A Season of Highly Motivated Buyers for Your Home
One of the most widespread myths in real estate is that it's difficult to sell a home in the fall and winter.
If you're currently selling, or planning to, please be assured that nothing could be further from the truth, especially this year.
The fall and winter bring about different market dynamics to the peak summer selling months. One of the most fundamental characteristics of this time of year is the high motivation and extreme seriousness of buyers. Very few of them are viewing with a vague idea that they might move - almost all of them need or want that new home right now!
Many buyers will actually want to move in before the holidays, so they can entertain their family and/or friends in new and improved surroundings.
Remember, too, that the overall jobs market generally follows no seasonal pattern, so buyers relocating for employment reasons are motivated, highly serious purchasers who are simply unconcerned with the time of year.
This year, of course, we are seeing huge extra incentives for the market to stay buoyant.
Against widespread expectations to the contrary, the Federal Reserve held off raising interest rates last month and speculation is again mounting that weaker than expected US economic data and the unpredictable international financial scene is not only justifying that decision, but also adding pressure for rates to hold steady for longer.
This means that mortgage rates are still attractively low and near to historic troughs, adding to the sense of urgency among buyers to lock in these rates while they still can. Waiting to purchase until spring 2016 carries a high risk factor and could prove to be an expensive decision.
To give some perspective to the affordability of a home loan at this time, 30 year rates are currently around 3.76%, whereas they stood at a still very low 4.19% a year ago!
With low inventory of for sale homes in this area continuing to be a key factor, plus the inevitability that some people will take their homes off the market until the New Year, in spite of best advice, sellers who enter or stay on the market right now can more easily hold or exceed their asking price, due to less competition.
We hope you agree that there are completely compelling reasons for keeping your home on the market, or even to go ahead and list right now. Call us today for the best advice in your individual circumstances.