It is common knowledge that a large number of homes sell during the spring-buying season. In Arizona, this is the busiest time of the year as far as number of closed transactions and buyer demand. For that reason, many homeowners hold off on putting their homes on the market until now. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent increased competition to any seller.
Do a greater number of homes actually 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 2016. 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 across the United States to list their homes on the market. Last year, the number of homes available for sale in January was 1,820,000. That number spiked to 2,140,000 by May!
In Arizona, the best time to be selling your home is typically January through early May due to the extreme heat the valley starts to get in the later parts of May. The housing market and buyer activity generally starts to slow around that time of year. So now, right now, more than ever – might be the best time to list your house for sale in more than a decade.
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 a home 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 for a buyer.
It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today. Housing inventory is actually pretty low right now in Phoenix with just under 4 months supply, means that we are in a seller’s market, (sellers have greater negotiating power due to inventory level), and buyers are looking for that next great home! Values are now also above bubble levels we had 10 years ago in Phoenix, so the prices are the highest today than they have been in a decade!
Please do call or email me today for information on selling your home and a free consultation on the value of your home.