October is one of the most desirable months of the year for a listing to make its market debut. There is plenty of time for sellers to capture a buyer’s interest before they may be dragged away by holiday sojourns. Another reason that makes the Fall a great time for sellers to list: Some buyers “need” or want to close escrow by year’s end for personal or tax reasons. This “urgency” can create scenarios in which buyers are more likely to be flexible during price negotiations in return for sellers’ cooperating with their desired time lines.
Other factors affecting this particular October: Most sellers are “in the black” in terms of home equity growth, but where do they go if they get top-dollar? With inventory tight (which may help sell properties quicker and higher), their options are few. Leases have become a faddish solution for the interim. A year or so in “temporary” housing takes the pressure off and allows for more choices in the long-run.
Also this October: Mortgage rates have continued to decline, which results in a burst of activity in the first-time L.A. buyer price point (around $1,ooo,ooo). Good homes in that range have seen multiple over-asking price offers–a phenomenon driven by the low rates–which can end in record-breaking sales prices. These records then raise an area’s median price (“gentrification”). Consequently, a common refrain from buyers in the market this month: “What slow-down?”