Westside DIGS | Digital Edition Online

November 18, 2022

DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.

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Page 31 of 31

Are The Holidays A Good Time To Sell A Home? The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Not intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. CalRE#00616212 Michael Edlen DRE 00902158. Conventional belief is that November-December is the worst time of the year to have a home on the market. Is it a correct obser- vation or a misconception that listing your home for sale during the holidays is a disadvantage? Does the pandemic make a difference this year and do rising interest rates create an added disadvantage? In general the reasons for this thinking are that people go on vacation, holidays distract attention, bad weather may inhibit some buyers, and real estate agents may discourage home sellers from winter listings. A long-standing practice of real estate professionals is to take homes off the market before Thanksgiving in order to "refresh" the listing for the new year. Agents may also tell home- owners to wait until March to list their home, since more homes sell better at that time of the year. The fact is if someone wants to sell their home, there are a number of reasons and advantages to putting it on the market during the end of year/winter season and this may even more be the case during the next few months in the Palisades. Statistically we are still in a market that strongly favors Palisades' sellers, even though the rate of price increases has slowed down tremendously in the last few weeks. We have no idea when it may become a buyer's market, but that might not be far into the next year. Want a trusted advisor on your side in this changing market? Get my bottom-line recommendation for potential buyers today – just text "bottom line buyer" to 310-600-7422. Current owners who want to maximize their equity position should text "seller bottom-line" today to 310-600-7422. At your service, Michael Edlen Michael@EdlenTeam.com | 310-600-7422 More than 90% of the home buyers do their initial searching online, and mostly do so in the evenings. Even if they are out of town visiting relatives, they have internet access. A growing number of home seek- ers are far more mobile, and are looking for homes more frequently as relocation for professional reasons is imperative. Others have been seeking a home outside of more crowded urban areas and have lost out on previous listings. People who are searching online can only look at the current inventory available. These buyers will choose from the homes that are actively listed at the time they are in the market to buy. Therefore, those that are not listed will miss consideration. There usually are fewer showings during November-December than many other times of the year. However, those potential buyers who are looking at homes during this period are more motivated and serious about buying and some buyers will actually have more time to look at homes during the holiday period. Because they have fewer homes to select from with the lower inventory level, any seller whose home is on the market will have less competition. Although multiple offers have been commonplace for the last few years, there are far fewer today. To validate the suggestion that the end of year period is really an advantageous time to be on the market, a review of the holiday season home sales since 2013 provides substantial evidence that this is true. Using Pacific Palisades as the marketplace to analyze this, 50% of the escrows opened in each of the two winter months were put on the market and entered escrow between November and January 1, and received multiple offers. And having reviewed my own sales record, we have found that in 20 of the last 24 years I have had transactions begin during that holiday period. Though it may seem counter intuitive, it well may be that the end of the year/winter season is an excellent time to be in the market place. Moreover, during a period of unprecedented interest rate hikes, it might only be a matter of months before the combination of historic high prices and rising costs of money results in a significant diminish- ment of buyer affordability. As that point draws nearer, sellers who wait logically will have fewer advantages and then may find that their homes do not sell for as much as they could have in the next few months.

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