These are a few things to keep in mind if you’re considering opening up a transaction around the holidays:
First, bear in mind that the winter market is different from the markets in other seasons. Here in San Diego, the market runs in the same cycle each year like clockwork. The period around the end of December and beginning of January is when our inventory is lowest, meaning that soon we’ll have the fewest homes available. From that point, inventory will begin to climb, peaking around September and October before dropping back down toward the end of the year again.
So what does that mean for you?
If you’re a buyer, it means you’ll have fewer homes to choose from. On the flip side, the sellers in the market will be more motivated to sell, which is leverage in your favor. It also means you’ll have less competition from other buyers, most of whom will wait until the spring to start looking for homes. Further still, interest rates have reached a 40-year low—take advantage of that!
If you’re a seller, the low inventory means that you’ll have less competition from other sellers; some neighborhoods don’t have any homes for sale at the moment. That puts you in a powerful negotiating position. You’ll have fewer buyers, yes, but the ones who are in the market will be more motivated and highly qualified. You won’t get a revolving door of looky-loos and other, non-serious buyers at this time of year.
So if you’re looking to buy or sell this holiday season and would like some professional assistance to make sure your transaction goes off without a hitch, feel free to reach out to us. We’d love to help you. In the meantime, I hope you have a great holiday season! We’re so thankful to have you all in our lives.