It is common knowledge that a great number of homes sell during the spring-buying season here in Arizona. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether that will be a good strategy this year. Lack of ‘resale home’ inventory this year in almost every price range continues to plague the market and will ultimately keep home prices from rising as increased builder inventory and incentives continue to grow. Prices are at the highest price in nearly a decade. With more and more millennials entering the buying market and increased demand for retirement living in AZ for baby-boomers; it is creating an all-time high demand for housing right now.
But rising mortgage interest rates, current lack of inventory for would-be buyers to choose from and increased competition once more sellers into the market this spring all threaten your bottom line as a potential seller this spring.
The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results:
The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000.
That number spiked to 1,970,000 by May!
What does this mean to you?
With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers.
It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today. Please email or call me today at 480-773-5195 to discuss the current value of your home, request your free price estimate by clicking here: http://www.sellingmesahomes.com/sell-home/