Myth or Fact?
I think many people looking to sell their homes always seem to want to time it with “seasons” or around the school years. Their belief is that most people shopping for a home only do so during those times. That actually is a myth. In closing out 2018 and beginning the new year, there has been a steady pace of homes sold here in Sonoma County, as well as more listings coming on the market at the start of 2019.
People Are Always Shopping For Homes
Understand that serious buyers are out shopping for homes all 12 months of the year. Some are relocating, moving to a bigger home, downsizing or starting with their first home. There is no perfect time do that if these buyers are seriously wanting to purchase a home. As I attend the Santa Rosa Real Estate marketing meetings each week, there are ALWAYS buyers needs. Trust me, the buyers are out there looking for their next home.
The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
The supply of homes for sale dramatically increases every spring, according to the National Association of Realtors (NAR). As an example, here is what happened to housing inventory at the beginning of 2018:
Putting your home on the market now, rather than waiting for increased competition in the spring, might make a lot of sense. The more competition you have, many times it becomes more challenging to sell your home quickly.
Buyers in the market during the winter are truly motivated purchasers and they want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.
In Sonoma County, there was a good pace of home sales that was kept up through the end of 2018. With the start of 2019, there are more listings coming on the market and listing times, if the homes are priced right, can go into contract in under 30 days. We are in a steady real estate market, which is now balancing out and the demand for homes is still rising. That being said, we are fortunate to be continuing to be in a healthy real estate market at the start of 2019. With all economic factors considered, we should be looking at a good year in real estate.