It is a common idea that a homeowner planning on selling their house should wait to list until spring. The thought is that there will be a higher number of buyers searching for a home in the spring market, so the odds of selling their home at or above their desired price are better.
While spring on average may bring more buyers, in our current market the fall might be the wiser choice to list your home. Here’s why.
1. Low Inventory
One of the best reasons to sell right now is that there are fewer houses for buyers to choose from in the greater Seattle area. With this low inventory of available homes, the odds of buyers wanting your home increase. The heightened interest in your home brings the opportunity for a multiple offer situation and the possibility of selling your home for more.
2. Interest Rates Are Down
Mortgage rates have been at an all time low this year. Low interest rates mean that buyers can afford a higher mortgage, giving them an incentive to buy before the market shifts. For every 1 percent that interest rates rise, buyers lose 10% in buyer power. If a buyer can afford a $500k mortgage at a 3.5% interest rate, they can only afford a $450k mortgage if the rate is 4.5%. Low rates are very motivating for buyers!
3. Serious Buyers
People looking for homes during the fall tend to be serious house hunters. In most cases, they are looking to be in their new home by the holiday season. With the low inventory, buyers have more motivation to be quick to submit competitive offers. Plus, if buyers close before December 31, they get tax benefits.
The Bottom Line
With interest rates down, low inventory, and serious buyers, this fall is a great time to sell your home. If you are thinking about selling your home, contact us to get started! With over 35 years of experience, we have helped hundreds of home sellers sell their homes and would love to help you too!