Spring and summer have always been the traditional real estate seasons. Potential buyers have recovered from the holiday season and the winter weather and are ready to spend their weekends at open houses and dreaming about their new home. But right now is a particularly good time to put your house on the market for several reasons including inventory, economic growth and incentives. Read on to find out more about why you need to get that “For Sale” sign in your yard ASAP!
The economy is finally doing better.
It’s taken years for Americans to recover from the recession and it’s taken the housing market even longer, but we’re finally on solid footing again with stable house prices, higher incomes and lower unemployment rates. With more Americans working steady jobs and making a higher income, a whole generation of first-time home buyers are finally feeling confident enough to invest in the real estate market. If you’re still living in your starter home, it may be time to cash in on that equity and move on to your next dream home, or if your family home has gotten a little too small (or too big!) for your current needs, this spring may be the time to start looking for your next place.
Limited supply of existing homes.
While consumers are becoming more confident about purchasing a home and their future income, the inventory of existing homes for sale has tumbled. In basic economic terms, there’s more demand than supply. This means you may be able to get more money for your home, better contract terms or a quicker sale. If you’re selling your home this spring, especially if you are selling a home around or under $300,000, you have a product that is in high demand and short supply and that’s never a bad thing for a seller.
First-time home buyer incentives.
The Virginia Housing Development Authority (VHDA) has created several incentive programs for first-time home buyers including the Down Payment Assistance Grant and Mortgage Credit Certificates. Both of these programs make it more affordable for a first-time home buyer to purchase a home by either providing cash for closing costs, a tax credit on their mortgage interest or both. These programs generally assist with home purchases at or below the $300,000 mark, so if you’re selling a house in that price range, your market may be even wider at the moment.
Home prices are increasing.
Home prices are increasing around 5% annually, which means you can get quite a bit more for you home right now than you could have just a year ago. It also means that if you plan on purchasing another home after selling yours, that prices are going to continue to increase. Right now is a great time to get a good price for your existing home without overpaying for a new home. Waiting just a few more months may get you a little bit more for your current home, but may cost you a lot more for your next home.
The traditional reasons still stand.
The traditional reasons for the uptick in housing sales in spring and summer still stand. Beautiful weather gives you a chance you showcase your home’s good qualities – inside and out. Make sure your yard and landscaping are up to snuff, as people pay more attention to flowers, trees and lawns this time of year. If you have a patio, deck, screened in porch or pool, make sure you stage those areas so people can see all the potential.
People also look at homes this time of year in anticipation of moving over the summer, while kids are out of school. If you live in a great school district, make sure you realtor points that our in your home’s listing description as this is one of the primary reasons people may be looking to make a move.
So if you’ve been wondering whether it’s finally the right time to sell your home, the answer is a resounding “Yes!” Contact your Rose & Womble REALTOR today to get started.