Most homeowners who are planning to sell their homes in the not-too-distant future think it is best to wait until the spring market to list their homes. Conventional wisdom is that more buyers are looking in the spring months and so the odds of selling your home in the fall at your desired price are better.
Not so fast. Allow us to break down why selling your home in the fall, especially THIS fall, may be the wiser move.
1. SERIOUS BUYERS. People need to move at all times of the year, due to such transitions as a job relocation or life change. The people looking in the fall are not lookie-loos, but serious house hunters. While yes, there may be fewer buyers in the fall market than in the lightning fast spring market, there are more SERIOUS buyers looking in the fall than in any other time of the year.
2. INTEREST RATES ARE ON THE RISE IN 2018 & 2019. Interest rates usually go up in the spring so financially savvy buyers are out there looking now. Furthermore, the Fed has said recently that it intends to raise rates twice more in 2018 and perhaps three more times in 2019. It’s certainly possible to see mortgage rates above 5 percent before the year is over should the Fed follow through with these plans. This will affect the overall market, but it will especially affect move-up buyers, many of whom have mortgage rates around 3% if they purchased 6-8 years ago. A change to a mortgage of 3% to 5% will be a huge jump for many.
3. LESS INVENTORY. The best of all reasons for selling now is that fewer houses are listed in the fall months so buyers have fewer homes from which to choose. A smaller housing inventory means that odds of a buyer wanting YOUR home increase (and could even turn into a multiple offer situation). The inventory of available homes is very low in our area and has been for well over a year now. Since few sellers like to put their homes on in August there is pent-up demand.
THE BOTTOM LINE: If you are considering selling your home in the fall, please reach out now to get started. We’ve helped hundreds of sellers over our 25 years of experience and would love to help you, too.
Sue Goodhart is with Compass Real Estate. In 2017, the Goodhart Group helped 120 clients achieve their real estate goals. Led by Sue and Allison Goodhart, they have been named a Top Agent by both Washingtonian and Northern Virginia magazines. Allison can be reached at 703-362-3221 or firstname.lastname@example.org.