]It is common knowledge that a large number of homes sell during the Spring buying season. For that reason, many homeowners hold off putting their home on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the Spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring compared to the rest of the year? The National Association of Realtors (NAR) recently revealed which months and days of the year most people list their home. Here is a graphic showing the results:
The circles represent the ten most popular listing dates in 2014. We can see that all ten days are in the second quarter of the year. The months in red represent which months most people put their home on the market. Again, the three months in the second quarter are most active for listings. Last year, the number of homes available for sale in January was 1,880,000.
That number spiked to 2,350,000 by July!
What does this mean to you?
With the job situation improving and mortgage interest rates projected to rise later in the year, Seattle WA home buyers are not waiting until the Spring. They are out looking for a home right now. If you are looking to sell this year, waiting until the Spring to list your home means you are putting your house on the market at a time you will have the greatest competition for your buyer. It may make sense to beat that rush of housing inventory to the market and list your home today.
Ballard Seattle WA Real Estate is hot, hot hot!
Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.
1. Ballard Demand is skyrocketing
Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early Spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this Winter because of inclement weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.
These buyers are ready, willing and able to buy…and are in the Seattle market right now!
2. There Is Less Competition – For Now
Housing supply always grows from the Spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.
The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.
3. There Will Never Be a Better Time to Move-Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.
Moving up to a new home will be less expensive this Spring than later this year or next year.
If you are considering selling your Ballard Seattle WA home, give us a call, text or email. We would love to meet with you and provide you with a current market analysis of your home to determine what it is worth in today's hot real estate market.
After all, we are Seattle real estate experts who will work with you every step of the way, from listing to sold!
??-Steve and Sandra
Check out these Ballard Homes for sale, inventory is tight and homes are selling quickly! Let us help you put your best foot forward to ensure you get the home you want.
If you are seeking agents who will professionally negotiate on your behalf, give us a call, text or email. We're at your side every step of the way.
??-Steve and Sandra
Check out this great link to see Ballard, Seattle WA area real estate statistics.
If you have more questions about the Seattle area real estate market, give us a call, text or email!
-Steve and Sandra
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