Article written by Sarah Knauer, Amalfi Estates / Chamber Board Member
With the Holidays quickly approaching, many homeowners thinking of selling often debate whether to list right away or wait until the spring. Of course the holidays are a busy time for everyone, with extra cooking and company, is it really worth adding on the stress of showings, open houses, and moving? Plus, there is also the misconception that the holidays are a bad time to sell because Buyers are experiencing the same obligations as the Sellers. Well today I am discussing the reasons why listing during the holidays may in fact be the better way to go.
During the holidays, there is often less competition, meaning fewer homes on the market. In addition, the most serious buyers will continue to look over the holidays which may save you time showing your home to Buyers who may not be ready to purchase right away. Last year, from November 1, 2015 to January 31, 2016 there were 55 home sales in the Palisades compared 57 home sales from February 1, 2016 to April 30, 2016, just a small difference of 2 home sales. As you can see, the holidays did not have much effect if any, on the number of homes sold during that time period.
Compared to 2015, there has been a depreciation in home values in the Palisades this year. As of November 6, 2016, the median sale price in the Palisades dropped 4% from 2015, and the average sales price dropped 2% from 2015. If this depreciation continues, homes may sell for a higher price now than they will in spring.
There are some easy ways to alleviate the stress of listing your home during the holidays. First, you can ask for a Seller leaseback which allows you to continue living in your home after escrow closes, enjoy the holidays, and then focus on moving when you are ready. Sellers who leaseback may pay a lower than market rent, usually the Buyer’s PITI, or even negotiate to pay nothing at all. Restricting showings and limiting open houses to comfortable times are also perfectly acceptable. Buyers that are serious about a home will rearrange their schedules for a showing if needed.