Like many mammals, it seems that homeowners hibernate during the winter months, waiting for the warmth of spring and the traditional home selling season. But is this the best choice for would-be home sellers? While the answer will depend as with most things on a variety of variables, usually waiting for the peak of the selling season is not the best choice to maximize your sales price or to sell in the shortest time with the least inconvenience..
While it's true that fewer homes sell during the winter than during the spring the number of homes available for sale during the winter drops much more sharply than home sales.
Here are just a few of the reasons why waiting for the peak home selling season in 2019 might be a disadvantage if you are planning to sell your house this year.
Is selling my house now a good idea?
INTEREST RATES ARE ON THE RISE
Mortgage rates have been at historic lows for years but have been steadily increasing since the summer of 2016, and while rates in recent months have dropped down a bit they are expected to climb steadily through 2019. IS THE DROP IN INTEREST RATES HERE TO STAY? It's important to consider how this increasing cost of money could impact your home sale and also your home purchase of the property you move to. As rates increase it has a downward pressure on home sales and also on sales prices. Even relatively small moves in mortgage rates can have meaningful impact on would-be home buyers, some will be forced to lower priced homes and others might be forced out of the market all together.
YOU'LL FACE MUCH MORE COMPETITION IN THE PEAK SPRING MARKET
The number of homes for sale in Northern Virginia as well as most of the U.S. increases steadily and often dramatically every month beginning with the end of the winter holiday season. Typically the inventory of active homes for sale peaks somewhere between May and July most years. As you can see from the graph the percentage increase of homes on the market rose considerabl during the 2018 home selling season.
NO MATTER WHAT THE GROUNDHOG SEES DON'T WAIT FOR SPRING
JOB TRANSFERS & RELOCATION...
happen frequently at the beginning of the year. These home buyers are heavily motivated and need to act fast. And because inventory for these home buyers is much lower now than it will be in April, May or June a quality home that shows well and has effective marketing will garner the attention and contracts from these eager soon-to-be home owners.
NOT AS MANY LOOKY-LOOS
Spring brings with it warmer weather, flowers, green trees and the perpetual window shopping home buyers. These seasonal home shopping tire kickers seem to reach a peak as the number of homes for sale reaches their peak. These "buyers" might have been house shopping for years and years, going from one Open House to another (WHY OPEN HOUSES DON'T SELL HOMES) eating cookies, peaking in medicine cabinets but never making an offer on a house.
YOU MIGHT GET A HIGHER PRICE NOW
It's a matter of Supply & Demand. The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
The supply of homes for sale dramatically increases every spring, according to the National Association of Realtors (NAR). Putting your home on the market now, rather than waiting for the increased competition in the spring home selling season, might make a lot of sense.
WHAT'S YOUR HOME WORTH RIGHT NOW?
MORE PERSONAL ATTENTION = SMOOTHER, EASIER, FASTER SALE
As the spring heats up and more and more homes come on to the market, home sales will also increase. This also means that all the professionals involved in getting your house sold will be busier. This includes Realtors, Lenders, Settlement Agents, Lawyers, Photographers, and Home Inspectors. Now, before the spring real estate season reaches its zenith, these pros will all have more time to devote to you and getting your home sold and if a snag pops up they will be better able to find it, and get it fixed quickly. So your transaction will be smoother, faster and less stressful.
Before you get the wrong idea about spring — that it is somehow a bad time to sell your home — it's not at all. In fact, as long as your Realtor understands the differences in how to market a home during the different seasons and is able to adapt their marketing to fit the inevitable changes that occur in real estate, any season can give you the results you deserve.
Throughout 2018 ALL of our Home Sellers
- SOLD IN JUST A FEW WEEKS OR LESS
- RECEIVED MULTIPLE COMPETING CONTRACTS
- SOLD ABOVE LIST PRICE
We specialize in maximizing your homes exposure to qualified and eager buyers and the results speak for themselves. If you are ready to sell or buy a home reach out and call or email us. We will provide you with a free no obligation consult and get you on the way to your real estate dreams.
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"Should You Wait For Spring To Sell Your House"
is brought to you courtesy of Dave Martin Realty Group, your Northern Virginia residential real estate experts. If you're considering selling or buying a house in the Northern Virginia metro area, we'd love an opportunity to earn your business, provide you an outstanding experience, and demonstrate to you that:
"Help From The Best Agent Makes All The Difference."