Should homeowners wait until spring to sell?
Historically, spring is considered the perfect time to sell your home. But for some homeowners, this waiting game may not be the wisest idea.
I cant tell you how many times that I have heard this statement, Im waiting until spring to put my house on the market, said Cheryle Clunes, Oregon Realty Company. But sellers need to consider the reality of the market right now.
Mona Kelly, RE/MAX Equity Group, agreed.
With housing values on the rise, low interest rates and low inventory, todays market is the perfect storm for the seller. Why not get a jump on the listing surge that takes place in spring and maximize your home value? Kelly said.
Our real estate experts agree on the top two reasons homeowners should put their home on the market before those daffodils start springing up in the garden.
1) Spring equals more competition. Today, there are record low inventory rates in the Portland metro area. Buyers dont have a lot of choices to consider, which will make your home stand out.
As you arrive in spring, many more families will put their homes on the market to sell and close right after school is out in June. Why fight with them for buyers? I am bringing homes on the market in some neighborhoods right now with less than two weeks of listing inventory to compete with. That will change with a vengeance come April and May, said Bob Ulery, The Hasson Company.
Steve Ticknor, Summa Real Estate Group, advises sellers to also consider the new construction market.
New construction is beginning to pick back up so there will be more competition against new homes as we move into the spring and summer. Educated sellers that place their homes on the market now at competitive prices can expect a sale before the spring selling season even arrives, Ticknor said.
2) Mortgage rates are at or near all-time lows. Will it last? Maybe, maybe not, cautions Ulery.
There are many buyers in the market right now who qualify because of these low rates. If rates rise even one point it will squeeze many buyers out of the market and there will be an adjustment period that will slow down sales, Ulery noted.
Clunes agreed. Buyers are very anxious to lock in these wonderful low interest rates and purchase at these prices. I have seen many buyers make full cash offers.
PMAR is Oregons largest local Realtor association. Representing more than 5,300 professionals involved in all aspects of the real estate industry, PMAR is committed to protecting and promoting homeownership, establishing and maintaining high professional standards of practice and creating unity in the profession. For more information, visit HOWNW.com.Add a comment