If you’re thinking of selling your home, you might want to consider putting it on the market this spring. According to a recent report by Keeping Current Matters, the spring housing market could be a “sweet spot” for sellers.
Why is this? First and foremost, demand for housing is still high, and inventory is low. This means that there are more buyers than there are homes for sale, which can lead to multiple offers and bidding wars. In fact, according to the National Association of Realtors, in January 2023, the median existing-home price was up 14.8% compared to January 2022.
Additionally, mortgage rates are projected to decrease in Q2 of this year, which can make it more affordable for buyers to purchase a home. The Federal Reserve has signaled that they plan to not raise the Fed Rate as quickly 2023, which means that buyers may be more motivated to make a purchase sooner rather than later.
Finally, spring is a popular time for homebuyers to start their search. The weather is starting to warm up, the days are getting longer, and many families are looking to move before the start of the new school year. This means that there could be an influx of buyers in the market during the spring months.
So what does this mean for sellers? If you’re thinking of selling your home, now could be a great time to do so. You may be able to sell your home quickly and for a higher price. However, it’s important to remember that every market is different, and there are no guarantees when it comes to selling a home.
If you do decide to sell your home this spring, there are a few things you can do to increase your chances of a successful sale. First, make sure your home is in good condition and looks its best. This could mean making minor repairs, updating paint or flooring, and decluttering. Second, work with a local real estate agent who has experience selling homes in the area. They can provide valuable insights into the local market and help you price your home appropriately. Finally, be prepared to negotiate with buyers. While you MAY receive multiple offers, it’s important to remember that not all offers are created equal. Your real estate agent can help you navigate the negotiation process and find the offer that works best for you.
In conclusion, the spring housing market could be a sweet spot for sellers. With high demand, low inventory, and decreasing mortgage rates, sellers may be able to sell their homes quickly and for a higher price. However, it’s important to work with an experienced real estate agent and be prepared to negotiate with buyers. If you’re thinking of selling your home this spring, now is the time to start preparing.
Check out the infographic below for more information on the spring housing market and what it could mean for sellers.
