Should You Sell this Spring?
Conventional wisdom tells us that selling in the on-season of real estate, which begins in spring and lasts through the summer months, is a proven way to go if you’re ready to list your home. There are several reasons that prime season here in Dacula, Georgia this year will be a great market for sellers. It is anticipated that our market will remain a seller’s market well into 2018 as the latest market data analysis shows that the median asking price is up to $162,790, a grand 7.3 percent from this time last year and is expected to increase as we move forward into these upcoming months with more consistent data to compare.
Spring means more inventory. For sellers entering the market, this means that prices will be at their highest point of the year. While this may seem counter-productive as a larger inventory should normally mean lower prices, in the real estate industry, a larger supply during the season results in more buyers coming into the market. The surge in available listings creates a demand that is relative to the supply of homes, so actually, it becomes a tighter market than in the fall or winter where more leniency and time is available for buyers.
The spring season also brings better valuations for most homes when compared to the slower fall and winter months. For example, when your house is being valued, the appraiser will look into data from comparable homes of the same size, style and within the same neighborhood that have been sold within the last three-six months. If the most recent comparable home in your neighborhood was sold during the winter season for less than average, it can hurt your valuation. In contrast, if your home is appraised during the industry’s prime season, there will be more accurate data to compare, offering you an advantage and most likely a higher overall valuation.
Another little pro about home-sales in the spring – properties glow and the days are longer. Daylight Saving time gives buyers more time to look at homes in the neighborhoods they wish to become a part of. For sellers, this means that a property can be seen by more prospective homebuyers each day, and the colorful lawns and gardens can pique a buyer’s interest. If you’re thinking about remodeling to increase the asking price of your home, consider landscaping. Replace overgrown shrubbery with flowering foundation plants, mixing heights and colors for dramatic effect, or create a charming focal point like a walkway and fountain that will easily add major value to your property. Both of these outdoor fixes generally bring in close to a 100 percent return at resale.
This is a great time of the year (especially for sellers entering the market) is that spring, as you may already know, is the season of lifestyle changes. In 2018 more millennials and boomers will be moving to the suburbs and midwestern markets. Millennials are hoping to settle down in several areas including ours in Trumbull and Mahoning Counties, as it closely outside of Cleveland. Spring is when it is likely that they will make their way towards the purchase as more inventory becomes available and as the time of change is embraced.
As always, only you can decide when is the right time to sell your home. You will need to be ready for the sale of your home as is offers you new challenges and opportunities. Before you complete your spring cleaning and get ready to have your home staged, be sure to speak with an experienced real estate professional who holds your best interests.
Give us a call at (330) 469-2347 to learn more about our seller’s representation, our FREE market analysis, or to answer any questions you might have.