The summer real estate market is heating up! Summer is a popular time for families to move because they kids are off school and it's an easier time to pack up and move. Plus, more people are out and about in the summer. Curb appeal is at a peak when all the flowers are blooming and trees are full. Plus, if you have a "Sale" sign in front of your home, more people will see it as they are exploring the area. If you're thinking about selling, here are five reasons to list during the summer months!
1. High Demand
Now is the time to take advantage of the buyer activity. Across the country, demand from buyers is very strong. House hunters are ready and able to purchase and they want to do it now! More often than not, buyers will compete with each other to buy the same home and sometimes create a bidding war. This is good news if you are looking to upgrade your home and want to get as much out of the sale as possible.
2. Less Competition
Inventory has been hovering at very low levels for the last 35 months now, which means that there aren't enough homes for sale to satisfy the market demand. In our local area, home values are increasing, which is good news for homeowners who have gained equity. However, as home values continue to appreciate, more owners will be given the freedom to move as their equity increases. So, don't wait for more inventory to come on the market before you decide to sell!
3. Quick Transactions
Buyers are doing everything they can to have their offers stand out from the crowd. This includes getting pre-approved for financing, getting pre-inspections done and waiving other conditions. This makes the selling process much faster and simpler. Also, today's buyers are more savvy real estate shoppers and do a lot of research and planning ahead of time. 41 days is the average time it is taking to close on a loan, according to Ellie Mae.
4. Premium Home Inventory
If you are looking to upgrade to a premium or luxury home, now is a great time because of inventory. Homes in higher price ranges are facing buyers market due to the amount of inventory. In many areas across the country, luxury homes are staying on the market longer. So, if you have a starter home and want to trade up, you will find that buyers will compete for it and you can have your pick of the premium homes.
Summer is the most popular time of year to use vacation days and it has the most long weekends. This extra time means that you'll have more time to properly prepare and list your home. Selling your home takes time & effort and it's worthwhile to focus on the details to get the best return.
Give us a call if you are wanting to talk about selling your home this summer! We'd love to help