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As we approach the holiday season, the usual slowing in the housing market is occurring. The holidays are typically a slow time for the real estate market but there are still opportunities for those trying to get their home sold before the end of the year. There are still several factors working in the favor of sellers; interest rates are still very low and there is still strong investor interest in several markets, including Phoenix.
During the spring of 2013, homes were selling at a frantic pace. In many neighborhoods, we were seeing a return to the atmosphere we had back in the late 90s and early 2000s, with multiple offers coming in within hours of a home being listed. This pace continued well into the summer but has tapered off a bit in the past couple of months.
According to CoreLogic, home prices in August were up 12.4% year over year nationally, with several markets outperforming the national average. Phoenix saw a year over year increase of 18%.
Many people wonder if it is a good idea to put their home on the market during the holiday season. After all, the market after Thanksgiving and before New Year’s slows down to a crawl, right? While it may be true that there are fewer people shopping for homes during December, it does not mean there are no buyers out there. People are still moving for various reasons such as new jobs or job transfers, even in December.
In addition, there is an advantage to listing your home during the holidays; fewer competitors. Most people think the same way. They assume that nobody is buying over the holidays anyway so why bother listing my home. The reality is that there are still buyers. Therefore, if your home is out there on the market, you may actually receive better exposure than the crowded early spring rush.
Bottom line: if you have a home you want to sell in the near future and don’t mind keeping it in showing condition during the holidays, then this may be one of the better times of the year to sell your house quickly and at a good price.