We hope you have had some time to travel around the Harbor Springs area these past few weeks to experience the speedy explosion of fall colors! The trees changed as quickly as the weather and hit peak color around October 13. We had pleasant weather in the mid-to-high 60’s on October 10, but woke to a cool blustery morning on October 11 where we had our first snow of the season at the office.
Now that seasons have changed and the hustle and bustle of summer has slowed down, it’s a great time to list your home! Here are 4 reasons to list your home this fall.
1. Demand Is StrongThe most recent Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong this season. Active buyers are ready to purchase and they’re quick to move in the current market. In fact, more often than not, multiple buyers end up competing with each other to buy the same homes.
2. The Competition Has Changed Currently, the housing inventory is still under the 6-month supply needed for a normal housing market. This simply means that there are more buyers than listed homes to satisfy the buyers. As home values continue to appreciate, more and more homeowners will be given the freedom to move. The choices that buyers have will continue to increase so don’t wait to sell.
3. The Process Will Be QuickerBecause there are more buyers than homes, buyers are getting pre-approved for financing making the selling process much faster. According to Zillow, the average listing on Zillow sold in 68 days from listing date to closing date in spring 2018. We have seen multiple homes lately that are on the market for less than a month before receiving multiple offers. Because of this, buyers are shopping knowing what they can afford and what they would like to buy.
4. Now is The Time to Move UpAccording to Keeping Current Matters, “if your next move will be into a premium or luxury home, now is the time to move up! The abundance of inventory available in these higher price ranges has created a buyer’s market for anybody looking to purchase these homes. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!” Home prices are projected to appreciate by 5.1% over the next year, so the cost of buying a higher-priced home will cost more next year than it would today.
For a more in-depth look at any real estate statistics, or a market activity report for specific properties, please call or email us. As always, we appreciate your thoughts and look forward to hearing from you and providing the best service possible!