Home Buying in 94804>Question Details

anthony hsieh, Real Estate Pro in Richmond, CA

I am thinking of putting my townhouse in Marina Bay for sale. Is it kind of late for the selling season? Should I wait till next year?

Asked by anthony hsieh, Richmond, CA Thu Oct 17, 2013

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Inventory's going up, interest rates may be up in the spring and how lenders qualify and process loans will be changing next year. (All point to a challenging spring for sellers). The trend is moving from a very strong seller's market, now leveling off and heading for a more normal market with buyers having more choices and leverage than they did in the past several months.

I just sold a condo in Marina Bay mid October. There's not enough inventory there. We had (6) interested buyers and ultimately ended up with 2 offers over asking. This was despite not having available conventional lending due to pending litigation with the HOA. (Depending on what complex you're in, lending may or may not be an issue). Yes we're seeing less multiple offers but it's still a strong market in Marina Bay with more upside.

As other agents have stated, buyers will continue to look even during the holidays, investors always will and during the upcoming holiday season, they're usually serious.
0 votes Thank Flag Link Sun Oct 20, 2013
Oh, gosh, no.....

Serious buyers never stop looking. I remember on many occasions, showing property day before and day after Christmas, Thanksgiving....and in the rain.....

As a matter of fact, some buyers prefer looking at this time of the year since they think there's less competition among buyers. However, we are still seeing multiple offer situations. When someone tells me that they "only" received one offer....remember, all you need is ONE very good offer. And if it doesn't meet your needs, you can always counter the offer.

By all means, go for it. Some buyers may want to buy a house just before the end of the year while rates are still low. And besides, they may get some tax benefits.

Here's a nice blog about why you should sell now....which benefit applies to you?
0 votes Thank Flag Link Fri Oct 18, 2013
People that do shop this time of year tend to be more serious about buying. Less people just looking.
0 votes Thank Flag Link Fri Oct 18, 2013
Even though some seasons may be better than others, houses are still selling all year round. If you need to sell it now, you should put it on the market. I would think your decision should be based on your situation.
0 votes Thank Flag Link Thu Oct 17, 2013
I agree with Alex below. Sell when it best fits your needs and goals. If "timing" the market just right is your goal main goal then there are two ways to look at the "seasons" of selling. There are definitely more buyers around in the spring and summer but there is certain to be more sellers as well.

If you live in a community where schools are the driving factor for most home buyers than selling after the start of the school season might be discouraged. But if you live where the buyers are empty nesters or the type of buyer is less concerned about schools then selling past labor day might not have any impact.
0 votes Thank Flag Link Thu Oct 17, 2013
If you can get it ready for sale before mid-November, I would list it now. There are plenty of buyers about still and not much competition. It is impossible to know how things will go in the next year.
Web Reference: http://bernardgibbons.com
0 votes Thank Flag Link Thu Oct 17, 2013
The market in Marina Bay is still "hot". There is very little available now for sale, so I would suggest listing it now. If you don't get an acceptable offer, you can always take it off the market and relist next year.
0 votes Thank Flag Link Thu Oct 17, 2013
Well it really matters about your personal situation. Sell when you want/need to sell.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Thu Oct 17, 2013
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