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Selling a Home in Spring 2017? Here’s What You Should Know!

  1. It’s a Seller’s Market - According to Lawrence Yun, chief economist and senior vice president of research for The National Association of Realtors, this season is expected to be a great time to be a seller. The spring season is heating up for sellers as there are more buyers and fewer sellers than last year.  Since it is a high-demand, low-supply environment, people trying to sell their homes will see a lot of foot traffic from eager buyers. In addition, if they price their homes right for their market, they could end up with multiple offers for their homes. This trend looks like it will continue despite rising mortgage rates, Yun said, as job growth and the U.S. economy remain strong.
  2. The chief economist for ZillowSvenja Gudell, says, “We’re seeing a lot of demand for entry-level homes and things that are a little less expensive, as many millennials and first-time buyers are very active.” While starter homes are in high demand and will likely sell more quickly, more expensive homes are selling more slowly. Homes that are priced over $500,000 are staying on the market longer.
  3. Timing is Everything.  Zillow conducted a study of listings in markets across the country and found that, nationwide, homes listed between May 1 and May 15 sold an average of nine days faster and for an average of 0.8 percent more than homes listed at other times. In most markets, listings posted on a Friday or Saturday performed best.
    "These times differ from one market to the next," Gudell said. "It's spread over March, April and May, and warmer markets will start earlier. Markets with deep, snowy winters tend to start a bit later."
  4. Aesthetically Pleasing Homes Sell Faster.  Spring is the perfect time of year to show off your home.  Take advantage of flowers blooming and trees blossoming by keeping your yard neat and tidy.  That first impression may be what draws people to look at your property.
  5. More Options=Greater Odds.  Some people may think that selling in the spring is a bad idea because there is less competition during other months of the year.  But less competition means fewer buyers.  Many realtors feel that competition is a positive thing in the real estate market and can assist homeowners in getting a better deal.
  6. School’s Out for Summer.  Many homeowners want to time their purchase of a new home with the end of the school year so that they are not moving their children to a different school mid-year.  If the closing occurs in early summer, it gives the family a couple of months to get acclimated to their new area before the new school year begins.
  7. More Buyers=More Offers.  The best thing that can happen for a seller is to receive multiple offers that result in a bidding war.  This is most likely to happen in the spring when more people are house hunting.
Spring is a time for new beginnings. The weather is nicer; the days are longer and people are excited to get out and look at homes. So, don’t miss out on this opportunity.  If you are thinking about selling your house this year, put it on the market now with The Melissa Thompson Team901.729.9526 or Melissa@YourKeyToMemphis.com.

http://www.yourkeytomemphis.com/Blog/Dont-Let-Your-Luck-Run-Out
http://www.yourkeytomemphis.com/Blog/Spring-Fever-Already
http://www.yourkeytomemphis.com/Blog/5-Design-Trends-to-Avoid-When-Selling-Your-Home