Just because we have heard the same thing over and over again, does that mean it’s true? Definitely not when it comes to the old adage that you should wait until the spring to list your home. The market these days is less seasonally driven and much more dependent on market value and larger factors driving prices such as inventory and interest rates. The simple logic of supply and demand tells us that when there are more homes available, prices will fall. When there is less to choose from, prices rise with competition. Many people wait until the spring when there is a glut of inventory which means more options for the most qualified buyers. Many people assume that buyers are not seriously looking during the holidays but that is a fallacy. In this market, with already limited inventory, if your home is one of the few on the market, you will attract serious interest and perhaps a higher selling price. There are many serious buyers in the market and the holiday season can be the time to capitalize on the diminished inventory. Keep in mind that interest rates remain near record lows and homebuyers are eager to lock these rates in as many predict they may rise over the next year.
Local Market Trends
The inventory in the Queens residential market has fallen dramatically in our area over the last year while the number of sales has increased rapidly. The holiday season will only compound this trend. There were 5,934 residential properties available in October of 2013. During October of 2012 there were 7,962, a year over year decrease of almost 25%. During this time the number sales increased from 637 (Oct. 2012) to 858 (Oct.2013).
If you are considering selling and wondering how this affects the value of your property, call me at 718-909-3169.