The Washington, D.C. real estate market really ramped up throughout the 2019 holiday season and there is no sign of a typical winter slowdown.
According to a new analysis released by Realtor.com, economists expect a surge in home buying activity in January. If it feels like the spring selling season starts earlier each year, your instinct is probably correct. The selling season historically peaked between April and June, fall is generally the second best time to sell a home, followed by winter and summer.
Homebuyers have started their home search earlier each year since 2015. In one out of five of the largest markets in the U.S., January saw the highest number of listing views in 2019. That trend is expected to continue and although January is the peak month of listing views, the market remains competitive throughout the spring.
If you are a seller thinking about listing your home in 2020, you might want to consider giving all of those homebuyers something to look at. Multiple offers and “bidding wars” tend to wane as the year goes on and more and more buyers leave the market.
In addition to limited supply, mild winters, and lower interest buyers have figured out in mass that if they wait until March or April to start looking for a home, there is a good chance they will find themselves in a competitive situation.
My advice to my homebuyers over the last few years has been to “get out of the market sooner than later.” What does that mean? Quite simply that as the season progresses and economic indicators remain positive, more and more buyers will come into the market and make home buying more expensive.
I don’t think I will give that advice this year, however I will advise my sellers to get into the market sooner rather than later.
Khalil Alexander El-Ghoul is Principal Broker of Glass House Real Estate. Reach him at 571-235-4821 or firstname.lastname@example.org.