Posts in category: Market Report

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Low inventory and serious buyers are two reasons—and year-end issues

When it comes to real estate, the ideal time to sell your home often falls in the spring months. After all, many people hunker down during the winter months or are too busy with the holidays to think about purchasing a new home. And don’t forget, people like to start shopping in the spring to make sure they are settled in their homes before the start of a new school year.

But what if you can’t wait until the weather warms up to get your house on the market? Should you consider putting your house up for sale around the holidays?

It may not seem like the most ideal time, but the holiday season does have its benefits—provided you position your home in just the right way. You might not get in the middle of a bidding war, but you are going to deal with serious buyers who are ready to close a deal. Here are six reasons why the holidays are a good time to sell a house.

1. There’s Less Housing Inventory During Winter

Conventional wisdom says people should wait until the spring to get the most from a home sale. After all, inventory normally picks up in the spring as the weather gets warmer. This often leads to price wars breaking out in coveted neighborhoods. A home in a great area with a lot of potential buyers can sit on the market for just a few weeks or, in some cases, even days.

But that doesn’t mean people don’t look—or buy—at other times of the year. In fact, there are plenty of homes listed around the holidays that may command more money, even if the inventory is limited. If you play your cards right, you may even be able to sell your home quicker than the ones listed in the spring.

One reason is the lack of competition during the holidays. Many sellers don’t want to list their houses just before or during the holidays—some don’t want people tracking in snow and dirt during each showing, while others just want to enjoy the holidays as family time.

Whatever the reason, don’t discount the holidays. Serious buyers won’t have an endless list of homes from which to choose, so there’s more time for them to focus on yours. Furthermore, the limited range of options available to buyers means you may be able to command a higher asking price for your property.

If you do your research, stage your home properly, and price it right, you could attract the perfect buyer and be on your way out the door into a brand new home.

2. Winter Buyers Are More Serious

Most open houses take place during the spring and early summer. It isn’t unusual to see people saunter into a property without a clear plan to buy. People often check out homes just for the sake of looking. After all, hitting open houses is a favorite pastime for many Americans.

But if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer—they aren’t going to spend their precious time around the holidays seeing how the other half lives. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.

3. That Warm and Cozy Feeling

The holidays are often a time when people gather around fireplaces, drink hot chocolate, and bake cakes and cookies. Homeowners who put their houses up for sale during the winter months can stage their house to give off the comfy and homey vibe that appeals to many buyers.

Some people may argue that showing a house in the winter is hard to do because there’s snow on the ground, the house is drafty, and the curb appeal is lacking. But turning the heat up, having a yummy treat in the oven, and keeping the sidewalk and driveway clear of snow and ice can boost a home’s appeal.

Not to mention that buyers tend to be more emotional during the holidays and may be more likely to make decisions based on the feeling a house conjures up. During the spring, there is a lot more foot traffic in homes that are up for sale. Some buyers may not be able to do a thorough walk-through with so many distractions.

4. Festive Neighborhoods Are Inviting

One of the staples of the holiday months is that many people adorn their homes with festive lights and decorations. That is also true of local communities where lit-up snowflakes and wreaths can be found on lampposts up and down the main streets.

People purchasing a home during that time may see the neighborhood in a different light—more festive and cheerful—and may be more willing to consider an area that they may have been on the fence about.

Again, this is all about tugging on the heartstrings. People who buy during this time of year may be more prone to emotional purchases, so it bodes well if there are plenty of triggers that can reel them in from an emotional standpoint.

5. Year-End Job Transfers

Another good reason is timing. The end of the year is typically the time when people get notified they will be moving because of a job transfer, or perhaps an offer comes through from another company that’s just too good to pass up.

Those people are going to need a home sooner rather than later and, as a result, they’ll be hunting for a new home during the holidays. These buyers can’t wait for spring, which is one reason why listing during the holidays can get the home sold—and sold quickly.

6. End-of-Year Tax Breaks

Reducing the property tax bill may not be the main reason buyers purchase a new home, but it could be why serious buyers make a move during the holidays. That’s because buyers can deduct the mortgage interest, property taxes, and interest costs of the loan if a sale closes on or before December 31. New tax laws limit the deduction, of course, but the tax benefits could still prompt a buyer to move during the holidays instead of waiting until spring.

The Bottom Line

Nobody wants their home to languish on the market nor do they want to have to lower their asking price. And while many fear that reality if they list their home during the holidays, this often isn’t the case.

When you sell your home during the holidays, you will face less competition, find more serious buyers, and may even be up for a quicker sales process. It also presents a unique opportunity to create a warm and cozy environment that you can’t present during the spring and summer months.

By: DONNA FUSCALDO

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Renovation DOS

• Kitchen remodel | The kitchen is the core of your home’s value. Investing in upgrades to appliances, surfaces, storage, finish and details can give the whole home a new feel. Take the extra step to create an open floor plan for maximum return.
• Bathroom upgrade | Freshen up fixtures, tile and lighting to transform a dingy, dated bathroom and impress potential buyers. The less they feel they’ll have to do themselves, the more your home is worth.
• Wood flooring | Hardwood floors are here to stay, with a timeless, versatile look that can read both luxe and rustic. High-quality laminate achieves similar results for less money.
• Energy efficiency | Green is the color this season — in more ways than one. Upgrading your home to energy-efficient lighting, insulation, windows and appliances appeals to buyers’ senses of civic duty, and to their pocketbooks in terms of long-term savings.

Renovation DONT’s

• Ditch the pool | Swimming pools are great fun — with an enormous price tag, and costly maintenance to boot. The best reason to build a pool is your personal enjoyment; don’t bank on it bringing home value returns.
• Forget the fancy office | Showcasing your home’s flexibility is a smart move, but beware the permanent conversion with expensive built-ins. Buyer’s won’t relish the thought of un-renovating that deluxe office or yoga studio.
• Scrap the carpet | Don’t bother with upgrading floors if you plan to lay down carpet. Not only do a dwindling number of buyers want it (remember, hardwood is all the rage), but you’re far less likely to see an appreciation in home value from new carpeting.
• Standalone bathroom addition | An extra bathroom sounds like a great selling point, but beware. Adding a single bathroom is enormously expensive (you save when it’s part of a larger addition), which you’re unlikely to recoup from increased value.

Everyone’s home is different. Are you wondering how your improvements stack up in today’s market? Call me today for a free home value estimate!

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There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.

Opportunity #1: You Have More Options for Your Move

One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.

If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.

Opportunity #2: The Number of Homes on the Market Is Still Low

Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply.

While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.

Opportunity #3: Your Equity Has Grown by Record Amounts

The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:

“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .” 

If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.

Bottom Line

If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.

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The Dinsmore Group would like to give content and writing credit to Leonard Steinberg @theleonardsteinbergteam. He shares his valuable insights through his wonderful Compass wide journal, Compass Contemplations. Mr. Steinberg holds the esteemed title of Chief Evangelist at Compass.

There will always be periods where markets correct and re-adjust and re-balance. We are in the midst of one of these moments right now. They are a CERTAINTY of economic cycles and are often triggered by shocks. We have had enough of those in the past few years: How long they last and how deep they go is an uncertainty. Uncertainty is scary for most, but it doesn’t have to be. While this is happening I’m keeping my eyes peeled on these 6 LONG TERM trends:

1. UNDERBUILDING: The US has under-built for a decade. Now as rates rise builders are cutting production….when we should be increasing it!
2. NEXT GEN BUYERS: All of us need shelter, an essential need. 130 million Millennials and Gen-Z-ers are just entering or have already entered prime household formation age. 130 MILLION!
3. WEALTH TRANSFER: Over $10 TRILLION – with a T – of wealth will be transferred in the next decade in the US alone.
4. INFLATION: Even with inflation at 2%, building new homes keeps getting more expensive.
5. MORE BUYERS: Wealthier Baby-boomers are buying two and three homes. Private equity is buying up homes traditionally bought by individuals.
6. REPLACEMENT: Repairing and replacing existing homes due to extreme weather and an aging housing stock are bound to use up lots of resources for building new homes.

Yes, corrections matter and can be unnerving at times. They cannot be willed away by pretending or burying your head in the sand. It is during these times that a steadfast resolve and fast and decisive – sometimes painful – action steps are required to weather storms. But all storms pass. While some obsess with short-term trading, keep focused on longterm INVESTING!

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Fall’s cooler temps are perfect for deck and yard improvements.

Ah, September. The weather is changing, and we’re getting back to our normal, post-summer routines.

It’s also a great time to give the house a little extra love and maintenance.

Stain the Deck

Help your deck field what winter throws at it by re-staining it this month. September’s cooler temps and lower humidity make it the ideal time for this project.

Check Fire Extinguishers

According to the Red Cross, fires increase in the fall and winter. Keep your home fire safe by getting your fire extinguishers checked by a certified professional. Fire extinguishers do break down and malfunction. In fact, after six years they need to be emptied and reloaded. If you haven’t already, buy one for each floor — and the garage.

Spruce Up the Yard

Aerate your lawn, reseed or fertilize it if needed, and plant perennials and shrubs (often on sale now). Your lawn will green up faster after winter, and the shrubs and perennials will have a chance to establish roots before the first freeze.

Inspect Your Home’s Exterior

Spending money on roof repairs is no party, but neither is handing out buckets to the family to catch leaks in a winter storm. Inspect your roof — and other big-ticket items, like siding, grading, and gutters — before you’ve got problems. You’ll cut costs by fixing them now and stay dry and warm all winter long.

By: Kelley Walters

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Buying stuff can be stressful. Cheap out and you could regret it. Overspend and you’ll cut into your budget. Knowing the best time of year to buy appliances and other household items can lessen the anxiety.

Here’s a list of the best time of year for sales.

Furniture: January and July

You could save 30% to 60% buying furniture in January and July, as stores try to clear out inventory and make way for new pieces, which manufacturers introduce in February and August.

Floor samples especially often sell for a song, so don’t hesitate to ask.

Storage Essentials: January and August

In August, retailers slash prices and offer free shipping on shelving, organizing systems, baskets, and storage bins, baiting parents who are packing kids off to college or getting organized for a new school year. (No offspring? No problem. Proof of parenthood isn’t required to qualify for deals.)

It happens again in January, when stores roll out more sales — and selection — to help you find a home for all those holiday gifts and meet your organizing goals for the New Year.

Linens and Towels: January

Department store “white sales” — launched in 1878 — are still a favorite marketing tactic and make January the best time to binge on high-quality bedding and towels. If the exact color or style you’re seeking is out of stock, ask in-store for a rain check, so you can get exactly what you want at the price that can’t be beat.

Major Appliances: January, September, October, and the Holidays

The prices on this year’s appliances bottom out when they suddenly become last year’s models. Except for refrigerators (more on that below), you can pick up last year’s models for way less in September, October, and January, when stores are making room for new inventory.

For good deals on this year’s models, wait for Black Friday and the holidays. The season rivals inventory clear-out bargains as the best time of year for sales on appliances. And if you’ve got more than one appliance on the fritz, holidays are often the time to find incentives for buying multiple items.

Mattresses: February and May

Even the most obscure holiday seems to inspire mattress sale commercials. Annoying, yes, but also a reminder that you should never pay full price for a mattress. The best time of year for sales is February (courtesy of Presidents’ Day) and May (Memorial Day).

Many department stores offer coupons for additional savings on the sale price, while specialty chains — which have the biggest markups — can drop prices 50% or more. But don’t waste your time price shopping: Manufacturers have exclusive deals with retailers for each model, so the only way to find a lower price is to snuggle up to a different mattress.

Refrigerators: May

Unlike other big-ticket appliances, new fridges are released in May. Combine the need for retail turnover with Memorial Day sales, and you get epic savings nearly all month long, making it the best time of year to buy a new refrigerator.

Snow Blowers: March and April

The best time to pick up a low-cost snow blower is exactly when you DON’T need it: in March and April. That time of year, no store wants them taking precious floor space away from spring merch like patio furniture and grills.

Vacuums: April and May

New vacs debut in June, so last year’s models go on sale in April and May — just in time for spring cleaning.

Roofing: May

For the lowest price on materials, buy in May.

But if you’re paying a pro to install a new roof, contractor rates begin their climb April 1 and stay high through fall. So if weather allows for wintertime installation, you could save big.

Gas Grills: July and August

Come July 5, there’s still smoke in the air from Fourth of July fireworks, but stores are already moving on to Halloween, with Christmas not far behind. So, they’ll cook up juicy savings on grills and other summer staples in July and August. Sales peak by Labor Day, so you could pick up a new grill and still have time to host one final summer hurrah.

Lawn Mowers: August, September, and May

August and September are the perfect time to retire an ailing mower. You’ll find the lowest prices of the year (but also the slimmest selection) as stores replace mowers with snow blowers. Retailers also kick off the season with sales every April. You generally won’t save quite as much, but you’ll have more choices.

Perennials: September

Unlike nonperishable goods, there’s not much retailers can do with last season’s perennials, so September brings savings of 30% to 50% and two-for-one offers on plants like hostas, daylilies, and peonies. And note that independent gardening stores can typically offer deeper discounts than big chains.

Cooler weather also makes this a great time of year to plant. How’s that for a win-win? If you prefer planting in the spring, many nurseries offer 10% to 20% off when you pre-order in February or March.

Power Tools: June and December

Power tools are a favorite go-to gift for Father’s Day and the holidays, so June and December are the best time to buy tools like cordless drills.

Paint: January, May, July, November, and December

Prices for interior and exterior paint bottom out when the mercury (and demand) falls — in November, December, and January, but also when it rises back up, in May and July.

HVAC Equipment: March, April, October, and November

Just like with snow blowers, the best time to buy furnaces and whole-house air-conditioning systems is when you don’t need them. Prices are lowest during months with moderate temperatures — generally March and April, then October and November.

Many installers also run promotions during these slow seasons to help load their books. They also may be more willing to negotiate a lower price or throw in a free upgrade like a fancy thermostat.

Flooring: December and January

From mid-December into January, homeowners tend to take a break from major remodeling projects because of the holidays. Flooring retailers and installers are looking for business, so that gorgeous wide-plank flooring or luscious carpet can be yours for an even more scrumptious price. Happy holidays to you.

By: Amy Howell Hirt

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