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November 8, 2007
Better to Sell in December or January?
We are moving and need to put our apartment (a beautiful Carroll gardens 1BR) on the market in the next month or two -- alas, it can't wait until the prime months of spring. We anticipate getting about $550k for the place. My question: Though neither month is great, is one preferable? Does it make sense to wait until January (when Wall Street bonuses are afoot), or should we start ASAP (meanng around 12/1)? Help us make an important decision! Thanks!
Comments
If you NEED to sell your apartment, you should put it on the market now.
I can't imagine Wall Street bonuses have any kind of material impact on the Carol Gardens 1BR market, and by waiting you are gambling for no reason. Nothing is going to happen in a month to make your apartment sell for a significantly different price than right now -- except if the whole market gets spooked by stock market jitters, Bernake comments, a hurricane, oil prices, etc.
At best, by waiting, you might have a slightly bigger buyers pool because people are back from vacation.
Posted by: Emigre at November 8, 2007 3:39 PM
Clearly you should put it on the market now, and if it doesn't sell, resume open houses in January. You might sell it to the first guy who walks in the door.
Posted by: Rehab at November 8, 2007 4:50 PM
if you need to sell it, do it ASAP as posters say above. What happens if you don't sell before May? Even in a normal market, there is risk that you price it too high, that you waste time with a bad broker or buyer or bank or whatever else might delay contracting/closing & stale the listing. If these scenarios ruin your life and you don't want to / can't afford to drop the price to give away levels at the last moment to force a sale, put it on the mkt now.
Posted by: going4broke at November 9, 2007 6:53 AM
While buyers will ask how long the property has been on the market and will perceive negotiability goes up with the listing being out there for longer, 1 month doesn't really matter. Just price it correctly. Both December and January are slow months -- fewer people are looking -- but it doesn't mean you won't find that one person you need during that time. Don't lull yourself into thinking you'll get more money in February just because of Wall Street bonus season. For anyone in the bond side, it will be a very bad year (think checks down 50% to 75% or worse).
Posted by: guest at November 9, 2007 9:34 AM
The only thing I'll add is not to get spooked (and take a low ball offer) if the first open house is not a mosh pit.
In my experience, people put up barriers when purchasing "we'll look for a place after New Years" etc..
Posted by: quig at November 9, 2007 1:03 PM
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