Are you wanting to downsize but concerned that the right home isn't out there?
Many homeowners we meet with have been “watching the market” on their computers, trying to get a sense of what is happening with the market. Frequently, they want to move but are concerned that there will be nothing to buy once they sell their home, and they'll end up homeless!
There are multiple reasons for this apprehension, with two primary factors being the seasonality and speed of the market.
Our real estate market is highly seasonal. Annually, we witness the volume of homes on the market shrink to almost nothing during the holidays. As the new year begins and buyers who took a break over the holidays start purchasing, they quickly deplete our limited inventory, and it takes months for our available homes to catch up with the demand.
During the first two quarters of the year, most buyers experience frustration due to the lack of homes from which to choose and the competition for the available ones. However, as we approach the end of the second quarter and summer begins, the number of available homes finally catches up with the demand. This results in more homes being available and less competition. With increased inventory, prices typically stabilize during the summer months, offering buyers more options to choose from.
The second factor is the speed of the market. Due to high demand, homes sell faster in the first two quarters, so typically there won't be much available because many properties are already under contract. However, as we enter the summer, homes take a bit longer to sell, giving buyers more options at any given time.
It is crucial to have an expert working with you during every phase of the cycle—an expert who understands the market cycles and can best assist you in navigating your downsizing process. Moving into that perfect “next home” is the ultimate outcome of the process, but there are also many other obstacles that can feel daunting, with one of the biggest being: “What do I do with all my stuff?!”If you want to attend a free seminar on downsizing options and learn how to successfully manage the downsizing process, visit StellerRealEstate.com/Senior-Seminars to register!