It is said that mid-March to mid-April is the best time for homeowners across the nation to put up that sale sign; according to Zillow, home put on the market during this time sell 15 percent faster for 2 percent more than the average sale at any other time. (For those living in warmer climates, like the Sunbelt, this window is longer.)
Of course, you don’t have to wait until next early spring to take advantage of this seller’s market. As Zillow’s chief economist told CNN Money, “it’s still predominately a seller’s market” that is “largely and broadly … still favoring the sellers.” Here are four reasons backing this up and why you should sell soon.
Low Housing Supply
According to the National Association of Realtors (NAR), the level of unsold homes was 4.6 months in February, meaning it would take a little less than five months to sell all available inventories. By comparison, the typical rate is five to seven months; so with such an unusually tight inventory, home prices can get a boost and multiple bids become most likely.
Fewer Cash Buyers
According to RealtyTrac, all-cash offers have been steadily dropping, with last year’s rate (31 percent) being the lowest in four years. Trulia predicts a more “stable and sustainable” market in terms of price growth, which is good news for sellers (especially given the aforementioned point about less housing supply).
Higher Interest Rates
Mortgages are staying low, which means more buyers are going to be entering the market over the next few months. Many predict a coming rise in interest rates, so buyers could get the ball rolling on a new home even earlier than usual to take advantage.
Over the last five years, rental prices have grown 15 percent across 70 major metropolitan areas, with income growth failing to keep up. That means more and more renters are opting to switch to ownership instead.
Take these and other factors into consideration when making such a big decision as selling your home. No matter when you sell or why, it is always important to start off by knowing your home’s value. Try the free Home Value Estimator at FreeValues.com. If your eager to sell your home fast, get a Free Cash Offer here.