Blog :: 2019

If You List it They Will Come*: 5 Reasons Why Now is a Great Time to Sell Your Home

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.

 

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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!

 

-David Parsons    

 

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    Should I stay or let it go?

    Should You Sell Your Home Or Rent It Out?

    Sometimes, you decide exactly when you’d like to move. Other times, life swoops in and decides for you. Your company might transfer you, a family emergency might require relocation, or you might finally find the love of your life—three states over. Should you sell your house or hang on to it as a rental property? Here are 5 important considerations.

    1. Are you gone for good?

    Or do you need an exit strategy? If there’s a good chance you’ll return to your current home in a year or two, the money and time you spend selling your home and then buying a new one might make renting it out a smarter option.

    2. How’s the rental market?

    Look at online rental sites to see what properties in your neighborhood and in similar condition to yours are renting for. Are there a lot of listings? Think about what you might charge and what you might have to do to bring your property up to the market standard. You can then get an idea whether your potential rental income will cover your expenses.

    3. Where’s the neighborhood heading?

    A lot of factors feed into property values, from national trends to long-term construction plans. An agent can help you understand your property’s potential for appreciation and whether or not it might pay to hang onto it.

    4. How much is the hassle of being a landlord worth?

    Unless you pay for a property management company (about 10 percent of the rental income), dealing with issues, emergencies and uncooperative renters (sometimes all at once, often in the middle of the night) can be trying. Ask yourself if it’s worth the stress.

    5. What are the tax implications?

    Each situation is unique, so before you decide to rent out your home consider talking with a tax professional. They can help you figure out how much you can expect to pay in taxes on the rental income.

    Source: remax.com

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