As the holidays approach and we head into winter, many would-be sellers will be holding off on listing their homes, waiting for the spring to put their homes on the market. But, if you’re ready to sell your home now, why wait until spring?
The inventory of homes for sale drops very dramatically as we go through the fall and stays low until well after the first of the year. What does this mean for you? If you list now, your home will be more visible to serious buyers, who have less to choose from. Your odds of selling go up this time of year. After the first of the year there will be a flood of new listings coming on the market. That increased supply without an equal increase in demand, can cause houses to stay on the market longer.
However, there is a difference between spring buyers and fall buyers. The highest quality buyers, those ready, willing, and able to buy, are those who are out shopping in the fall. If someone is out looking at homes in the middle of November or December, then there is likely some urgency to their home purchase. There might be a newly formed or growing family, a new job, a divorce, or some other important life event which is motivating them to be out looking for a home.
Fall is a time when home buyers are getting back into a routine that allows time for a home search. Nowadays, most searches for homes are done on the Internet and when it’s cold outside, potential buyers tend to stay indoors and search for homes on their computers.
Earlier this week a report came out from the Maine Association of Realtors that states:
“Maine’s existing home sales and prices continued to move in a positive direction. According to Maine Listings, realtors across Maine’s 16 counties sold 1,246 homes in October—an increase of 5.86 percent from one year ago. The median sales price (MSP) rose 3.37 percent to $176,250.”
This is good news for homeowners wanting to sell!
So, the bottom line is that if your home isn’t available, you may miss your perfect buyer! If you know you want to sell, don’t wait. The question really is, why delay? What’s the downside of listing now? With what’s going on in Washington lately, interest rates could go up, leaving potential buyers left out in the cold!