Home Selling in Richmond>Question Details

Melliann, Both Buyer and Seller in Richmond, VA

We are getting ready to put our house up for sale. Is it better to wait and sell in the fall? We live in Bellevue.

Asked by Melliann, Richmond, VA Mon Feb 21, 2011

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Selling Your House? 5 Reasons To Do It Now!

The conventional wisdom when selling a home has always been to wait until the ‘Spring Buying Season’. Over the years, that has seemed to make sense and is now accepted as a good strategy for those who want to sell their house and receive the best possible price. This real estate market has shattered many previously held beliefs. The wisdom of waiting for a spring market is another belief that is about to fall. Here are five reasons why?

1.) Interest Rates Are On the Rise
Interest rates have spiked up rather dramatically over the last ninety days and are now over 5%. Initially, an increase in rates has a positive effect on the market as it forces buyers off the fence. However, it also eats into a buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative impact on prices.

2.) Your Dream Home Will Never Be Cheaper
If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time.

3.) Buyers Are Out Early
There is mounting evidence that buyers are coming out earlier this year. A belief that now is a good time to buy coupled with the increase in interest rates has started the buying season early.

Pete Flint, CEO of Trulia:

“We’re seeing a national resurgence of buyer and seller activity on Trulia.com. In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70 percent year-over-year growth. We’ve are now experiencing 100,000 property views per minute.”

The National Association of Realtors just reported that the number of house sales increased 12.9% over last month.

4.) Inventory Increases Every Spring
Every year there is an increase of inventory which comes to market as we approach the spring. Here is the number of listings available for sale in 2010.

February – 3,531,000
March – 3,626,000
April – 4,029,000
We believe there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years. You won’t have to worry about this increasing competition if you sell now.

5.) We Are in the Eye of the Foreclosure Storm
While banks are trying to rectify their foreclosure procedures, there is a large supply of discounted properties which has been delayed coming to market. This inventory will be released sometime in the next few months. Foreclosures sell on average at a 41% discount. When released they will be competing with your house for the buyers in the marketplace. If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.

CNN Money quoted the leadership Of RealtyTrac on this issue:

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James Saccacio, CEO of RealtyTrac.

“Unfortunately,” he added, “This is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

“We expect a spike in the first quarter,” said Rick Sharga, a RealtyTrac spokesman.

Bottom Line
These are five strong reasons to sell now instead of waiting until later in the year. Sit down with a local real estate professional today and decide the best options for you and your family.
This article thanks to the KCM Crew on February 15, 2011
2 votes Thank Flag Link Tue Feb 22, 2011
Hi Melliann,

I am not familiar with your area however I thought I would provide my two cents' of advice. This is a question many agents hear from sellers. Frankly, listing a home when there is not a lot of competition could be a plus. There ARE buyers out there, and they are very discriminating. If your home shows well and is in a good location then I would advise you to list it now rather than wait. Interest rates are still low, inventory is not as high as it may be come spring and summer, and there are buyers out there.

You also need to consider your location. For example, if you are in a desirable school district/close to schools you may want to consider that--many families do not move until school is over in the summer. If that is the case you may want to wait.

Speak with a local agent and get his or her opinion so your home, location and circumstances can be taken into consideration and you can make an informative decision as to when to list.

Best of luck,

Rachel LaMar, J.D.
LaMar Real Estate, Inc.
1 vote Thank Flag Link Sat Feb 26, 2011
Spring and Fall are the best seasons - volume wise.
But, when someone asks me, I tell them whatever works for you best.
If you need to relocate, obviously, the time is now.

If you are moving up or down, rates are great, so that is a good thing.

If you are in no hurry, get with your agent and pull comps to see what your home is worth. That might help
you diecide.

Good Luck!
Jay
Web Reference: http://TalleyHurstHomes.com
1 vote Thank Flag Link Mon Feb 21, 2011
I would get it on the market as soon as possible. There are many active buyers in the marketplace right now... and as many agents have stated below, many sellers will wait until spring market, and that just means more competition for you. I would list and SELL now.
0 votes Thank Flag Link Sun Nov 20, 2011
Although many people think that the Spring market is the best that does not always ring true. There are more buyers out in the Spring but then again there are more sellers. In the Fall and Winter there are serious buyers out there but much less competition due to hommeowners deciding to list in the Spring Market.
0 votes Thank Flag Link Sat Nov 19, 2011
NO NO and well NO

Ok so why all the No's..Easy answer stats show home sales are similar in every month throughout the year, it is simply a wise tale that home sales slow during any of the 4 quarters.

My experience is that many folks are VERY active during the holidays as well. So in short folks need homes throughout the year for many reasons.

Please feel free to reach out to me for a FREE Current Market Anaylis or any other questions you may have about the Richmond Virginia Real Estate Market

Stephanie Sellers
Real Estate Consultant
Coldwell Banker Virginia Colony
804-514-9942
0 votes Thank Flag Link Sat Nov 19, 2011
Dear Melliann:

Everything has a season – including selling your house. Listing at the right moment could mean more money in your pocket.

Traditionally, spring is the hottest season for real estate. Sales peak in April and May and stay strong in June and July. It’s a good season for families to move, between school terms and while the weather is warm. People have just received their tax refunds, which they can use to help finance a down payment. And the nice weather and beautiful flowers in spring and early summer make it a great time to show your home.

In fact, a full 60 percent of America’s moves take place in the summer. But closing a sale can take weeks, so it’s a good idea to list your home early in the season.

August brings a lag in sales, as people go away on vacation and start to think about the new school year. Then sales surge briefly in the fall before dropping in winter as buyers and sellers focus on the holidays. But by January, buyers are out again, and sales steadily increase into spring.

If you can’t sell in the peak season, consider listing your house in winter. It may sound counterintuitive, but you probably already have the house decorated and cleaned for holiday entertaining, so it shouldn’t be hard to get it in shape for showing. Moreover, you will have less competition and may get a better price. Another plus: buyers in winter are less likely to waste your time or draw out the closing. They may want to close before the New Year so they can claim the mortgage deduction on their tax return, which you could turn to your advantage in pressing for a quick deal.

Carlos Caraballo
kvgcaraballo@gmail.com
202-679-0006
0 votes Thank Flag Link Wed Nov 16, 2011
Spring Season is the best time to put your home on the market (Think May) particuarly if you live in a family oriented neighborhood. Families make thier move to position their children in the schools for the coming Fall.

Hopefully you've already gotten it sold.
0 votes Thank Flag Link Wed Nov 16, 2011
Hello Melliann, congratulations on deciding to sell your home. Here is a blog post I recently added to Trulia that I think will help you when getting ready to sell.
http://www.trulia.com/blog/HeatherPaul/2011/11/getting_ready…

Much success to you!
Have a great day,
Heather Paul, Realtor
Coldwell Banker
0 votes Thank Flag Link Wed Nov 16, 2011
Definitely get feedback from a local Realtor. Generally speaking Spring is the best time to sell, but there are many local considerations that only a local agent will be knowledgeable about.

Best Wishes,
Jen
0 votes Thank Flag Link Mon May 23, 2011
Spring is usually the best time to sell.
0 votes Thank Flag Link Mon May 23, 2011
It does depend on your situation and goals for the transaction. In general, Spring Market has the highest activity of the year.

This year, we have low interest rates, and some are predicting they will go up to 5.5 - 6% by the end of the year. With affordability the best it has been in 40 years, buyers are coming out of the woodwork, and are looking for value. This spring market may come early this year.

I will say, that after a long winter, once the dogwoods and azaleas blossom in Bellevue, the homes look lovely!
0 votes Thank Flag Link Thu Mar 3, 2011
If you’re thinking of selling your home, a few questions come to mind that might help
1- Why are you selling your home? If you need to get out and can't afford it, sell now because we can not predict when the market will stop falling. The longer you wait, the less value your home will be.
2- When do you need to move? Homes are sitting on the market longer and your list price will determine how long it will take to sell.
3-Do you have equity now to sell or do you need to short sell. Short selling can have a negative outcome for you so you should contact you personal accountant and see what’s in store.
0 votes Thank Flag Link Mon Feb 28, 2011
Consequences of not selling now are too ghastly to consider - If you don't sell now, you might not have the chance to walk away later. With falling prices, you could lose your ability to refinance, to borrow from equity, and to sell for a profit (or to break even).
0 votes Thank Flag Link Mon Feb 28, 2011
Melliann,
You have gotten many responses to your answer to when is the best time to sell. The time is now and you can see all agents saying the same thing. With warm weather coming get your house in order and let's put it on the market! I work in your area and am the Listing Agent for Ginter Place Condos on Westwood Ave in Ginter Park. Many of our owners have llived in the Bellevue area. Call me now for that comparison on what is a fair market price for your home and we will get it on the market! I will help you stage your home and give you ideas of any necessary changes in order to get the best price possible. Call me at 804-304-6039 anytime.
0 votes Thank Flag Link Sun Feb 27, 2011
Hello Mellian!
There is a window of opportunity right now and it got just got better this week. Anyone closing this week caught a lucky break with mortgage rates, which had spiked up but have since come back down to the month's lows, about 5 percent.

Bankrate.com's Greg McBride tells Marketwatch.com draw rates will rise. Here is the video: http://bit.ly/g9Abhe The rate effects affordability, affordability effects the size of the home-buying pool. You want to sell when more people are buying and the time to act is before rates go higher.

Speak to a Realtor in your area who can help you price your home to sell.

Best of luck.

SuZ
PML of Longmont
0 votes Thank Flag Link Sat Feb 26, 2011
Now is the time to get your house in order so to speak. Mortgage interest rates are still low and the Spring is when many buyers are out looking. Spruce it up and get it on! Who knows what impact the current global politics will play on our economy by the Fall.
0 votes Thank Flag Link Sat Feb 26, 2011
My opinion is there is never a good or bad time to buy or sell. I look at it as needs based. If you need to move (relo, upsizing, financial reasons) then it is a good time. If you need to buy, then it is a good time. Right now interest rates are still good so that is a nice incentive for buyers to go looking. In addition, a lot of families will want to purchase in spring/summer to avoid switching schools mid-year. If you waited to fall, you may be missing out on these buyers. (Plus fall is a crazy busy time for people with back-to-school, holidays, etc.) And, who knows where the real estate market will be in the fall. Maybe it will improve, maybe it will go down, or maybe there will be no change. So, base the timing on your NEEDS. If there is anything I can help you with, please feel free to give me a call.
0 votes Thank Flag Link Fri Feb 25, 2011
Good Evening Melliann! Please give me a quick call at your earliest convenience regarding this. Thank you, Deborah Peaks, Principal Broker-Home Choice Realty 804.564.9842 (Cell)
0 votes Thank Flag Link Thu Feb 24, 2011
Now is the Time!!!!! interest rate are low and the market is much better than the last year, just be ready prepare your home to stand out, talk to your Realtor about the marketing campaing, in this market you have to be creative & consistent. Be first, Be the best act now.

Good luck.

Carlos Caraballo
Realtor
Bethesda, MD
0 votes Thank Flag Link Tue Feb 22, 2011
As soon as the Weather starts getting warmer, A few warm balmy days. The buyers will be out. I have been in the business for close to 40 years. Now!!! is the time to get ready. Spring is coming. Waiting for fall is not even remotely better. Just had a great meal at "Taste Buds" near you.
0 votes Thank Flag Link Tue Feb 22, 2011
if your home is ready to be put on the market now, now is as good a time as any. Interest rates are low, and the spring market is very near, which is typically the busiest market of the year so why not try to beat others to the punch and get your home on just slightly before to get those buyers who are ready to buy now?

Good luck!
0 votes Thank Flag Link Mon Feb 21, 2011
There is a very good chance the Frank Dodd Act is going to force interest rates to rice soon, long before the fall. When the new LO compensation requirements kick in, say bye bye to a big chunk of rate competition.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Feb 21, 2011
Absolutely not! If your home is ready for showings, now is the time. You need to capture the market and we are just entering what has traditionally been the busiest selling season - spring into summer. People generally shop online for 2 to 3 months before actually looking and deciding which home to purchase. Why wait?
0 votes Thank Flag Link Mon Feb 21, 2011
Put it on the market as soon as possible. The market always picks up in the spring, and slows in the fall. So the time is now. Good luck to you!
0 votes Thank Flag Link Mon Feb 21, 2011
I suggest that you list now. If you wait until spring, you will have a lot of competition with homes going on the market during nice weather. If you wait unti fall, you will miss the Buyers who have kids that need to be settled in for the beginning of the school year.
0 votes Thank Flag Link Mon Feb 21, 2011
Now is a good time to put your home on the market. The spring of the year invites new buyer ready to settle down for the fall.
0 votes Thank Flag Link Mon Feb 21, 2011
Hello, Melliann,

I should say hello, neighbor, as I also live in Bellevue (on Bellevue Ave) and, of course, love our neighborhood! As so many of the other Realtors have said, homes need to be in market ready condition! People who move into our neighborhood move in here because they love the home and love the neighborhood and what there is to offer here! So I am not sure that you absolutely have to wait until spring time to sell your home! People buy homes in Bellevue all year round - but the home needs to show very well and to be priced to sell! If you have gone into the open houses that are held all the time in the neighborhood you certainly should be able to see just what people are seeing in the homes that potentially could be your competition! But again, your home needs to be priced right to sell and show very well and be in move in ready condition! I hope this helps, but feel free to contact me should you have any questions!
0 votes Thank Flag Link Mon Feb 21, 2011
Melliann,

Spring is definitely the BEST market to sell your home. Families are looking to buy and move during the summer months before schools starts, so they always start looking in the spring. Also, people like to move in better weather, so the spring and summer months are the best weather to move in. Fall is also nice but you are running into the winter season, which is normally slower.

I can offer you this advice, if you home is not "Sale Ready" then don't list it now. In this market, your home has to look it's best. I am an Accredited Staging Professional as well as an Associate Broker. I offer free staging advice to all of my clients...so if you need my help, please give me a call any time.

Preparing your home to sell is VERY important in this market. Not only are you competing with other home sellers but new home sales as well. So, your home must shine when a buyer walks through as you only get ONE chance to make a FIRST impression. There are so many little things that you can do to make your home stand out in the market. Call me and I can share those tips with you. 804-972-9927 Direct.
0 votes Thank Flag Link Mon Feb 21, 2011
Its funny because we have been dealing with sellers all winter that are saying I will list my home in the Spring.

Usually we find that many people start looking in the Spring so they can be settled by summer and get their kids enrolled in school for the next year. We have seen activity pick up here in Denver over the past two weeks.

Good luck selling.
0 votes Thank Flag Link Mon Feb 21, 2011
There has never been a better time to sell or buy a home. Recent activity shows buyers are ready to get off the fence and buy! Spring weather always brings more people out looking for homes which means this is a good time to sell! The addtional news that interest rates are starting to climb has started to motivate buyers and sellers a like. I will be happy to assist you in making that final decision if this is the right time for you just give me a call.
Dee Mason
Long and Foster Realtors
8804 Patterson Ave
Richmond, VA 23229
804-740-3000 Office
804-304-6039 cell
dee.mason@longandfoster.com
0 votes Thank Flag Link Mon Feb 21, 2011
Melliann,

The 2010 Central Virginia Multiple Listing Service Annual Report:
http://www.justintoneyrealtor.com/uploads/Richmond_2010_Annu…

Shows that most closed sales in the Central Virginia Area took place in the 2nd and 3rd quarters (April through September). Generally speaking you want to time the sale of your property to take advantage of that. Having said that timing also depends on the market conditions in your neighborhood, subdivision, and the comparable properties in your area.

If you have not had a CMA (comparable market analysis) done recently for your home I will be happy to conduct one for you.

Feel free to contact me.

Justin

Justin Toney, REALTOR®, SFR
Short Sales and Foreclosure Resource Certification
Austin Properties Inc.
P.O. Box 8321
Richmond, VA 23226
Mobile: (804) 543-6303
Fax: (804) 543-6303
Email: Justin@JustinToneyRealtor.com
Email: Jtoney2@gmail.com
Website: http://www.JustinToneyRealtor.com

Mission Statement:

“I pledge to serve my clients to the best of my ability in an honest and ethical manner.
I pledge to be the best person, son, American, friend, and real estate professional that I can be.
I pledge to continually improve myself and my business.
I pledge to never compromise my values or those of my clients for material gain.”

Member of the:
National Association of Realtors
Virginia Association of Realtors
Richmond Association of Realtors

Licensed real estate salesperson in the Commonwealth of Virginia
0 votes Thank Flag Link Mon Feb 21, 2011
Melliann,

Yes, I also agree......most properties sell in the Spring and Summer. If you market and price your home right it will sell. Feel free to call/e-mail me so we can setup an appointment at your convenience and discuss the details. I will be more then happy to provide you with a free no obligation market analysis too!

Looking forward to hearing from you!!

Chris Alexandropoulos
Century 21 All American
Home: 804-747-6950
Cell: 804-301-5295
Bus: 804-378-2221
E-mail: contactca@aol.com
0 votes Thank Flag Link Mon Feb 21, 2011
Bellevue is a very unique area. Most buyers looking for a Bellevue home want a "turn key" property. I would make sure you have every detail of your property repaired and / or freshened up. Remember: CLEAN, CLEAN, CLEAN! Get a couple of agents to do walk throughs and give you their opinion. Once you have everything perfect, then put it on the market. Don't wait for different seasons, your homes buyer could be looking right now.
0 votes Thank Flag Link Mon Feb 21, 2011
Considering low interest rates and possible changes in the loan market I would suggest Spring if you have a choice. We're seeing an increase in home pends recently, and buyers are hungry for new invenotry.
Please let me know if I can be of any assistance!
Sincerely,
Andrea Levine
One South Realty Group
804-647-2828
Web Reference: http://andrealevine.com
0 votes Thank Flag Link Mon Feb 21, 2011
Hello Melliann,

Properties sell year round. The number of sales do historically increase in the Spring and Summer markets but so do the amount of Active listings. If your home is marketed and priced right it will sell. Feel free to call or email me and I will be happy to provide you with a free no obligation market analysis on your home.

Ryan C. Sanford
Associate Broker
RE/MAX Commonwealth
9401 Courthouse Road, Suite 200
Chesterfield, VA. 23832
804-218-3409 mobile
804-423-2392 e fax
804-777-9001 office
ryansanford@remax.net email
0 votes Thank Flag Link Mon Feb 21, 2011
Bellevue is very hot right now, and interest rates are still historically low, although going up. Additionally the federal government has announced significant changes to the federal financing rules that will make it more difficult for ANYONE to get financing. For example, starting April 18, 2011 the mortgage insurance premium on an FHA loan will be increasing by 25 basis points, or a 1/4 point. That will mean FHA buyers will be paying an additional $22.50 per MONTH for each $100,000 they borrow. That may not seem like a lot, but for younger buyers, who are just concerned with the payment, that can be really tough.

I'd be happy to send you more information on the financing changes. Short answer, however, I agree with Don McClary - NOW is the time.

P.S. I grew up on Claremont Avenue, so I am really familiar with and love Bellevue. Give me a call if you would like a Comparative Market Analysis for your home.

Best,

Melissa Savenko
C: 804-986-3993
E-mail: melissasavenko@gmail.com
0 votes Thank Flag Link Mon Feb 21, 2011
Absolutely, Melliann. The very best time is now through spring. Most people like to move in the summer so they are starting to shop NOW. Don't wait until fall.
0 votes Thank Flag Link Mon Feb 21, 2011
Melliann,

The time to sell your house is now. The interest rates are starting to rise. If you put your house on the market now, you will be ahead of the spring market. However, the weather outside is like spring now and there are lots of people looking at houses now.

I do sell homes in Bellevue and would like to talk with you futher about listing your house. Please call me or email me. Lydia Call RE/MAX Commonwealth 804-288-5000. Or log on to my website http://www.LydiaCall.com, calllydiaa@gmail.com

Thank you
Lydia Call
0 votes Thank Flag Link Mon Feb 21, 2011
This is customarily the best time to sell a home as you have the largest number of buyers in the market during the spring. If you must sell in the current market, the time is now, inventory of properties is relatively low and the market activity appears to be increasing.
0 votes Thank Flag Link Mon Feb 21, 2011
No. Actually, now is the perfect time to be getting your house ready for what looks to be a strong spring market. We are seeing the inventory levels in the city drop quite a bit, which should help sellers move their property faster than in the past few years. Also, more and more people are moving back to the city and Bellevue is one of the desirable areas they are looking in. Best of luck.
0 votes Thank Flag Link Mon Feb 21, 2011
Sales Volume is historically the most active in SPRING and SUMMER from FEB-SEPT.
0 votes Thank Flag Link Mon Feb 21, 2011
No matter where you live, The time is now.
0 votes Thank Flag Link Mon Feb 21, 2011
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