Each year, it seems the housing market is a bit different—and whether it’s going to be a sellers’ market with inflated prices and bidding wars, or a buyers’ market with tons of choices and low prices—there’s no denying that this year’s housing season is upon us. So what does it have in store? Well, if you’re thinking of listing your home, that’s an important question. Here are some insights that will give you a head start!:
Right now=a great time to sell: due to the cold winter weather, the winter home selling season may not be as active. There is a demand from buyers who’ve been waiting for better weather to brave the house hunt. Mortgage rates are still at an historic low; so many buyers are ready to find their next home.
Know your numbers: statistics show that 60% of homes are most likely to be bought and sold from May to August. Putting your home on the market at the beginning of the selling season will help your chances for making a winning offer before buyers turn their attention to other aspects of their lives.
Price it right: many areas across the country have seen price increases. On the other hand, in some areas prices started to slow nationally—and pricing is a critical component to getting your house sold. With the market fluctuating, you need to look at comps of similar homes in your area, and regency matters: make sure you’re looking back no more than 60 days. The sale price of homes that sold recently paints a better picture of what to expect than the price of homes that sold six months ago (or of homes that have yet to sell).
Bidding wars aren’t back: bidding wars were common a few years ago, but they are heard of less now. So don’t bank on fielding two or three offers at once. There is, however, a good chance that you’ll still get the one that will be a win/win for both you and the buyer.
It pays to be ahead of the curve: trying to get a jump on the competition? Right now we’re on the edge of a prime selling and buying season, and if you list soon, you’ll have less competition than you would if you put your house on the market in May or June, when more homes will flood the market. Since it’s early in the year, your home can have its ‘moment in the spotlight’ more than it will when inventory increases—and the buyers who are braving the cold to shop for a house are clearly motivated.
Thank you for reading!
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