Three of the most common questions I’m asked are:
While none of us have a magic ball, there are certainly trends we can watch; the past doesn’t predict the future yet it can help us with general decisions. Looking at the data I’ve compiled this time, here’s how I’d answer these questions:
1) When’s the best time to sell: If you have the luxury of being able to plan ahead, I’d recommend listing in the February/March/April time frame in order to have a close sometime in April, May or June, properties are taking a little longer to sell and there’s a reason Spring is the most popular time to list, the weather’s nicer so properties shows better and the market is coming out of the slower holiday time of December-February. To show a property at its best, I recommend listing from the third week of February onwards. If possible avoid listing over any of the major holiday periods.
2) When’s the best time to buy: It’s in the best interests of a motivated and serious buyer to be preapproved with a lender and to watch the market carefully at all times; bear in mind it may take more than one offer to get the property you want. Buyers will have the least choice in the December to March time frame as there are fewer listings then, the most competition in Spring as owners start to list, and the most choice towards the end of Spring and into Summer. Remember listing agents price properties on comparable nearby sales so be prepared to pay a little more in Summer than in Spring but you’ll have a greater choice and are more likely to get the home you want.
3) Are we in a bubble: Who knows! Unless you’re planning on flipping a property it’s of less importance; over the long haul properties in the Bay area appreciate. Looking at the numbers in 2017, 2018, and 2019, we can see that 2018 (especially the first half) was a super hot year with huge increases over 2017 sales; and then the market adjusted with 2019 being lower across all the cities I track, however 2019 is still considerably higher than 2017, so it’s all good. As 2019 comes to a close, if you’re thinking of buying or selling a home next year, let me know, we can sit down and assess when’s the best time for you, especially if you’re thinking of staying in the area which involves a little more planning. I’m taking this opportunity to thank you for all your friendship, business, and support; have a great holiday season!
