2017 It A Great Year To Sell Your Home
Have you recently considered selling your home to downsize, expand or simply get a fresh start in a new location? Now is a great time to consider making the move. This year is strongly favoring a seller’s market, so the chances you will sell your home quickly with a great offer is high.
Ryan Fitzgerald, a realtor in Raleigh, North Carolina, has outlined nine great reasons to consider selling your home in 2017. Here are a few of them.
Low Mortgage Rates
If you are familiar with low mortgage rates, simply put the lower the mortgage rate, the lower your monthly cost will be. Because current mortgage rates are still low, many buyers are very interested in making a purchase a lot sooner than later. This is music to a seller’s ears.
A Decline in Inventory
Almost everyone has heard about the concept of supply and demand. The less of something there is, the more value it tends to have. The same goals for the real estate market. As the number of homes available for purchase decline, the value of those that are going to increase. This is a fantastic situation for sellers.
Strong Buyer Demand
It's no secret that buyer demand is back, and back in a big way from the real estate market collapse nearly 10 years ago. Many buyers are realizing that this is a historic time to buy real estate. With interest rates at historic lows, money is on sale. This is creating a compelling argument that purchasing a home is much better than renting. Especially, with how fast rental prices are appreciating.
Rising Home Prices
Due to there being a low inventory and a high demand, the cost of homes has increased significantly. Around November 2016, the average price of an existing home had increased by 6.8% from the previous year. They had gone from $220,000 up to $234,900 in the span of 12 months. That had marked the 57th month of a year over year increase.
Job Markets Are Becoming Stronger
Lately, unemployment has been decreasing and wages have been increasing. Because of that, consumer confidence has been growing. This growing confidence will inspire more and more buyers to actually get into the housing market. As a seller, this is excellent news for you.
Possible Interest Rate Increase
There are a ton of people who have been concerned that interest rates will be rising in 2017. As more and more potential homebuyers start to think this as well, you can expect to see many of them deciding to make their home purchase as soon as possible. Putting it off until later will not be advantageous to them. They will lose buying power. Having your home available to these individuals will be very beneficial in increasing your chances of selling.
Although the market is definitely in the favor of the seller this year, there’s more to having a successful sale than simply listing your home. If you decide to make the jump and put your house on the market, be sure to follow these expert tips from Alexa Collins to maximize your home’s selling potential.
Price Your Home Too High
You want to make the most off of your home sale and you feel that the home you put work, time, and memories into is worth more than the other houses in your area. It’s tempting to argue with your real estate agent and push the list price higher.
List As a FSBO Seller
You will not make more money as a For Sale By Owner seller. Real estate agents are proven to sell for more money than sellers who try to go it alone. You might be asking, “But what about the 6% real estate agent fee?” We accounted for that, too. According to the National Association of Realtors, on average FSBO sellers sell a home for $210,000.
Skimp on Preparing Your House for Sale
Don’t gloss over staging and cleaning your house before you list, host an open house, and get it photographed. Toothpaste streaks on the mirror, the stench of old salmon in the garbage--these small details jar potential buyers out of the plesant experience of enjoying your house.
Paint Your House an Obnoxious Color
A clean white or toasted marshmallow beige is the least offensive to prospective buyers. These hues allow people to imagine how their furniture and decorating style will fit in your space more easily. Think about it this way--a buyer with a bright purple couch would have a hard time making it look right in a banana yellow livingroom.
Take Dark, Blurry, and Unprofessional Listing Photos
The professionally photographed hotel wins every time. The same goes for your home and the stakes are even higher--why would a buyer put the biggest investment of her life into a blurry vertical shot? With 51% of buyers ultimately buying a house they found online, your house has to be in top shape for it to compete with the others on the internet.
Ready to make that move? Your first step is to talk to a trusted realtor to find out about your options and to help you get started in the right direction. If you live in the Minneapolis and St. Paul area, contact Michael Bartus and Lake Sotheby’s International for a free home market analysis.
Minneapolis and St. Paul is a unique and diverse area. Each community has its own character. Each neighborhood appeals to a different buyer. To obtain the highest possible sales price for your home, the marketing must reach the right buyers with the right message. We have the network and experience to do this.