After a brief decline in sales transactions for July, the numbers have bounced right back for August with guard gated closed sales up 29% year over year. Remember, this doesn’t include the completion of new custom homes because they are not in the Multiple Listing Service as closed sales. Be aware that the average time to close a deal with financing is about 45 days, whereas cash is generally 30 or less. This trend is something to keep in mind: When you see closed sales down in July and back up in August, it really means less buyers went under contract in June, but the pace picked back up in July.
Inventory is down 11.4% over last August. And with sales up, we should be heading into a strong 4th quarter. The holiday season is also the time of year where a lot of sellers decide to wait until next spring to put their home on the market because they don’t want to move during the holiday season. So, it’s good for the current sellers because there’s less competition.
Sellers always ask me when is the best time to sell and I always say, “When your house is ready.” It’s all too common that sellers decide to sell and want their home on the market immediately, with complete disregard to preparation of the house and marketing materials. There’s a big fear of losing time on the market. I understand there are many situations where time is of the essence and urgency is important. We at The Rob Jensen Company can move fast and accommodate sellers when urgency is needed. However, when the urgency is self-imposed and not due to a pending deadline or relocation, I recommend you pull out all the stops and make sure that your debut on the market is first class, which will ultimately lead to a faster sale.
If you’d like a new home for the holidays, let us know. Now is a good time to get started.