Is Now the Time To Sell?

Is Now the Time To Sell?

As we move into the historically quiet holiday period, many homeowners who are contemplating selling their homes now are holding off until the traditionally stronger spring market.  While the number of potential buyers will in all likelihood be greater in the spring, there are some startling events occurring in the current market on the North Shore that may make you want to re-think your plan.

This chart reflects the number of active listings of single family homes (not including properties that are under contract) exactly one year ago compared to today:

Village                        October 25 2011               October 25 2012               % change

Wilmette                                 140                                           96                 -32%

Winnetka                                152                                            108               -29%

Glencoe                                 93                                              74                 -21%

Kenilworth                              36                                              40                +11%

Northfield                              59                                              43                 -27%

It is difficult to determine why less and less homeowners are putting their properties on the market.  Some potential sellers are seeing the current recovery in the market and are encouraged to hold on a little longer in hope of higher prices.  Others may be “under water” and feel that it isn’t in their best interest to sell.  Some have decided that it is more prudent to update or add on to their current homes than to deal with the “hassle” of selling their home and moving up.  

© Copyright Alexander P Kapp and licensed for reuse under this Creative Commons Licence

Choosing when to list your home is somewhat like walking a tightrope

The reduction in inventory of new listings really began after Labor day 2011.  While there were a reasonable amount of new listings during the early part of 2012, it barely kept pace with the demand.  As a result, we saw many multiple offer situations and even several listings selling at prices above their asking price.  

Anecdotally, we are hearing from a lot of potential sellers who are contemplating listing their homes in the spring market.  Whether they actually move ahead with this plan is uncertain.  

How ever you view it, if you list now, there will be very limited competition compared to almost any time in recent years.  There are ready, willing and able buyers searching  now, and many are frustrated that they are not finding what they are looking for.