SOMA Living November 2021

REAL ESTATE HOME FOR THE HOLIDAYS

The overarching attitude towards buying or selling between Thanksgiving and New Year’s is, at a maximum, Meh. Regardless of the COVID-induced lapse in seasonal real estate shifts, we suggest an attitude adjustment for both buyers AND sellers during Holiday times. Both parties have an opportunity to make merry in the coldest and darkest months of the year. Here’s how: As a seller you go through the mill to get your house show-ready. Your Realtor is now recommending that you do 37 years worth of Spring cleaning before Spring. All of the deferred maintenance that you’ve sworn you’ll get to every Saturday is translating into a frantic and un-romantic relationship with Home Depot. Remember when you promised to have your in-laws in from Sweden for 10 days? You’re going to have to ask them to put their fancy Nordic socks back on and head out for every showing and Open House during their visit. Is it worth the blood, sweat and in-law tears? Could be! As annoying as it is for you and your family to leave for a few hours, it can be just as much of an effort for buyers to shimmy out in the bad weather and during the Holidays. The warmer seasons may bring you droves of Open House buyers, but many of them have no urgency to move. They could have read that SOMA is Brooklyn West, or they could just be bored and thinking of becoming Better Off Burbs. You may have 100 people through your Open House, but likely only some of them are educated, motivated and not just killing a gorgeous Sunday looking around when their lease isn’t up for 11 months. The prospective buyers coming out at the end of the year are actually (or metaphorically equivalent to being) 7 1/2 months pregnant and determined to be settled in their home before the “baby.” These buyers are pre-approved, motivated and ready. Plus, you have less competition because other sellers don’t have your commitment to keeping a perfect house in bad weather and company (bad or good.) We get it. You’ve either been in the market for some time and have had your soul crushed during bidding wars, or you’re just starting your search and are feeling timid about dipping your toe into the competitive market. Either way, we hear people saying they want to cool their heels during the winter market because inventory is low. Well…stuff a hot pad in those gloves and get out there. Just as sellers have less competition, so do you! You’re the ones who are hardcore (literally or metaphorically) 7 1/2 months pregnant and determined to settle into your new home before the “baby.” Other buyers who have less urgency to move are skipping the season. While you have fewer homes on the market to view, guess what? Those sellers are willing to ask their visiting in-laws to put their fancy Nordic socks back on and leave for showings because they want to sell. Also, other buyers don’t have your commitment to viewing houses in any kind of weather (good or bad.) QUANTITY VERSUS QUALITY: SELLERS QUANTITY VERSUS QUALITY: BUYERS

Kate Elliott is the leader of The Kate Elliott Team at Coldwell Banker 646-662-6655 Kate.elliott@cbmoves.com Insta: @KeyToNewJersey

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