The real estate market experiences its usual seasonal changes as the holiday season approaches. Here’s a professional overview of the current market insights and quick stats to keep you informed and prepared for these shifts.
Realtor® Insights:
With Thanksgiving and Christmas on the horizon, buyer traffic and activity typically decline. This seasonal slowdown often leads buyers to expect better deals from listings that remain on the market during this period. For sellers, now is the time to capture listing photos. Utilizing neutral settings and taking advantage of favorable weather before holiday decorations go up can enhance the appeal of your home.
Interestingly, it’s not officially a buyer’s market, but it feels like one. We might call this a “buyer opportunity market” because of the newfound balance after a decade of a strong seller’s market. The seasonal slowdown and election distractions have put buyers in a favorable position. Sellers are now more willing to offer concessions on price, repairs, and closing costs to attract buyers.
Realtors® should focus on the past 30 to 45 days of market activity when advising clients on pricing. Comparing current prices to those from three months ago can result in overpricing, leading to longer days on the market and multiple price drops. Staying updated on recent trends is essential to providing accurate pricing advice and avoiding potential pitfalls that can deter buyers or prompt lower offers.
Another critical aspect to consider is renovation vigilance. Cities are increasingly vigilant about renovation projects that lack proper permits, often red-flagging non-compliant work. Sellers and buyers should ensure all renovations are up to code to avoid any legal or financial complications down the line.
Quick Stats Snapshot:
- Average October Listings: The average number of active October listings from 1985 to 2024 is 14,478.
- Record Highs: October 2006 saw a record high of 29,722 listings and a record low of 3,376 listings in 2021.
- Active Listings Drop: This year’s drop in active listings from September to October is smaller than the historical average, indicating a more stable market despite the seasonal slowdown.
In summary, the holiday season brings unique challenges and opportunities for buyers and sellers. Buyers can take advantage of the market’s seasonal balance and motivated sellers, while sellers should strategically price their homes and ensure all renovations are compliant. Realtors® are crucial in navigating these changes, providing expert advice to help clients make informed decisions.
