Sell Your Home This Spring
If you are going according to meteorological spring, then spring is already here! If you are going according to astronomical spring, then it is right around the corner. Either way, if you have been considering whether or not to sell your home over the past year, now is the perfect time! Believe it or not, the seasons really do impact the housing market. Home sales slow down in the colder months and they heat up in the warm months. Now that the country is starting to thaw from a frosty winter, the red hot housing market will get even hotter. The team at Streamline Realty is here to walk you through why springtime is the right time to sell your home.
Benefits of Selling Your Home in the Spring
To be honest, there is so much demand from home buyers that it doesn’t matter much when you sell your home. According to the Home Purchase Sentiment Index data from January, which is compiled by Fannie Mae, 57% of consumers think it is a great time to sell a home. Mortgage rates remain at low levels, which is still fueling demand from home buyers. However, there are some unique aspects of spring, and this spring in particular, that make selling your home right now the ideal time.
More Buyers than Sellers
The housing market is like any other market and operates according to the laws of supply and demand. As we have already discussed, demand is sky high. However, home inventories are extremely limited. This is a great position for sellers. First, it means that you can get more for your home because home prices have been increasing dramatically. Right now, about 56% of all homes up for sale are getting multiple offers and buyers are entering bidding wars. Anytime you have multiple home buyers making offers on your home, you are more likely to get a lot more than you expected for your home. At the same time, chances are that your own home has benefited from increasing prices.
Curb Appeal
We all know the old adage that first impressions are everything. When it comes to selling your house, curb appeal is what establishes the first impression of your home with home buyers. Some studies indicate that homes with attractive curb appeal can get as much as 7% more than similar houses with worse curb appeal. Spring is a great opportunity to boost the curb appeal of your home. The warming weather turns brown grass green and causes flowers to bloom. Take advantage of beautiful spring plant varieties to punch up the appearance of your front yard and boost your curb appeal to get more than your asking price.
Longer Days
One of the worst parts of spring is Daylight Savings Time. Once a year, you wake up to find you lost a whole hour while you were sleeping. Daylight Savings Time is so inconvenient, that a bipartisan group of Senators is proposing getting rid of it altogether. However, as long as Daylight Savings Time exists, there is one benefit that matters to home sellers, more daylight. Starting in spring, you literally have more of your day in the sunlight. This is great for home sellers because it means you have more opportunity for potential home buyers to visit your home.
Timing is Right for Families
Buying a home in the spring is the perfect time for families with school-aged children. Moving homes in the middle of the school year is inconvenient, at best. This is especially true if moving into your dream home requires your children to attend a new school. Parents like to time the purchase of a new home to allow their children to switch schools at the beginning of the school year. We all know that buying a house can take a few months, which means that parents are looking to start the home buying process right now. This will give them ample time to find a home, close on the home, move into the home, and get settled before classes begin. Putting your house on the market now, especially if it is perfect for families, will get your house in front of motivated buyers with a summer deadline in mind.
Final Thoughts
We are in the middle of a true sellers market. Sellers are getting more than they could ever imagine and buyers are lining up for the opportunity to put in their offers. The warmer weather is going to cause the housing market to heat up even more. Home values have increased by large amounts of the past year, which has left many homeowners flush with equity. Selling your house now will allow you to use that equity to buy a larger home before mortgage rates increase and so do prices. If you want to sell your home or are even considering it, contact us! The professionals at Streamline Realty can help you sell your home for more than your asking price and help you buy the next home of your dreams.
