After the gloomy winter days, home buyers have slowly started to come out of their shells with the first rays of sunshine. The beginning of the year was a bit uncertain with the new stress test that came into effect January 1, 2018, combined with the all-time high home prices and the interest rate increase last year. It wasn’t a surprise that buyers needed a break. The winter months are usually known as a quieter period in real estate, but this year, the additional bumps in the road contributed to an even slower winter. Now that buyers have had some time to process the changes, including the stricter mortgage stress test (that requires them to be able to qualify at the posted rate, which is typically 2% higher than the rate they will actually have to pay), the market is back to normal.
The spring market is typically the busiest real estate season, known for a drastic increase in transactions. If you’ve been waiting for the perfect time to get your home on the market, it's now. Here are some of the reasons why buying in the spring makes a lot of sense for many home buyers.
A Bigger Pool Of Buyers
There is a sense of renewal and new beginnings in spring, and with the warmer weather, buyers are more likely to leave their current nest to shop for a new one!! As a seller, you can count on more inquiries, more showings, and even more offers, but also more homes for sale. This means that buyers will have more options, but at the same time, they’ll be aware that homes sell fast and that they don’t have much room for negotiation or hesitation.
The Beautiful Weather Goes In Your Favor
The homes’ exterior is at its best in the spring. Homes are surrounded by lots of green and blooming flowers, so sellers can conveniently use it to their advantage. Use the spring weather for a nice home clean-up and brush up the exterior, especially if you own a detached or semi-detached where you have plenty of options to boost your curb appeal. Buyers are more likely to get attached to a home that offers outdoor space, whether it’s a nice porch with chairs or a backyard patio.
The Timing Is Perfect
Most spring buyers plan on settling into the new home during the summer or before school starts (if they have kids) which means you’ll deal with serious buyers who are truly on a mission to find that perfect home. These buyers are usually ready to put down an offer if they like a home without extending or delaying their search for too long.
Make sure your home stands out from the competition to win buyers over and increase your odds of selling at a higher price. The high demand in spring will certainly increase the market value of your home, so use these prime months to your advantage if you're thinking of selling!
For more information on listing your home or preparing it for sale, call me or go to http://www.perrybaria.com/contact/.