Traditionally, spring is real estate season. The cold weather and hectic holiday season of winter are at an end. Summer vacation—when the kids are out of school and moving’s a bit more manageable—is on the horizon. But if you’re thinking of selling a home, waiting until spring might not be in your best interests.
Here are four reasons to list your home right now… rather than waiting.
Home Prices are High… for Now
Home prices have been climbing… and climbing and climbing. In 2012, the median home price was $154,700. Just seven years later, that price has nearly doubled—$289,300—which means you stand to pocket a nice profit when you sell.
Here’s the thing, though. Prices have actually fallen a little bit this year—but this is actually a good thing for you as a seller. Sky-high home prices might seem ideal, but prices that are too high are unappealing or even unaffordable to buyers. So lower prices = more buyers. Plus, it means you’ll have more affordable options for your next home, too.
Interest Rates are Low
The end of 2018 saw rapidly-climbing interest rates, with predictions for 2019 looking… even higher. But there was a surprise twist—interest rates have actually fallen, and fallen quite a bit. Excellent news for buyers and sellers alike, as more buyers are finding home buying affordable again.
For you as a seller, that means more buyers looking at your home, AND you’ll get to take advantage of lower interest rates for your next home, too.
Millennials are Shopping Again
What do millennials have to do with your home sale? Well, considering they make up a large chunk of the real estate market, quite a bit, actually. However, those soaring prices and high interest rates of last year priced more than a few young buyers out of the market. But now that rates are low and prices have leveled out a bit, many buyers that found themselves discouraged are shopping once again.
For you as a seller, that means an increase in buyers… and demand for your home.
Competition is (Currently) Low
One of the biggest advantages to selling during the off-season is facing less competition over all. Most sellers believe spring and summer are the best time to list, so that’s when they list. And with the flood of new buyers on the market… well, there are more buyers looking than there are homes for sale, so it’s a good time to be a seller.
Competition won’t stay low, though. Increased demand for housing hasn’t gone unnoticed, and new construction has been on the rise. This has been particularly true in the Hoboken and Jersey City areas, with new high-rise luxury condos popping up all over, but it’s true for Bayonne, too.
Listing your home now (rather than waiting) means getting a leg up on the new construction competition.