By: Mark H. Stowers
The real estate market continues to sizzle even amidst winter temperatures that hover below freezing. But will the market get hotter as the temperatures begin to climb and things begin to bloom in spring? You might say yes, but the experts say don’t wait. Sell now. Drew Mahar, Listing Agent, at Jim Shaffer and Associates notes the benefits of selling are hot now. Let’s dive into selling now vs selling the Spring and see which is best!
Selling Now vs Selling in Spring – What’s Best?
“What I tell people as a listing agent, your home is worth more now than it will be in three months,” Mahar said. “That has nothing to do with the craziness of the world but seasonality and also inventory.”
Mahar explains that sellers get more now because demand is “still really, really strong and the competition will get thicker in late winter and early spring. Once late spring hits, there are more options for buyers to pick from. But what we’re experiencing right now is extremely low inventory, high demand. With interest rates slowly turning up in the next six months, it’s natural that people want to lock in their houses now.”
On the buyer side, even with low inventory, it’s a better time to buy as compared to spring as well.
“If you’re sitting on the fence, wondering if you can afford to buy a house. Does it make sense to buy a house? The first thing you need to do is talk to a lender. That’s going to tell you what your budget is. Whoever you choose to work with will tell you your budget and you’ll know what you have to work with. When you buy, you own the property instead making a landlord money by renting. The first step is go get pre-approved. The second step is talk to a realtor. Go look at properties.”
Mahar knows that prospective buyers need to have three things.
“You have to be ready, you have to willing and you have to be able. Everybody is ready to buy a house. Everybody is willing to buy a house but not everybody is able. The able part is the most important part. That means you are fully pre-approved and are ready to go submit an offer and get your offer accepted.”
Current low interest rates also mean buyers can get pre-approved for more house for their money. But he cautions those listing to not be “greedy.”
“We’re not in the market of a year and a half ago where you listed for $100,00 and sell it for $200,000. What I’m preaching to every seller I work with is, if your home is worth more, you’re going to get more. Put it on the market for the market rate.”
He tells each seller that even though “buyers are desperate to find properties, they aren’t naïve. Some buyers know they are going to overpay to lock it up but they’re not going to overpay for an overpriced property.”
Cold winter temps but still the best time to sell your home.
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