Real Estate’s in Hibenation Until March, Right?

With the cold winds of November upon us and the winter holidays coming soon, many people feel that the real estate market is going into hibernation for the next 4 months. Even if you think we’re in a “bear” market (and that’s not true in our area), nothing could be farther from the truth. It’s true that there will be fewer homes on the market in the winter, fewer open houses on the weekends, and so forth. The winter real estate market is far from dormant, however.

From Spring through early Fall, there’s a lot more real estate activity- more open houses, more homes on the Multiple Listings sheets, and more For Sales by Owner. However, a lot of the “activity” that we see isn’t from serious buyers or serious sellers. There are a lot of people who enjoy going to open houses not because they’re interested in looking for a home to buy, but just because they’re looking for ideas on how to decorate, or how to remodel. There are others who list a home for sale at a price that they know is too high, but they’re hoping that maybe, just maybe, there’s someone out there who might pay a ridiculously high price for their home. Then there are the folks who are “just looking”, because at some undetermined time in the future they MAY want to buy or sell a home, or they’re interested in what you’d get if you spend (fill in a $ number) in a particular town or towns. We won’t even mention the nosey neighbors.

When November comes along, all of this changes. The people who list their houses for sale in the winter are serious sellers, and those who go to the winter open houses are serious buyers. Sure there are a few people who had unplanned changes in their lives, who need to sell as quickly as possible, or who are just looking to steal a house from a panicked seller for a rock-bottom price. However, most sellers still want to get as much as they can for their homes, and most buyers still want to pay as little as they can; it’s just that both are more realistic. Sellers tend to list their houses at prices that more realistically reflect the local market, and savvy buyers know when they find good value for the money.

Let’s take a quick look at single-family homes that are currently on the market in our area:

Town

Total SF For Sale

Listed in Past Month

% Listed in Past Month

       

Fair Haven

72

10

14%

Little Silver

58

12

21%

Oceanport

39

 4

10%

Rumson

99

15

15%

As you can see, between 10 and 21 percent of the single-family homes currently on the market were listed within the past month (this doesn’t include those homes that had been listed in the recent past and were just re-listed). When we look at this 10 – 21 percent of listings, we find listing prices that tend to be far more realistic than many of the homes that have been on the market for more than a month. If you’re serious about buying a house in the next few months, I’d be glad to show you these new listings. If you’re going to list your home for sale in the near future, I’d be glad to give you a free comparative market analysis so you have an informed idea of what your home is worth. Whether you’re considering buying or selling, always use a local real estate expert that you can trust.

Leonard “Len” Dunikoski, SRES
Realtor Associate
Diane Turton Realtors- Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 530-6686 (office)
(732) 239-0739 cell

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This entry was posted in Fair Haven, Little Silver, moving to NJ, Oceanport, Real Estate, Rumson-Fair Haven. Bookmark the permalink.

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