The conventional wisdom when selling a home has always been to wait until the â€˜Spring Buying Seasonâ€™. 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 buyerâ€™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:
â€œWeâ€™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 â€“ which is more than 70 percent year-over-year growth. Weâ€™ve are now experiencing 100,000 property views per minute.â€
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 â€“ 3,531,000
March â€“ 3,626,000
April â€“ 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 wonâ€™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:
â€œWeâ€™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,â€ said James Saccacio, CEO of RealtyTrac.
â€œUnfortunately,â€ he added, â€œThis 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.â€
â€œWe expect a spike in the first quarter,â€ said Rick Sharga, a RealtyTrac spokesman.
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
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.
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
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
Real Estate Consultant
Coldwell Banker Virginia Colony
Everything has a season â€“ 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. Itâ€™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 Americaâ€™s moves take place in the summer. But closing a sale can take weeks, so itâ€™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 canâ€™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 shouldnâ€™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.
Hopefully you've already gotten it sold.
Much success to you!
Have a great day,
Heather Paul, Realtor
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!
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 whatâ€™s in store.
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.
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.
PML of Longmont
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!
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.
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.
Long and Foster Realtors
8804 Patterson Ave
Richmond, VA 23229
The 2010 Central Virginia Multiple Listing Service Annual Report:
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 Toney, REALTORÂ®, 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
â€œI 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.â€
Member of the:
National Association of Realtors
Virginia Association of Realtors
Richmond Association of Realtors
Licensed real estate salesperson in the Commonwealth of Virginia
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!!
Century 21 All American
Please let me know if I can be of any assistance!
One South Realty Group
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
9401 Courthouse Road, Suite 200
Chesterfield, VA. 23832
804-423-2392 e fax
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.
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, email@example.com