Most homes are listed for sale in the spring. That’s because the spring and summer are known as peak real estate season, when buyers are out in droves. But what if you’re looking to sell your house as soon as possible? Perhaps you want to upgrade to something bigger (this fall’s an amazing time for upgrading, by the way!) or you’re moving to a new location. Whatever your reason, this Autumn is actually a great time to sell your home.
It’s a Seller’s Market
Right now, real estate is in a major seller’s market. What does that mean? Housing inventory is low, and prospective buyers far outnumber the homes available. This is especially true if you’re looking to sell a starter home. There is currently a country-wide inventory shortage of entry-level homes, despite the huge demand for them. In fact, this summer, starter homes were selling for record high prices. These market conditions put you at a huge advantage if you’re ready to sell your home. Seller’s markets often result in bidding wars amongst buyers, meaning a higher home sale price for you. If you sell your home this fall while inventory is still low, there’s a strong chance you’ll get a good price for it.
Another nice thing about selling your house in autumn? You’ll have less competition with other home sellers. Many people take their homes of the market at the end of summer. If you choose to list your home in autumn, you’ll be up against way less competition. Of course, there may also be less buyers looking to make a purchase. But with housing supply being low and demand being high, there are bound to be plenty of buyers looking to scoop up their dream homes during the off-peak season. Plus, with interest rates projected to rise, many savvy buyers will be looking to lock in the current lower rates. Furthermore, real estate professionals are way less busy in fall. That means you’re likely get more individualized attention, fewer delays, and much better service.
Interest Rates are Projected to Rise
As our COO Saro wrote last week in our Mortgage Rate Report Roundup, mortgage interest rates are projected to rise throughout the remainder of 2018, continuing into 2019. Why? Essentially, the economy is healthy, and growing at a steady pace. According to economists, this indicates that interest rates will likely continue to grow steadily as well. That means now is a great time to buy — and sell! — a home. Smart buyers will be looking to save money with lower rates, which could make the fall real estate market hotter than ever.
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