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If You Are Thinking Of Selling NOW Is The Time
A common question from a seller (or buyer) is: what is the best time to sell (or buy) a home? In the world of clothing, it makes sense to get the best “deal” on winter clothes at the end of winter and that you likely will pay the highest price for a swimsuit in April. Does the same trend hold true for home purchases and sales? Not really. But there are some considerations a buyer or seller should make as they enter the market that could have an impact on the transaction.
But let’s be clear. You can't ever truly time a home purchase. Buying a home isn't like buying a car or an iPad. The home buying process is a long journey, one that happens on your own time and only after you have done enough research, seen enough homes and have your financial house in order.. It is common knowledge that a large number of homes sell during the spring buying season. For that reason, many homeowners hold off putting their home on the market until then. The question is whether or not that will be a good strategy this year. At any one time there is a brand-new buyer entering the market and then another who has done enough research and becomes a very serious buyer. Nobody can control the behavior of buyers or sellers in any market. But something for a buyer to consider is that real estate inventory tends to fluctuate by season. Each spring and fall we tend to see an increase in home inventory due to the seasons. More inventory means more options for buyers. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring compared to the rest of the year?
The ten most popular listing dates in 2014 were April 1, 10 & 11; May 1, 2, 9, 15, 16 & 30 and June 6. We can see that all ten days are in the second quarter of the year. April, May and June are the months most people put their home on the market. Again, the three months in the second quarter are most active for listings. Last year, the number of homes available for sale in January was 1,880,000.
The number of homes available spiked to 2.3 Million by July 2014!
What does this mean to you?
With the job situation improving and mortgage interest rates projected to rise to 5% later in the year, but currently hovering between 3.62% and 4.04% on 30-year mortgages, buyers are not waiting until the spring to purchase homes. They are out looking to BUY A HOME RIGHT NOW.
If you are looking to SELL THIS YEAR, waiting until the spring to list your home means you are putting your house on the market at a time when you will have the greatest competition for your buyer. It makes more sense to beat that rush of housing inventory to the market.
If you have been considering selling your home or want to know the value of your home call me at 813-235-0816 for a no cost evaluation and report for your particular market or neighborhood.
Now, if you are a buyer and need assistance with a home loan, call our preferred Lender at Waterstone Mortgage - Tommy Bearint at. Waterstone Mortgage offers always very competitive rates and is currently offering added value to all our Buyer clients by offering a Gold Home Warranty (value at $400) at the time of closing!
Sellers we can offer the Gold Home Warranty to prospective buyers as an attracting factor when you list with us too. Statistically sellers who offer a home warranty reduce their selling time by 15% or more and increase the odds of selling their home by 29% or more!
In conclusion, the best strategy is to TAKE ACTION NOW rather than wait till the Spring!
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