At this time of year, I have the “should we stay on the market through the holidays?” conversation several times, typically followed by “is it okay to put up a tree?” For this month’s column, I am sharing this month’s Weichert Insights publications:
‘Tis the season, and one might think the last thing on anyone’s mind is to buy a house during the holidays. In fact, it’s a great time to sell a home, especially this year as consumers look to take advantage of low interest rates. In general, buyers tend to be more serious and have extra time to look at houses together this time of year.
Consider these other benefits of keeping your home listed during the holiday season:
- First and foremost, your house definitely isn’t going to sell if it’s not even listed. By leaving it on the market, you are likely to attract the motivated buyers who tend to house hunt during the holidays.
- Buck convention. If everyone else takes their home off the market – thereby reducing inventory – but you leave yours on, there is a greater chance of a buyer viewing and purchasing your home.
- When tastefully decorated for the holidays, a home is extra inviting. During this time of the year, buyers will be able to easily envision their own family celebrating in the cozy environs of your home. For these reasons and more, the holiday season is “prime time” for your home to be listed.
Additionally, sellers with their home on the market during the holiday season shouldn’t feel the need to give up their holiday traditions. In fact, sellers should not forgo decorating their home for the holiday. People expect at least some decorations, plus they add warmth to a home. The key is to decorate in a way that won’t turn off buyers, and the following tips will help sellers strike a good balance:
- Too many decorations mask a home’s selling points: architectural details, condition, location and price.
- Avoid too many personalized decorations. The goal is for buyers to visualize themselves celebrating the holidays in the home.
- Choose an elegant, neutral palette of fresh greens, silvers, golds and classic whites. Avoid too much red and green.
- Take down decorations within two weeks after the holidays.
Interest rates are still low – we are hearing rumors that they may be climbing, and in fact over the last week or so they have ticked up slightly. As rates go up, buyers often “get off the fence” in order to catch the rates before they climb too high, another reason to keep the house on the market – take advantage of the motivated buyers!
According to the 12/13/10 rate sheet sent to me by Clint Johnson with Colonial Mortgage in Bernardsville, a 30 year fixed rate loan is currently at 4.875%.
Here’s what has sold in Basking Ridge since November 1st:
(Address List Price Sale Price)
449 King George Road $639,000 $625,000
96 Independence Drive $1,098,750 $1,050,000
6 Chelsea Court $1,575,000 $1,320,000
307 Penns Way $325,000 $310,000
51 Carlisle Road $699,900 $660,000
153 Woodward Lane $255,000 $243,000
20 Parkwood Lane $999,000 $950,000
20 Stockmar Drive $1,099,000 $1,025,000
75 Aspen Drive $429,900 $405,000
81 Constitution Way $499,950 $480,000
18 Rockridge Court $1,845,000 $1,717,500
159 Jamestown Road $263,900 $245,000
49 Madisonville Road $469,000 $425,000
240 Arrowood Way $345,000 $345,000
240 Patriot Hill Drive $575,000 $545,000
116 Jamestown Road $299,900 $290,000
3447 Valley Road $499,900 $474,000
99 Constitution Way $439,000 $439,000
338 English Place $319,900 $310,000
78 Patriot Hill Drive $595,000 $578,000
126 Patriot Hill Drive $599,900 $599,000
2904 Hemlock Place $289,900 $280,000
277 Potomac Drive $299,000 $290,000
12 Battalion Drive $515,000 $495,000
68 Commonwealth Dr $234,900 $240,000
188 English Place $269,000 $260,000
204 Alexandria Way $267,000 $265,500
145 Alexandria Way $219,000 $218,000
