Should You Buy or Sell Now?
Posted by Staci Boren on Wednesday, December 22, 2021 at 9:46 AM By Staci Boren / December 22, 2021 Comment
As the “slow” season for local real estate arrives what opportunities and dangers are present for sellers and buyers?
And how does this season impact home values?
I’ve noticed plenty of misunderstandings about this.
That’s why, today, I’m setting the record straight!
Hi, this is Tonya Harbin, with Tonya Harbin Real Estate.
First, here’s an update on the recent market performance here locally:
Simply put, home prices remain very high.
In Abilene, the median price for a single-family home rose to $205,000. Before 2021, this median value had NEVER been reached. The number of homes listed for sale is down 22% which has led to a 15% decrease in closed sales from this time last year. If you’ve been watching my monthly market updates, you’ll know that
Low housing inventory + high buyer demand plus + inflation = Record Prices
But, we’re about to enter the slowest time of the year for local real estate.
December, January, and February generally produce the fewest home sales.
The million-dollar question is, does that translate to lower sales prices?
The simplest answer is yes, but the more detailed answer is, it depends.
For a simple answer, you can just look at the historical data.
Generally speaking, the median sales prices during January and February are the lowest of the year.
It’s good to note that it usually takes 4 to 8 weeks from the time a house is listed for sale to the time it closes.
That means homes sold in January and February were probably listed for sale in late November through early January.
For motivated home buyers, this presents a clear opportunity.
Undoubtedly, there’s less competition from other home buyers during the holiday season.
If a home you love comes onto the market, you’ll probably be able to buy it for a lower price. then you would in July or August.
The problem is there are fewer homes available for sale, so your options will be limited.
For home sellers, all else being equal, I suggest you wait to put your house on the market until at least mid-January.
That’s because there will be more buyers once the holidays have passed.
But, going on the market during the slow season CAN present a serious opportunity for you.
While it’s true that there will be fewer buyers, it’s also true that there won’t be as many homes for YOURS to compete with.
If you’ve done an outstanding job preparing, positioning, and marketing your home, then you’ll still attract tremendous interest.
And this is what we specialize in!
Our team ensures our clients’ homes sell for the highest price possible by leveraging the most effective marketing and negotiation strategies.
The data clearly shows this.
Over the last 12 months, We’ve helped many clients in Abilene sell their homes for over the asking price on average.
If you’re considering a home sale in 2022, I invite you to reach out to me.
You can find me at [email protected]