Nearly 80 percent of current homeowners think now is a good time to sell, according to a September 2017 housing survey by the National Association of Realtors (NAR). Whether bolstered by increasing levels of consumer optimism or a desire to reach the more “motivated” buyers that come out in cold weather, the breakdown of believers includes “four in five people who currently own a home, those over 55 years of age, those with incomes over $100,000, those who live in rural areas, and those in the Midwest and South.”
Still not convinced you should put your home on the market in Q4? Here are a few of the advantages of selling as the temperatures drop.
1. Less competition
You’ll encounter less competition from other sellers during fall and winter, so it’s an optimum time to get the best price.
2. Thoughtful, motivated home buyers
- There may be fewer buyers looking at your home, but the ones who do are likely more serious buyers, rather than “tire-kickers” who waste your time.
- 53 percent of consumers surveyed believe prices will increase in the next six months. That means they have incentive to buy before that happens.
- Many buyers have a new year’s goal of buying a home for tax purposes; mortgage interest deductions, energy credits and deductible state taxes can add up to a nice refund come tax time.
- Employees are often transferred from one city to the next with a start day in January, so the employee’s children can begin school at the start of the new semester. These families are often looking during the holidays and are highly motivated.
3. Goodbye, bidding wars
Buyers are often more likely to find a home they like and make a solid offer, without a lot of competing bidders. This can make for smoother, less stressful negotiations during bidding and closing.
4. Consumer optimism
According to NAR, 57 percent of people believe the U.S economy is improving. People are more likely to buy in strong economies.
5. Transitioning renters
62 percent of today’s renters think now is a good time to buy a home, more than half expect their rents to spike, and about 15 percent say they’ll consider buying a home if their rent does rise.
6. The “coziness” factor
Bringing prospective buyers in from the cold to a home that exudes warmth and togetherness can be alluring. While you should practice some restraint in holiday decor, make your home look and feel as cozy and inviting as possible so potential buyers can visualize their own family’s future holidays in your home.
If your goal is to sell your home, think about doing it sooner rather than later. It only takes that one buyer, and, come January, you’ll have a spike in competition from other motivated sellers. If you have questions about financing a home, find a Motto Mortgage office near you.