A common question from sellers is “when is the best time to sell my house?”. But, the answer to that question is multi-faceted and dependent on market conditions.
Traditionally, the slowest buyer demand timeframe is coming up, from Thanksgiving to Christmas, and the strongest time is in the spring. However, in this sellers’ market, any strict guidelines about when to list fly out the window because the most important factor is selling in a peak market.
To this point, with market conditions still very favorable towards sellers due to record low levels of inventory and a continued strong buyer demand, the regular lull in real estate activity during the holidays will not be as noticeable since properties are still selling fast—the average days on market for Worcester County last month was 8 days on market.
Another factor driving real estate activity during this holiday season is continued record low interest rates. Loan and mortgage interest rates obviously fluctuate throughout the year, but they historically hit lows during the holiday season due to simple supply and demand aspects.
What it comes down to is: the best time to sell is—when it’s right for you. The most common reasons people sell their home are: job changes, relocations, a growing family, and downsizing. Research has shown that sellers spend an average of 7 months considering selling their home before actually listing, but to take advantage of this sellers’ market, this amount of consideration may not be advantageous.
National Association of REALTORS Chief Economist Lawrence Yun this month stated, "All markets are seeing strong conditions and home sales are the best they have been in 15 years, Yun said. "The housing sector's success will continue, but I don't expect next year's performance to exceed this year's."
Yun further said even though there may be a decline in sales in 2022, he still forecasts home sales will outdo pre-pandemic levels. His prediction, he noted, is based on an anticipation of more inventory in the coming months. "With more housing inventory to hit the market, the intense multiple offers will start to ease," Yun said. "Home prices will continue to rise but at a slower pace."
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
