For the past few years, home sellers have been in the driver's seat. With hordes of buyers fighting over a very limited supply of properties, many homes sold in days—and landed their sellers a windfall.
But lately, sellers have been getting nostalgic for the good ol' days as the market has slowed down, with residences taking longer to sell and some even having their price cut.
So sellers angling to unload their abodes fast—and for a boatload of cash—might pin their hopes on the first week of April. The week of March 31 to April 6 was deemed the best time to put a home on the market, according to a recent realtor.com® report.
In that week, homes are listed for an average 6% more than at the beginning of the year, totaling an extra average $17,000. They also receive 14% more views on realtor.com than at other times of the year. And they get 5% less competition (the most homes go up for sale in late spring) and sell about six days faster. Plus, they're 1% less likely to experience a price drop.
To be clear: Prices aren't the highest in April. They typically peak around June, as buyers flood the market, hoping to close on a new property before their children go back to school. But sellers face less competition and homes sell quickly during the first week of April.
Low mortgage interest rates may also incentivize more buyers to get into the market rather than risk getting stuck with a higher rate later on. (Even a single percentage point increase can add more than $100 to a monthly mortgage payment.) Rates were expected to shoot up this year, but instead have hovered around 4.4% for 30-year, fixed-rate loans.
NOW is the time to get a Pre-Qualification letter from our preferred lender. You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business. Pre-qualification is easy and necessary, and can be done via email or over the phone.
"Home buyer demand is really sensitive to interest rates " says Carriene Porter
The time is NOW to get your home on the market! Contact Carriene Porter at Precision Realty & Associates, LLC. Her years of experience and vast knowledge can assist you in this important decision in buying and selling your home. Call or text today 801-809-9866!
#Mortgage #UtahRealEstate #Selling #Buying