And just like that, 2018 is coming to an end. I always enjoy this time of year because it allows us to reflect on the past and look toward future endeavors. For you, buying or selling a home might be one of your coming aspirations.
I often get the question; “Blake, it’s December, is now a good time to sell, or should I wait until Spring?” It’s a valid question, and the answer is not so black and white. There are many factors to examine, and each seller has individual needs and requirements.
The first thing to know is that the market never stops! The market has a life of its own, and is continually evolving and progressing. There is a misconception that when the winter months come around, people stop buying or selling. Wrong! There are always buyers hovering over the current inventory. These buyers could be investors, first-time homebuyers or second homeowners. New recruits come to town all months of the year. Typically, buyers looking for a home during Flagstaff’s winter months are serious buyers. These aren’t “warm weather lookie-loos” who are simply perusing the market.
As I write this article, there are currently just 18 single family homes (excluding new construction) actively for sale in the City of Flagstaff under $350,000. The lack of inventory in the market is begging for homeowners to list their homes. Because many owners subscribe to the philosophy that winter is not a good time to list, this opens the door to others who want to take advantage of the low market supply.
Waiting until spring might actually bring more competition for your listing. In fact, last winter (December 1, 2017 – February 28, 2018), 122 single family homes (all price points) sold in the City of Flagstaff!
NAR Chief Economist Lawrence Yun has this to say about why property owners feel ready to list their homes. “Though the vast majority of consumers believe home prices will continue to increase or hold steady, they understand the days of easy, fast gains could be coming to an end. Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market.”
At the most recent FOMC meeting, the Fed kept rates at 2.25 percent because of a strong economy. There is talk that they may raise rates in December, despite opposition from President Trump. With rates still at an historically low level, we are watching buyers jump into the market to take advantage of the low interest rates that will certainly not last forever.
Everyone’s situation and purpose for selling is different, but the winter months are an ideal time for many of these sellers. A winter market isn’t cold, it is sold! Give your local real estate agent a call to discuss when might be the optimal time to list your home! FBN
By Blake Cain
Blake Cain is a REALTOR and Local Real Estate Expert with Russ Lyon Sotheby’s International Realty.