4 Reasons why the Fall is a great time to sell your home:
The warm weather housing market has come to a close, but there’s still a chance to find a buyer before the end of the year. What if I were to tell you listing your house after Labor Day gives you a higher probability to find a buyer than in July and August? Here are the reasons why you should list your home now before the year ends.
- A MORE SERIOUS BUYER POOL
The spring/summer housing market is sure to bring more buyers out, but many of those buyers are just looking to get an idea of what the market is like. Inventory isn’t the only thing that drops in the fall—competition does, too. Buyers who are looking between September-November tend to be more serious because they want to move in before the holiday season hits.
- HISTORICALLY LOW MORTGAGE RATES
Buyers nowadays work on monthly payments. A buyer can only afford ‘X’ amount of dollars each month. When mortgage rates are low, buyers can afford more—it’s all simple math. This time last year mortgage rates on a conventional 30-year loan were pushing 5%. Currently, with good credit, they are 3.5%. if you would have bought a $500,000 house with a 20% down payment last year, you would be paying roughly $350 more per month! Buyers can afford more, so capitalize on the opportunity now while it lasts.
- LESS COMPETITION
Many sellers rush to close by September, so fortunately you’ll be competing in a much smaller market. A more serious buyer pool + less inventory on the market maximizes the amount of money you’ll sell your house for and in a less amount of time.
- PRICE CORRECTLY!!
I can’t stress this enough—do NOT overprice your home. Even though I just told you a bunch of reason as to why it’s a great time to sell and how great the market is currently, that doesn’t mean your house is worth 10% more than market value. Always price your house accordingly to the market. Information is so easily accessible now through website such as LIPropertySearch and Zillow, so buyers know when a house is overpriced. If you price a house correctly, you will get offers at asking (sometimes over), if not very close to asking price. Even though you should always consult with a realtor to find out what the price of your home is, you should do some research on your own, too.
The Pesce & Lanzillotta Team, at BHHS Laffey International Realty