As we officially enter the “Holiday Season” with Thanksgiving in our rearview mirror, many people ask if now is a good time to list their property for sale. Below we dive into the numbers a bit in order to build the case that if a move makes sense – waiting for the holidays to pass shouldn’t be the thing holding you back.
When looking at the 12-month cycle of inventory and residential homes for sale in Fort Mill and Rock Hill specifically, we find that there is as expected a seasonal dip in inventory during the December-February period. The drop-off is gradual, falling from expected highs in the summer, but overall there are still homes on the market – especially considering the value people perceive in our market. Additionally, it can be argued that less inventory means less competition and a greater opportunity to claim a higher percentage of list price. We look at that next.
In general, as the following graph shows, our region enjoys a high percentage of sale-to-list capture. Most homes – if priced by an expert with an understanding of market conditions, desirability, and scarcity – will find that homes sell within a range of 96-100% of asking price. In a hot market like we’ve experienced recently, even higher. Although the Fort Mill region appears more volatile in the graph below, it’s important to realize the numbers at play are fairly tight and for both towns, the final selling price percentage stays within a couple percentage points throughout the year. What this shows us is that how accurately you price your home for sale probably plays a bigger role in the equation than when. Trust us to do the homework, compare the competition and the homes that have recently sold, and see if that number matches up with your needs and/or expectations.
Finally, we review overall market conditions applicable to the median or average price of homes sold in Fort Mill and Rock Hill specifically. We’ve overlayed national numbers into this graph in order to also show the home sale price trend of the United States as a guide to what’s happening on a larger scale. The average prices are just that – averages. More important to our understanding is the overall trend. Regardless of where your home falls above or below the average, generally it will have followed the same trend. It bears noting that the further from the average your home deviates, the less true this will be. In that case, we would utilize comparables more in line with your specific situation. The good news in the graph below is that it supports the argument that the market has largely stabilized from the days of “The Great Recession.” The peaks and dips throughout the year are caused more by market factors – economy, interest rates, inventory, and demand – than by seasonality as in Fort Mill August’s Median dipped to nearly that of February.,
In summary, all these lines, colors, graphs and numbers simply tell one thing. That the housing market, like all others, fluctuates based on many factors. Seasonality perhaps being the least of them. Each home, each neighborhood and each client bring with them their individual story. If there is a reason you’re considering a move, focus on the reason and flesh out whether the move is the right decision – not the season in which it happens. We can assist with pricing, marketing, finding you that new home and helping you get to your goal.
But you have to decide when to begin. And if now is the time, then don’t diminish the impact a beautifully decorated holiday home can have on a showing.
If you’ve sold a home during the holidays and would love to comment – we welcome your thoughts below.