The price of any item (including residential real estate) is determined by ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2017:
Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense.
Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available in most markets, sellers may be in a great position to negotiate.
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions. That hasn’t happened this year. Demand for housing has remained strong as mortgage rates have remained near historic lows. The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2016 all fell in April, May or June. Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
Bottom Line If you are planning on selling your home in 2017, meet with a local real estate professional to evaluate the opportunities in your market. Contact us today!
The spring market is here – and our listings are selling in record time. Mortgage rates are low, buyers are out buying. If you are thinking of listing your property, aside from calling us ( we have a nationwide network and can help you find a real estate professional throughout the United States), you will probably want to spruce up your yard and the curb appeal of your home, given the extreme winter we (and most of the country) had.
– pull weeds ( there are various natural solutions that help: vinegar, dish soap/water mixture, etc.)
– water plants and greenery
– replace/freshen up mulch, if applicable
– trim bushes
– add grass seed to any sparse spots on the lawn
– seal coat your driveway if you have asphalt
– clean the inside and outside of your windows
Curb appeal is important…especially when listing your home. Let any potential buyer’s impression be a good one – showing that you care for your home. Better Homes and Gardens lists their “20 ways to add curb appeal” to your property.
(photo source: BHG)