"For the 57th-consecutive month, national home price appreciation has made gains on a year-over-year basis. According to CoreLogic’s U.S. Home Price Insights Report, national home price appreciation grew by 1.1% compared to September and was 6.7% greater than the same time last year when including distressed sales.
The State of Washington led the nation in the largest year-over-year home price appreciation in October, reaching 10.5% when including distressed sales. Idaho had the third largest home price appreciation in the nation with an 8.5% increase over the same time last year."
Studies show that homes listed in the winter offseason not only sell faster than those in the spring, but sellers also net more above asking price at this time. Don’t wait until spring! If you’ve been thinking of selling your property, here are five reasons to call now:
1. Take advantage of low inventory. Since most sellers are waiting until spring to list, local inventory falls during the offseason. However, there are definitely many motivated buyers who are ready to buy now and don’t want to wait that long. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time.” Buyers who visit will be serious about writing an offer. As a result, your home will likely sell faster than it would have during the peak season.
2. Set a higher listing price. Homes sold during the offseason sell at a higher price, on average, than those sold during the spring and summer peak. There are many reasons for this. First, motivated buyers are willing to pay closer to the asking price for a home. Second, homes are more likely to be priced right and reflect the economics of not only the local market, but the neighborhood as well.
3. Easier to maintain curb appeal.
The offseason eliminates the pressure to maintain a picture-perfect front landscape. Since most grass, shrubs and plants go dormant at this time of year, you’ll have less to maintain. Your landscape may be covered with snow.
4. Tap into the life changes of buyers. Many buyers receive employee raises and bonuses at the end of the year. If they’ve been saving to buy a home, this extra money may allow them to reach their goal for a down payment. Additionally, companies often hire new employees and relocate current ones during the first quarter of the year, creating a strong demand for housing.
5. Rising interest rates motivates. What more needs to be said?
We can’t find enough appropriate homes for our existing clients. Properly prepared, priced, and marketed properties are selling quickly! So many people are moving here!
If you’re thinking of selling, give us a call!
We’d love to help you make a marvelous move.
Marie Kamprath, HearthStone Group
Kelly Right Real Estate
Sources: 1. Time, October 30, 2015
2. National Association of REALTORS, 2016 Profile of Home Buyers and Sellers