If You List it They Will Come*: 5 Reasons Why Now is a Great Time to Sell Your Home
(*With the Correct Pricing, Presentation and Marketing)
Spring is upon us and the real estate market is starting to heat up, yet again! Although we typically expect to see increased activity in home sales this time of year, a number of factors have come into play that make Right Now a terrific time to Sell Your Home.
- Low Mortgage Rates: Late last month mortgages hit a 14 month low hovering around 4.06%. On March 28th fortune.com reported that “Mortgage rates fell more in the past week than they have in any one week period in more than a decade” (http://fortune.com/2019/03/28/mortgage-rates-tumble/). Lower mortgage rates mean more purchasing power for homebuyers and that brings more people into the market. It’s important to note that mortgage rates constantly fluctuate, but we’ve been experiencing historic lows for some time which has helped keep demand high.
- Lack of Inventory: The inventory of existing homes for sale remains very low. Most new construction is focused on price points above $350,000 which means that very little inventory is being added to the red hot $150,000-$350,000 which means buyers are competing for a limited stock of existing homes.
- Buyers are Out in Force: A recent open house I held in Burlington at a home that had been advertised for less than 24 hours resulted in 45 attendees! This set a new bar for my team. I’m going to need to bring more snacks next time! This is just one example and every home is different, but activity like this can be a useful barometer for market conditions.
- Multiple Offers: The above open house resulted in a total of 6 offers! I know of another home in my neighborhood that just went on the market and received 14 offers! Again, these results can’t be translated to every sale, but serve as examples of market activity.
- It’s Spring Time!: I’ve been watching the ice in Burlington Bay slowly melt and have observed a few flowers braving things above the ground. The spring selling season is perennially a busier time of year for the Real Estate market. People are contemplating moves between school years and it’s easier to understand a home and property when they aren’t buried in snow and ice. More light in the evenings makes it easier to show homes and it’s just easier to get around.
The above reasons provide a snapshot of current favorable conditions for home sellers. If you’re curious what your home might sell for in today’s market contact me anytime for a free home valuation and seller consultation. I’d welcome the opportunity to provide you with useful market information and pricing suggestions with no obligations. Hope to see you out and about this spring!