If you are wondering when is the best time to sell your home, it is wiser to go for the Spring. With the delightful warmer weather, more daylight, and the urge to settle before the next school calendar begins, buyers are more determined to buy a new house this time of year. However, keep in mind that the on- and off-season can change depending on where you live, current mortgage rates, and of course home prices.
Here are a few benefits and drawbacks of selling a home during the Spring, so that you can decide whether Spring is a good time to sell your home.
Benefits
1. Buyers are more active
Buyers are usually in hibernation during winter, not only because of frigid weather but also tight in budget with having to spend money on gifts and vacations in the holiday season. Therefore, during the Spring, buyers become more active and anxious to find homes in MacDonald Highlands that suit them. Furthermore, with upcoming work, school, and family obligations, Spring is the optimal time to start house hunting, and you will end up with numerous determined potential buyers.
2. Spiked sale prices
Most markets show high prices, only when there is less inventory. But in the real-estate market, home prices go up when there are more houses in the market to buy. Though it may sound contrary to our common sense, usually real-estate market is more inclined towards seasonal demand driven by weather and the school year. Moreover, there are so many potential buyers, and therefore compared to demand, the supply is less during the Spring. So, the sale prices are normally higher compared to other seasons.
3. Bidding wars
Spring is the busiest time of year for house sales with many potential buyers. This gives you more offers than any other time and that means heated bidding wars among buyers to claim your home. When the bids for your home go up, you can expect a high profit by selling your home.
4. Appearance is better
The curb appeal of your home is even greater during Spring with the blooming of flowers, butterflies flying everywhere, and a clear sky. That makes more buyers interested in your property increases the potential of selling it at the highest bid. Furthermore, days are longer during the Spring and therefore, your home gets more views from buyers per day.
5. You can be picky
Usually, when there are fewer potential buyers for your home, you may have to accept the ones who agree to buy even if you are not very fond of them. Therefore, another benefit of having your home listed during the Spring is that since there are numerous potential buyers, you can be picky to find a family that you are comfortable with Looking forward to seeing you soon.
Drawbacks
1. Buyers are pickier
Since there are many houses available on the real estate market in Las Vegas, buyers are pickier around this time of year. So, if your home has imperfections, then buyers would turn to the next available option. For instance, if your home needs major repairs, most probably the buyers will pass your property. Moreover, buyers do not shop under pressure during the Spring and therefore, they would not go for a home unless it is in good condition with a pleasant neighborhood. So, if you are planning to sell a home during the Spring, make sure to prepare your home attending to every nook and corner of your house.
2. Competitive market
The real-estate market gets busy during the Spring with more listings of houses. Therefore, there may be plenty of homes for sale, even in your neighborhood. As the number of competitors goes higher, the effort is taken to modify and declutter your home for sale also increases. So, keep in mind to list your home as early as possible to get a lead in the competition.
3. Interest rates can slow down the influx
Although Spring is the best time to sell your house in the conventional sense, it can change due to various factors, especially interest rates. During the Spring, if interest rates go higher, then the influx of buyers would be low resulting in fewer potential buyers for your home.
In order to take advantage of all these benefits and avoid drawbacks, here are some tips that you can use.
- Prepping is the key to selling your home fast at a higher price.You must keep your house in the best condition when listing, even with some extra add-ons. There should not be any repairs left to be done and try to make the inside and outside of the house pleasant and attractive to the buyers. A green environment with all possible home furniture and appliances would give a nice curb appeal to the buyers. Since buyers are more competitive during this season, prepping would give you the highest possible return on your investment. You can stage your home on your own or you can even hire a home stager to do the work for you.
- Price your home right the first time.Do not price your home too high because once you set a price, it is difficult to bring back the homebuyers who moved on to other listings as the asking price was out of their range.
- Stay competitive.When it comes to selling homes, it is important to stay competitive until your home gets picked up. Since there are many competitors out there, it is not easy to sell your home at once. Therefore, you must enhance the appearance of your home attending to every detail so that it would be competitive in the market.
- Aim for a Thursday.A study done by Redfin found that homes listed on a Thursday have a higher chance of attracting a buyer faster than homes put on the market any other day of the week. Because listings on Thursdays give buyers a chance to search for available houses and make their plans for the weekend.
