undulations of the supply vs. demand equation that drives prices. And were that to happen, you would in hindsight look like a visionary if you were to put your home on the market in November.
The reality is, most people sell their homes when they need to sell their homes. If you need to sell your home, I can say that right now, even this late in the year, it seems to be pretty favorable – and certainly much more favorable than in April, May, and June of 2022 when the market convulsed, absorbing the first of those historic spikes in mortgage interest rates.
If you’re thinking about selling now, or sometime in the future, may I suggest that the best way to start would be by calling me first? I’m here when you need me – you can book a call with me here.