Pros and Cons of Selling During the Holidays
If you are thinking about listing your Raleigh Durham home for sale this fall, you might be concerned about showing it, and possibly having to move, over the holiday season. The holidays are already a busy time of year for most families, so you would be right to wonder if you are making a good decision by marketing your home between Thanksgiving and New Year’s Day. Some sellers even take their homes off the market temporarily during the holiday season, but, before you make that choice, consider all the pros and cons to selling during this festive time of year.
1. Buyers are serious. Buyers looking for a home during the holiday season are usually serious about getting under contract, or else they’d put it off. Often, they are starting a new job at the beginning of the year, or they want to get their children registered in school by the end of the holiday break, or maybe they want the tax break in the current year. Regardless of their reasons, if they are out looking in November or December, they are serious buyers.
2. There are not as many homes on the market. As a seller, you benefit from having fewer homes on the market to compete with. Less inventory combined with serious buyers means sellers get higher offers.
3. You can take advantage of holiday season curb appeal. While it’s recommended that you not over-decorate while showing your home, you can take advantage of the warm and festive vibes that holiday decorations add. Some white twinkle lights, a wreath on the door, and poinsettias lining your porch can add just the right cozy and inviting feel to win over buyers.
4. Cooler weather may invigorate buyers. The only thing worse than house hunting in the dead of summer is moving and unpacking in the dead of summer. On the other hand, the cooler temperatures of the holiday season may fuel buyers’ desire to get out on the hunt.
1. You won’t have as many lookers. We noted that buyers shopping during the holidays are serious ones, but there will definitely be fewer buyers looking to move in Raleigh Durham than later in the New Year.
2. Showing your home may be more inconvenient. Again, it’s a busy time of year for most families, so do consider the inconvenience of having showings while you are preparing for the holidays or enjoying time off from school or work.
3. Business closings may slow down transactions. Many businesses have shortened hours or holiday closings, which means you or your buyers might have delays with such things as scheduling inspections and appraisals, clearing title or escrow payments, or getting repairs completed.
All in all, the market in the triangle is wonderful for sellers! You can’t really choose a terrrible time to list your Raleigh Durham house for sale. There are pros and cons to all of the different seasons. If you are looking to make a a move in the triangle, give us a call so we can set up a no strings consutlation about your home!
Zach + Cindi Honeycutt, Realtors, Movil Realty, 919-730-0777
What It Means To Be in a Sellers’ Market
A Look at the Raleigh Durham Real Estate Market
If you’ve given even a casual thought to selling your Raleigh Durham house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a 2-month supply at the current sales pace nationally. When we break it down to a more local Raleigh Durham market we are looking at a way smaller month supply…0.7% as of February 2021!
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below):When the supply of houses for sale is as low as it is right now in the Raleigh Durham real estate market, it’s much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers. There are so many multiple offer situations in the triangle that the average Raleigh Durham area are selling for an average of 100.5% of their list price. Keep in mind this is an average with many homes selling 10-20k above their initial listed price. Whoa.. talk about a super sellers market here in Raleigh Durham.
As this happens, home prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. If you put your house on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers!
Today, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live – and they’re taking action. The supply of homes for sale in Raleigh Durham is not keeping up with this high demand, making now the optimal time to sell your house.
Home prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it. Contact us today to get an idea of what your home is worth in today! We would be honored to be your Raleigh Durham realtors.
Zach & Cindi Honeycutt, Realtors, Movil Realty, 919-730-0777