Slowest Week of the Year

Christmas Vacation -- for the Housing Market, Too

It's official: last Monday thru Sunday (Dec. 21 - 27) was the slowest week of the year.

Just as it was last year, and the year before.

My office -- Edina Realty City Lakes -- recorded 44 showings for that period.

By contrast, the peak period in early August had 332 showings.

That eclipsed the busiest week in Spring, which usually marks the peak.

The difference this year?

Buyers expected the first-time credit to expire at the end of November, and were hustling to get going in August and September.

"Like at First Sight"

How Many Showings?

Determing the right number of showings before making a purchase decision is a bit like asking, "how many dates before you get engaged?"

In both cases, the right answer is: 'until you know it's the right one' (house or person).

Some lucky Buyers know from the first instant they walk through the door (yes, there's "housing love at first sight"); others are more deliberative, and need several showings to be sure that they're making the right decision.

However, most Buyers will typically view a home 2-3 times before making an offer -- after having toured, in person (vs. online) 10-15 homes previously.

"4th Time Isn't the Charm"

From experience, the first showing is usually about "emotionally connecting" with the home; subsequent showings are about making sure that the home's size, floor plan, etc. are a good fit, and that the home's condition is as billed (the inspection focuses exclusively on that question).

Of course, every rule has exceptions.

For example, Buyers contemplating major changes, or tackling a home that needs serious renovation, may take longer to "get their arms around" things like feasibility, budgets, upside potential, etc.

However, absent those factors, lingering ambivalence after multiple showings can be a sign to move on.

In house hunting -- unlike life generally -- the fourth showing usually isn't the charm.