Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons.
1. The Most Serious Buyers Are Out Now
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. These buyers are ready, willing and able to buy…and are in the market right now!
2. There Is Less Competition Now
Housing supply always grows from the spring through the early summer. 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.
In the local Seattle market, there is a shortage of homes for sale. We are seeing above-price, multiple offer situations for homes in all price ranges.
3. The Process Will Be Quicker
One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker and simpler.
4. 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 over 19% from now to 2018. 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. Rates are projected to be well over 5% by this time next year.
5. It’s Time to Move On with Your Life
Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire.
That is what is truly important.
It is in your best interest to sell your home as fast as possible, and that is my goal as a Realtor. I have yet to meet someone who hopes it takes 6 months to sell their home. There are many things that go into selling you home including marketing on the internet, yard signs, open houses, flyers, mailers, and all the word of mouth a Realtor can manage. But sometimes a bidding war doesn't happen and a home does not sell the first day on the market – and that is ok.
Based on 2013 data through early November, here are the average days homes are on the market. In Seattle, the average time on the market is 64 days – a healthy number. San Francisco (and California in general) are the hottest markets right now with not only the shortest amount of days on the market, but fastest growing home prices. Anywhere you see red, this is where it is taking longer to sell the inventory. There are a number of reasons this is the case, but that's for another blog.
Many of you have heard that there are bidding wars and homes snatched off the market in under a week. This does happen! There are a number of reasons why a home is sold quickly including initial appeal, it shows well (inside is staged/clean), but most importantly (by far) is that is is priced correctly. Your agent should ALWAYS complete a Comparative Market Analysis on your home before listing. This will compare recent sold/pending homes in your area which will determine a good selling price. If you are about to list your home, expect any agent you interview to prepare a CMA for your home.
In conclusion, don't get discouraged if it takes a month or two to sell your home – this is normal. If it is
taking longer than average, have a frank conversation with your agent about why they think it is not selling. Be open to their suggestions, but don't be afraid to look for a new agent if you feel they are not doing their job.
How many days was your home on the market before it sold?
One of my favorite things is DIY projects (do it yourself)! I used to have a lot more time for these types of projects, but since having my son, I simply get my fill by browsing pinterest and other creative home bloggers out there. Here are a few of my favorite quick DIY projects that would spruce up any home – whether you are planning on selling or not!
By the way, all the ideas below are pinned to my own Home Ideas Pinterest Board. Take a peek at my home inspiration!
1. Add extra storage!
Who doesnt love more storage? You, and your future buyers will see any added shelf space as a bonus!
2. Paint your garage floor.
This is a bit of a strange one, but have you looked at your garage floor recently? Stained with oil, paint, and who knows what else, giving your garage floor a clean and polished look is sure to please. Check out this tutorial at Painted Furniture Ideas blog.
3. Add Crown molding to your windows
This quick weekend projects will bring a classy look to your home. It may also bring extra $$$ if you are selling. The small details make the biggest impression
4. Make a great first impression!
Take a good long look at your entry. What does it say? Sad and old? or happy and inviting? This before and after happens to be one of my favorites that I'm contemplating for my own home. It would take a bit more work, but if the gal at Censational Girl Blog did it, so can you!
5. Give your outdoor space a facelift
Especially if you live in a climate where outdoor living is a must (only 2-3 months here in Seattle) your outdoor space will be a huge selling point. Add a little greenery, paint your fence, or create beautiful hardscape like this tutorial below.
There are so many quick DIY home project ideas out there. When selling your home or if you simply want to enjoy your home, a little goes a long way! Visit my Home Ideas Pinboard for more home inspiration!