Many sellers hold off on listing their home until the spring, believing that that the “spring market” is the best time to sell. While it is true that the spring and summer are busy times for real estate agents, it certainly doesn’t mean that this is the only time, or always the best time, to put your home on the market. Right now — as we head full speed into autumn — is actually a great time to sell your home. Here’s why:
Rebounding from August Slowdown
The month of August is notoriously slow for the housing market, which can result in the fall market heating up right as the temperature starts to cool down. In the DC metro region, for example, agents from local brokerages are reporting a noticeable increase in home sales during the beginning of September.
Fewer homes for sale means less inventory and less competition. Buyers will have less to choose from and the seller is in a strong negotiating position, giving them the potential to sell faster and for more money.
More Serious Buyers
In the spring and summer, many people tend to just “be looking” for a home. They are browsing the available inventory, and simply checking out what the market has to offer. By contrast, buyers who are doing their home shopping in the fall usually have a set time frame in which they need to make a purchase. Whether it be a change in employment or unexpected relocation, buyers are usually more serious about purchasing a home during the fall and are likely working with a deadline.
Buyers Want to Leverage Year-End Tax Incentives
Another great incentive for buyers to purchase a home in the fall is the year-end tax credits. Anyone looking for a home this time of year will certainly want to take advantage of specific tax deductions, including closing costs, property tax, and mortgage interest.
Interest Rates are Not Going Down
Freddie Mac predicts interest rates to rise to 5.2% by the third quarter of 2019. Buyers are eager to purchase homes now while interest rates are still low. Plus, if sellers are planning on buying their next home after their existing home is sold, they too risk higher interest rates and and higher sale prices in 2019.
To learn more about how Curbio helps sellers get their homes market-ready year round, click here.