Zweiacker & Associates

New Year’s Resolution

Dear Jen,

Last year, my new year’s resolution was to save up enough money to be able to buy a new home. This is the first resolution I’ve ever succeeded in following through on for the whole year!  So, my new year’s resolution this year is to sell my home and buy a new one!  I’m super excited and thought that I would put my home on the market in the spring because I always heard that it is the best time of year to sell your home, but lately I’ve heard a few people (including you on the radio) say that this winter is looking really good for real estate.  When should I list my home for sale?  Why is it so good this winter, but was not good in past winters?  If I do list my home for sale this winter, do I need to do anything special because of the time of the year?

Thank you in advance for your advice!

Happy New Year!

Tammy


Dear Tammy,

Congratulations on your great success in 2016 and that you for your thoughtful questions!

This winter is an exceptionally good time in the real estate market!  There are many things contributing to the strength of the current market.

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  • Following many years of decreasing inventory and increasing sales (Seller’s Market), 2016 has been a more balanced real estate market. In fact, total sales year to date at the end of July, August, September, and October were lower than total sales on at the same time last year. We’ve also seen inventory slowly increasing over the course of the year. The media stories about buyer’s difficulties in purchasing homes (competing offers, higher prices) have diminished and now many buyers who were unwilling to purchase in the real estate environment of the past few years are ready to get off of the bench and back into the game!
  • Interest rates are slowly increasing. We’re still seeing rates in a historically low range, so there is nothing to be overly concerned about. However, the higher the interest rate, the lower the price range will be for a home that fits into a buyer’s monthly budget. This is an added stimulus for the market.
  • Uncertainty leading up to the Presidential election may have slowed the market in the months leading up to November. Regardless of the candidate that an individual backed for the election, the simple fact that the election is over has also contributed to some buyers willingness to move forward with a purchase.

All of these factors have contributed to strength of the current real estate market. No one has a crystal ball, so we don’t know how long this market will continue. My advice to you is to not wait. Interview your top choices for the Realtor that you will trust to help you sell your home, make your selection, and go ahead and get your home on the market.

Winter can make for a challenge when it comes to curb appeal. I suggest dark mulch in your flower beds and some potted plants up near your front door for a pop of color that draws the buyer’s eye to where you want it to be (you can also more easily cover or bring the plants in on really cold nights).

Again, congratulations on your success in 2016 and best of luck on your exciting plans for 2017!

Happy New Year, Tammy!

Jen