The last two years have seen record breaking sales activity in the Kingston real estate market. Low inventory (number of homes on the market), low interest rates, and increased buyer demand have driven average selling prices up 50.2% since October 2019. Pre-pandemic, Kingston was already a “seller’s market” and no one could have predicted the unprecedented growth that has happened since the Spring of 2020.
Historically, the local real estate market has predictable peaks and valleys. Usually, spring is the busiest season, a bit of a lull in July and August, sales pick up in early fall, and then get quiet over the holidays. In recent months, we have seen a return to this predictable pattern.
When we talk to homeowners, they often ask if they should sell now, to capitalize on the hot market, or wait until spring. Lacking psychic ability, we can’t really predict what will happen in the local real estate market. We can look at history and current indicators to project that the market will remain strong as we move in to 2022.
Choosing the right time to sell depends on a number of factors.
Do you have a compelling need to sell right now? If your life circumstances have changed, you may not be able to wait for the “spring market”. In that case, now is absolutely a good time to sell. In October, 343 homes were listed and 330 were sold. Average prices were 26.3% higher than the same time last year. Homes are selling quickly and for top dollar.
When we discuss strategy with potential sellers, one question we ask is “who is likely to buy your home?”. Young families prefer to move in the summer – after one school year ends and before the next begins. Retired buyers are likely snowbirds who go south during the peak winter months. First-time buyers have fewer constraints as they are likely renting their current home and can move anytime. Imagining who might buy your home helps us advise on the best time to sell.
When you sell you home, will you also need to buy your next home? While there may be more buyers for your home in the spring, there will also be more competition when you are making offers on your next home.
Every home is unique and every situation demands a customized strategy. Contact us to discuss your next move.
