The D.C. market is uncharacteristically active this December for a number of reasons. Home sellers should take note because now is a fantastic time to be on the market.
Today we wanted to touch on real estate here in D.C. in the month of December. Many people think nothing happens at this time, but that couldn't be further from the truth.
On a normal year like last year, 510 homes sold in D.C., which was half of all homes available for sale at that time. In Montgomery County, 800 properties sold last December. That marked one-third of homes for sale at that time. The odds of selling at this time are very similar to the odds throughout the year. As you can see, activity is pretty good.
This year, we have an interesting phenomenon with an extremely active December. The first reason for this is that we're post-election and the public has finally exhaled—they finally feel like they can go out and buy a house. We had a slow summer, but December has been very busy. Much of this activity is a result of the elections with people coming or going for jobs in congress or the administration.
We're seeing an extremely active market this December.
Our company is known for working with these people, and we're getting a fair amount of activity. The third reason we have so much activity right now has to do with interest rates. People are taking the concern that rates may go up quite seriously right now, so they want to lock in low mortgage rates before they go up.
If you're selling your house this month, we have a list of reasons why this month is a good time to be on the market:
- People looking for homes in December are very serious buyers.
- They have fewer houses to choose from, so the odds are greater that they'll choose your house.
- The supply of houses will go up in January, so your odds of selling will decrease.
- Houses show well when decorated for the holidays.
- Buyers buy on emotion, and they're more emotional during the holidays.
- Buyers have more time to look if they have time off during the holidays.
- Many people need to buy before the end of the year.
You can still list your home on the market and block out days that you don't want to hold showings, whether that's for Hanukkah, Christmas, New Year's, or any other holiday time that's special to you. You could also have the advantage of selling in December and looking for your next home in January when there is more inventory.
If you have any questions about buying or selling in the winter, don't hesitate to give us a call or send us an email. We'd love to help you out!
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