Spring is in full swing and the real estate market is blooming. If you are debating or on the fence about whether or not to sell your home this season, Here are 3 reasons you should list your home for sale during spring:
Tap Into Your Home Equity
According to a recent report released by Zillow, in Seattle, homeowners are gaining $54.24 in equity per hour, 3.5 times the minimum wage of $15 an hour. This indicates that home values are appreciating at a rate per hour that’s actually higher than the local hourly minimum wage. This equity, however,
is only available once a homeowner sells.
Low Inventory Means Less Competition
According to another report released by Remax, the Seattle metro area is tied only with Denver for lowest home inventory and has one of the fastest markets in the country. This means that, in the majority of Seattle, there are not enough homes for sale to satisfy the number of buyers in the market.
Quicker Home Sale Than Ever
Due to the low home inventory, home buyers are doing all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford home shopping.
Only you can decide whether or not now is the time to sell your home or downsize, however, the real estate market is ripe for a quick and profitable home sale.
Don’t Make These Mistakes When Downsizing
Selling a home can be one of the greatest financial and emotional decisions of your life, whether you’re downsizing or not. Avoid these common mistakes and take some of the stress out of downsizing.
1. Less is not always more
Just because a home is smaller than the one you currently own, it doesn’t mean that it’s cheaper. While most home sellers focus on the costs they’ll save on energy usage and utility bills in a smaller place, they can often overlook additional costs like increased transport fees or possible long-term maintenance costs. Carefully weigh up the all the possible costs of your new property, especially if you’re looking to not just downsize space but costs in your day-to-day life.
2. Budget for your move
Make sure to leave enough money in your budget to stay-up-date on payments in your current home, as well as any additional costs you might accrue in the process of purchasing your new home or rental. To make sure that you’re covered in the time between selling and buying your new home, look into obtaining a bridging finance loan. Check with your Realtor or mortgage broker to see if you need to apply for this type of loan. Otherwise, ensure that you’re budgeting enough to cover your move and any extraneous expenses you may face along the way.
3. Not letting go of the past
It’s normal to want to keep the personal items that you and your family have accumulated over the years such as memorabilia, furniture, photos, and knick-knacks. The best way to handle this would be by creating a downsizing plan and writing down a list of what to pack and what to discard. Although it might be difficult in the moment, be ruthless and stick to your list, not only will it save you space in your new smaller place but it will empower you to start anew!
4. Don’t forget to cancel services and utilities
During your move, ensure that all home services and utilities get canceled or transferred over to your new property. Neglecting to disconnect or redirect home services like your Internet, phone line and utilities, as well as your home and contents insurance, can cause unexpected costs that could potentially result in your budget being off balance.
5. Move Comfortably
A common mistake made by folks downsizing is not allocating enough time in their schedules to comfortably move. Even the most experienced and methodical organizers would find it difficult to sort out an entire life’s belongings in just a few days. A good rule of thumb is to set aside time in blocks of 2-hours and tackle one room at a time. On the other hand, be sure to also give yourself enough time to unpack when you finally make the move to your new downsized home.
Ready to downsize?
Contact Jill Judy
Jill Judy is a Realtor with Windermere Wall St with over 15 years of experience helping Seattle buy and sell their homes. Jill specializes in helping families buy or sell their home, downsize, and manage their estate sales.
Buyers are searching for homes, but supply is not keeping up with their demand!
There are two types of real estate markets: Buyer’s and seller’s markets.
What does this mean for you?
Selling a home in a seller’s market is very different from selling a home in a buyer’s market. Not only will your days on the market be notably fewer, but you might even receive multiple offers on your home, which could drive up your sales price and get you top dollar on your investment.
It’s an excellent idea to take advantage of restrained home supply since it’s the demand that drives competition. The greater the number of potential buyers for your home, the higher the chances are that you’ll make more money.
Another upside to a seller’s market is that homes that would otherwise be difficult to sell in a buyer’s market stand a greater chance of a sale.
Some homeowners believe that once you stick a “For Sale” sign in the front of your yard, the market takes care of the rest. Although it might be easier to sell in a seller’s market, it still takes a lot more to sell a home than hanging a sign out front. It requires strategy.
Top strategy for selling your home in a seller’s market:
Prepare The Home For Sale
Clean, declutter, and make small repairs on your home from top to bottom. Some buyers will overlook little defects in a seller’s market because there are not enough homes on the market and they don’t have many choices. However, your ultimate goal should be to sell your home for as much as you can. This entails having a clean and decluttered home potential buyers could picture themselves calling home. You’d be surprised the difference a fresh coat of paint can make on value perception.
A Picture’s Worth A Thousand Words
Once you have your home clean and have taken care of small touch-ups and repairs, your next course of action should be to hire a professional stager. The benefits of staging your home far outweigh the costs that come along with it. Not only will your home look great in photographs but often, it will leave a lasting impression on buyers as they view the home.
Lower The Sales Price
If you set the price a bit below the current market value, this effort will attract more buyers. It also will leave some room for buyers to feel more comfortable bidding above the asking price. Be careful when using this strategy, pricing your home too below its market value, will most likely turn away buyers and decrease the amount of market exposure your home receives.
Set a time for offer review
Let the potential buyers know that you will consider all offers on a specified day and time. Don’t make buyers wait longer than necessary or your strategy could backfire, and they might withdraw the offer.
Review Seller’s Market Offers
After all of the offers are received, make notes on each offer so that you are aware of not just the sales price but other factors such as:
- The amount of the earnest money deposit
- Whether the offer is all cash or if finance & the proposed type of financing
- Amount of down payment
- Waiver of standard buyer inspections or contingencies
- Seller costs, including proposal to pay the buyer’s closing costs
- Unusual requests or allowances
- Some buyers will send photographs of themselves, often including their pets or their children. They might write letters to the seller, talking about why they want to buy the home and sharing a bit of personal information.
Buyers are searching for their new home right now! If you are considering selling your home this year, the early months of 2018 will be your best option. Contact me today to capitalize on current market conditions and get top dollar for your home.