IF YOU’RE THINKING SUMMER IS THE IDEAL TIME TO PUT YOUR HOUSE ON THE MARKET,
you’re certainly not the only one. Real estate information site Zillow reports home sellers make the most money and sell fastest in the first two weeks of May, with July and June, respectively, serving as the next best months to list your home. While the market may be as hot as the weather this time of year, there are still some key steps you shouldn’t skip – and details you should know about – before selling your property in spring and summer.
Here are 11 things you should know about selling your home in summer:
There are more buyers.
1.There are also more sellers to compete with.
2.This year won’t be the same as last year.
3.Your buyer may be on a specific timeline.
4.The market varies from city to city.
5.Landscaping can make a difference.
6.More days on market doesn’t spell doom.
7.You may have to lower your asking price.
8.Some staging is required.
0.Some projects can be DIY.
10.A professional touch on bigger upgrades may see more return.
There Are More Buyers
The change of seasons naturally encourages people to start thinking about options to move to a new home, and for homebuyers who are financially ready, that’s certainly the case. Many buyers may also be excited to move forward with a home purchase knowing that mortgage interest rates aren’t expected to climb particularly high in the near future. Meanwhile, the rosy glow of positive inflation reports in early July will hang over the markets.
Economists were gushing over a consumer price index report that pegged year-over-year inflation at 3%, the lowest reading in two years. That alone will not deter the Federal Reserve from raising interest rates again later this month but, with the next meeting after that not until September, it is plausible that the central bank’s cycle of higher rates may be coming to an end. The second quarter is traditionally the hottest time of year for the for-sale housing market, and that proved true in 2023, reports Zillow. What comes next is less certain, as buyer demand typically begins to wane in the summer. But this year, that trend will be set against incredibly scarce new listings.
There is More Competition Among Sellers
A seasonal influx of buyers certainly won’t go unnoticed by other homeowners. Many sellers wait to put their house on the market in the spring with hopes of a higher number of potential buyers. But they also choose to hold off because it makes sense to sell, find a new place to live and move before summer ends – especially if school-age kids live in the home. Keep the extra competition in mind as you prepare your house for the market. Consider checking out open houses in your neighborhood to see what nearby homes look like inside, what price they’re listed for and how your home measures up.
This Year Won’t Be the Same as Last Year
The spring and summer months tend to be the most active for home sales, but that doesn’t mean you’ll always see home prices climb year over year. While some markets are still as hot as ever, places like San Francisco and Seattle have slowed significantly, compared to recent years when houses couldn’t stay on the market more than a couple of days, says Skylar Olsen, chief economist for Zillow. Even if you live in a more moderate housing market, expect a slower pace than previous years. “It’s still in the whole scope of history a seller’s market, but it’s not quite as extreme as it was,” Olsen says
source from internet
