Question Details

Tom, Home Buyer in Orange County, CA

December Home Pricing

Asked by Tom, Orange County, CA Mon Oct 29, 2007

I've heard anecdotally that houses sell for a bit less in December and January. How much less is this historically on average? Any other perspective on it?

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6
Interesting. Maybe the onslaught of REOs and other similar properties will stabilize the market faster by forcing a correction than has happened faster in the past so everything can get back to normal and business as usual will return :)
0 votes Thank Flag Link Mon Oct 29, 2007
REO's, Pre-foreclosure and Post-Foreclosure, listings are the bane of our existence currently in the real estate world!! They KNOW no seasonally fluctuation. Actually here in the greatest state of California we have 40 Billion in loans re-casting in December and another $140,000 Billion in March/April (according to DataQuick numbers). The Holiday, nay! I'll say it--Christmas--buying season will take it in the shorts this year!! We are always DOWN during this time of the year but for some reason I've had some of my best months Nov-January!! Our sales are off 50% from the year before. It doesn't look any better until we get rid of the media onslaught on the foreclosure front. Ho-Ho-Ho!! or should I say, "Trick or Treat!!"
0 votes Thank Flag Link Mon Oct 29, 2007
Thanks for the insight all, sounds like there's some amount of sales, but a lot of it is just that a higher % of pressed sellers of those still on the market during this time frame.

Question to all -- Do REOs tend to leave properties up during this time, or do they also pull down and relist? I would assume they leave them up...
0 votes Thank Flag Link Mon Oct 29, 2007
Tom,
If you buy in December or January you'll have less competition from other buyers. The sellers who leave their homes on the market over the holidays are motivated and more likely to deal. You'll also buy before the demand goes up for homes in the spring. If your ready to buy start looking, rates are great and inventory levels are high. I don't have a number for you, every year is different and every market is different.
0 votes Thank Flag Link Mon Oct 29, 2007
Hello Tom:

You need to check with your locaL REALTOR on the true statistics of the housing market for your area during the winter. Unfortunately, there is a lot of 'hearsay' in real estate and news media tend to like to dramatize any situation whehter they are justified or not.

I am a math major with a master in statistics and I can tell you straight that there are a lot of ways to play with numbers. Check with somebody who can actually explain the number for you.

In my area (Marin), housing price does not drop just because it is winter.. We will sell sellers pull the properties out of the market either temporary or complete witthdraw due to the season.. Less demand means better sales. I am sure you can deduct the result on the housing price.

Best,
Sylvia
0 votes Thank Flag Link Mon Oct 29, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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Not in my area. In January, prices start to rise as my main market is the Jersey Shore and people from up north start to look for their summer homes. Please check with a LOCAL realtor to find out. Post your location to help us out.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Oct 29, 2007
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