I'm convinced that December is the month when real estate agents schedule their face lifts or knee replacements. The conventional wisdom in this business is that nothing sells between Thanksgiving and New Years. Then, depending on the weather, sales start to pick up soon after the first of the year.
I can't help but notice that my current favorite listing, a townhouse condo in Old Town Alexandria, has had a major increase in agent showings over the past couple of weeks. I've always counseled buyers that August (when everyone leaves down because it's so darned hot) and December are the best months to buy. Because there are fewer buyers out there making offers, they have a better chance of getting an offer accepted - or at least the sellers will be willing to look at and perhaps counter an offer that is less than perfect.
But this year, a lot of the people who are out there looking just are not ready to move. Some are looking for a bargain on a new house, but perhaps own another one that they want to sell for top dollar first, and it's not happening. Others are concerned that the market hasn't quite bottomed out yet and worry about paying too much.
So, if you are one of the buyers out there who is - at this very moment - ready, willing and able to take the plunge, my advice is to go ahead, especially if you are planning to own for the long-ish term. Prices are pretty low. So are interest rates. And even if prices go down a bit more, there is a rule in real estate that what goes down must come up. At least eventually.
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