You may have heard many different opinions about the best time to sell your home. Spring? Summer? Fall? The fact is several factors determine when it's a good time to put your home on the market. Mainly, four criteria are pretty solid cues that it may be time to sell: Low Inventory, Changes in the economy, shifting interest rates, Rising Home Prices and warmer weather. While buyers are looking throughout the year, there is a seasonality to our market that generally follows the local school calendar. Spring accepted offers lead to June moves when school is out. Fall accepted offers lead to pre-holiday moves. Spring and Fall are the busiest markets.
Supply of houses for sale and demand for those houses is impacted by both local and nationwide factors. During the height of the housing collapse, buyers had their pick of litter with an overabundance of homes for sale all across the country. It's when inventory is low as we are currently experiencing due to the recent world wide pandemic with historically low interest rates and subsequent interest rate increases that sellers have the advantage. If you are one of only a few people looking to sell in your area, you could find yourself smack dab in the middle of a bidding war!
If you have been thinking about selling your home, ask an experienced real estate agent about the inventory in your area. What is the current number of homes on the market where you live? What is the average days on market? Is demand high for new homes? If the housing supply is limited, now may be the right time for you to sell.
Rising interest rates may slow buyer activity initially but in conjunction with rising home prices and increasingly tightening money market buyers will buy to lock in existing interest rates and purchase before home prices rise further. If you've been thinking of moving up or downsizing, you may want to put your home on the market soon to take advantage of low inventory, rising home prices and an active buyers’ market.
Even in a time of rising interest rates there are creative ways to lock in a lower rate. 5 and 7 year ARMs are a possibility or negotiating a rate pay down with the seller. Purchasing real estate is not only a buying a home but also an important investment and often the largest asset in your portfolio. Understanding the many ways a home purchase can be financed will make you a savvy buyer. Check with an agent to see how best to structure your purchase.
When home prices are rising, it is great news for sellers and bad news for buyers. Unfortunately, the housing market can be very unpredictable. Trying to time your home sale with rising home prices could prove tricky. An experienced agent can best advise you about whether or not now is the time to list your house while your home's value is on the upswing.
This is one that you may have heard before - spring is the best time to sell your home. According to a study by Zillow, this is good advice. Generally, in the early spring in warmer climates, homes sell faster and for an average of 2% more. In areas where the climate is colder, the peak time to sell is late spring, early summer or early fall.
Combined with low inventory is rising housing prices and a very active buyer pool, meaning this could be the perfect time to sell your home. Talk with one of us now find out!
We are a dynamic team totally invested in our client’s success.