This is part 2 to my: Current Sellers "Wait Till Spring"? Yeah Right. Lose $10,000.
Which focuses on sellers that put their home on the market around September and whether they are better off trying to get a deal done in December, vs waiting until Spring to get a higher price. My data showed that they got $10,000 LOWER if they waited until Spring.
The question that I still have is:
If you are considering Listing TODAY, are you better off waiting until January 1st or Feb 1st to list your house?
LIST TODAY PROS:
- Inventory is lower, less to choose from.
- Everything seems stale and leftover. Maybe put a hot listing on, and those that are actively looking will jump on it, even in December?
LIST TODAY CONS:
- Fewer buyers. There are 2x the # of buyers in Jan Vs Dec.
- Google: MLS HOMES
- The more Days on the Market, the lower the price tends to go. You have a better chance for selling your house the first week it is listed, especially if you can get 2 interested parties.
- A TON MORE LISTINGS. Yes there is more demand (buyers) but there is a TON MORE SUPPLY.
So how would somebody run the numbers on this? Maybe look at homes with 20-30 DOM that go under contract in Dec vs those that are 20-30 DOM that were listed in Jan and compare % of list? Or maybe the Median "% of List price" for homes that are listed in Dec vs Jan?
Help. If your mother's listing (you should treat every listing like it was a family member) was fully staged and ready to go, would you list it in Dec or wait until Jan? This home is in North Arlington, so there aren't many foreclosures to compete against.
P.s. I'd like to get this question out there. If you like it, hit the red flag and ask for it to be featured.
Update: I ran some numbers.
I looked at all homes in Arlington that were listed on 12-1-06 through 12-10-06 (Dec Listed) and compared how they did to listings that were put on the market 1-1-07 through 1-10-07 (Jan Listed),this is what I found:
|# Homes||DOM||% of List||Contract in 2 weeks||Median Price|
- There are 20% more new listings in Jan vs Dec. (vs 100% more traffic from buyers)
- Homes sold 30% faster in Jan
- Homes listed in January were 40% MORE likely to sell within 2 weeks.
- BUT The actual % of Original Price was only .3% difference ($1,500 on a $500k place).
- The Median price was $100k off, that doesn't mean homes went up 20%, just the type of home was a little different. I pretty much ignored that number.