Weekly Real Estate Market Report
I would like to wish everyone a Merry Christmas, Happy Chanukah and a safe, healthy and prosperous New Years!
I’d also like to thank everyone for reading this column. I’m appreciative of your comments, suggestions and feedback. Please continue to do this, it’s very helpful. You can even do so via our BLOG at http://www.coastwalkrealestate.com/blog/
In the coming weeks I’ll be gathering cumulative sales data for 2011, and I’m excited to share this with you.
This week I want to share some interesting information I came across on the Redfin Real Estate Blog… As we move through the holidays and into winter, many would-be sellers will be holding off on listing their home, waiting for the spring "selling season" to put their home on the market. But if you're ready to sell your home now, is waiting until spring the best strategy? Not according to the data, it isn't.
Redfin (www.redfin.com) pulled a year's worth of data on three quarters of a million homes listed across the country and analyzed sales statistics by season. Here's what they found:
• Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer
• Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $7,000 on a $300,000 home
Yes, you read that right, homes listed in the winter sell best according to this study by Redfin. Overall, homes listed in winter sell best. 5.8% more homes listed in winter eventually sell (compared to the overall percentage of homes listed throughout the year), and they sell 1.4 percentage points closer to their original list price than the median ---that's $4,900 on a $350,000 home.
Spring wins in one category: Speed. Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median. Winter comes in second in this category though, at six percent below the median, while homes listed in summer and fall both sell slower than the median (12% and 16%, respectively).
If you want to sell your home, then this information may be eye-opening. We’re talking about thousands of dollars potentially in your pocket!!! I believe “inventory” plays a large role in these stats. In the off season, inventory is low, and while fewer buyers are actively shopping for homes, dwindling inventory reduces options. Reduced inventory plays to a seller’s advantage.
So as the data shows, there’s no time like right now to list a property. If you want to sell your home in 2012, let’s talk. Please call me today at 910-352-0998.
Thanks a ton, and Happy New Year!
Expect Results:
Your Real Estate Market Report is provided by Justin Donaton of Coastwalk Real Estate. Local data provided is courtesy of the Wilmington Association of REALTORS MLS. Justin does not just "list" properties, he sells them! To get your home SOLD for the highest possible price, call Justin at 910-352-0998. Justin has been the #1 Agent on Pleasure Island since 2006. He has the highest dollar volume of sales, and has had the most number of closings. His business is built on hard work and high-impact marketing. Please visit: www.CoastwalkRealEstate.com for more info.
The Weekly Real Estate Market Report is a Paid Advertisement Compliments of Coastwalk Real Estate.