Summer is officially over, the kids are back in school, and the holidays are just around the corner. Is Fall a good time to buy or sell a house in Redwood City?
Why September through November is a great time to make a move.
Many buyers are looking to lock something down and get settled in before the holidays. And because it’s a period of high demand, people selling their home now may be more likely to see multiple offers. Inventory tends to shrink between November and February, which limits options for buyers, even if they are motivated to move. For example, in April through July 2017 there were 223 new listings that hit the market, whereas in November 2016-2017 there were 121 new listings. And we see that pattern repeat year after year. Sellers may also see less interest as buyers are traveling or spending time with family for the holidays.
Another motivating factor for buyers right now is that interest rates are still low. Rates are constantly fluctuating, but for a jumbo 30-year fixed loan it’s around 3.75% and a 7-year fixed loan is around 3%. Low interest rates are actually great for both buyers and sellers — it helps more buyers enter the market, which in turn keeps the buyer pool strong for sellers.
Finally, the market we're in now is fairly predictable. If we look at the last few quarters the market has been stable. In July - September the average sale price for a home in Redwood City was $1,574,344. In April - June it was $1,523,682 and in January - March it was $1,527,450. However, we don’t know where the market will head in early 2018. It could continue to rise or start to dip.
Don’t like competition? You could wait until December.
If you’re still looking to buy a home in 2017, you could take your chances and wait until December when some of the competition will likely thin out. However, there is also less inventory, which means there might not be much to choose from. If you have a particular neighborhood or certain features in mind, it could be harder to find your dream home.
For sellers, if December makes sense as a time for you to list, you may get more attention since there’s less on the market.
Ready to make a move?
I would love to work with you on buying or selling your home. Email me or call me at (650) 704-8883 with any real estate questions. Or schedule a time with me for coffee and a free 30 minute consultation.