The "spring market" for real estate in Rochester, NY typically begins at the end of March or very beginning of April. A common misconception among homeowners who are thinking of selling is that the best time to list their home is during that "spring market" time. We thought it would be helpful to give 3 quick but important things to consider on why we feel it's beneficial to not wait and list now! There are others but we like these 3 the most!
1. BUYER POOL
We hear from potential sellers who think waiting for the spring market is best, "People don't buy houses in the winter." Houses are being sold 12 months of the year. Buyers are entering the real estate marketplace everyday. Serious buyers, which are the type of buyer you want to get your home sold, are looking for houses all year. "Serious buyers means serious offers" is a "motto" we like to believe holds true. This, in a lot of cases can eliminate insulting, low-ball offers.
2. HOME INVENTORY & COMPETITION
During the 1st quarter of a new year, it is the ideal time to be putting your home on the market. Upon arrival of the 2nd quarter (classic “spring market”), the market becomes saturated with many more homes. Due to the high inventory during this quarter, the chances that your home will be shown can be significantly lower. In contrary, If there are less homes available for sale in your area, the greater the chance that a buyer looking in your area will look at your home and possibly write an offer, which is the ultimate goal, isn’t it? The 2nd quarter spring market allows buyers to become more critical of the homes available and many times allows them to feel that they have the luxury to wait to write an offer thinking that something else better will be available soon.
3. INCREASED INTEREST RATES
Over the past couple years, mortgage rates have fluctuated between 3-5%, which is still very low. This has allowed buyers to have more buying power during these years. A difference of a half percent on a 30 year mortgage can cost a buyer tens of thousands of dollars over the life of a loan. Most analysts are projecting that mortgage rates will begin to increase. Many are projecting that by the end of 2014, mortgage rates will exceed 5%. The sense of urgency for buyers to purchase a home now is only going to increase as 2014 progresses, due to the fear that rates could significantly increase as well.
To search for homes for sale, CLICK HERE.