3 Reasons for Selling Your Home In the Fall
Real estate markets are often perceived as hot and “very active” during the summer and spring. People looking to buy typically prefer moving when the weather is agreeable and before kids head back to school. So if you weren’t prepared to list your home this past spring or summer, you might think that you’ve missed the boat. But don't quickly scrap or postpone plans to sell your home.
The real estate market is active year-round, and there's no rule that says you can “only” sell in the spring or summer. So whether you're ready to upsize or downsize, now’s as good a time as ever to make your move.
Here’s a look at three reasons for selling your home in the fall.
1. Housing demands haven’t slowed down
The air outside might be crispier and the kids might be back in school, but this doesn't mean the demand for housing has slowed down. According to the latest Buyer Traffic Report from the National Association of Realtors, “buyer demand remains very strong throughout the vast majority of the country,” which is excellent news for home sellers like yourself.
There are still plenty of buyers actively searching the market for the perfect home. And in most cases, these buyers are looking to make a move before the end of the year. Selling your home in the fall will likely draw massive interest, resulting in a speedier sale.
2. You’re competing with fewer home sellers
Because some people believe that the real estate market cools down in the fall, many would-be home sellers put off listing their homes. As a result, inventory drops significantly in some markets. When there isn't enough homes to accommodate homebuyers, the market shifts from a buyer’s market to a seller’s market.
Less competition can equal more attention for your property, which is a win-win for you. This not only increases the odds of a faster sale, multiple buyers might fall in love with your home . This could start a bidding war and drive up the price of your home, allowing you to walk away with a bigger profit.
Also, less competition means there’s less pressure to give into buyer demands. You hold the cards in a seller’s market, and buyers know this. Therefore, they’re less likely to ask for closing costs assistance; and rather than offer less than your asking price, they might submit an offer for more than the asking price to stand out from the crowd.
3. Get out before interest rates and prices increase
If you’re looking to move up, now's the time to unload your current home. Home interest rates are projected to increase over the next year. Because there’s no way to know how rates will perform over the next few months, selling now lets you get into a new house while snagging an affordable rate. According to CoreLogic, home prices are also predicted to appreciate by 5 percent over the next year. Putting off the sale and purchase of a new home until next spring or summer could result in paying an extra 5 percent for your dream home, and thousands of dollars more over the life of the loan.
Spring and summer might be a preferred time to sell, but it's not the only time. Buyers search for properties year-round, so don't think there’s a shortage of interest during the fall months. With demand strong and less competition, this time of the year is perfect for selling, especially if you’re hoping to move before the start of the holiday season.
If you’re ready to sell and purchase again, contact us to discuss options for your next mortgage. Whether you’re looking for competitive rates or unique mortgage solutions, Cherry Creek Mortgage can help you find the right loan.