In January 2020, there were almost 25% fewer homes on the market than in January 2019- and yet 15% more homes were under contract. In fact, there has been a 30% increase in mortgage applications in January. WHY?? And WHAT DOES THIS MEAN??
I means that there are fewer homes on the market but more people looking to buy. Part of this is due to the low interest rates, which allow you to buy a more expensive home and pay less on your monthly payments than you would have a year ago, and partly because there are many out-of-state buyers flocking to buy homes here.
In second quarter, however, more homes will come to the market and there will be more competition for buyers, so if you are able to list your home now before the influx of homes that typically come onto the market in second and third quarter, your home will be more desirable as there will be fewer homes to compare it against- which means getting top dollar for your home!
Prices will likely continue to rise, so if you need to buy a home after selling your current one, you’d be in a better position to sell your home now, make top dollar, and then quickly buy a new home before prices increase in the late spring and early summer months.
If you are interested in making a move-literally!- feel free to reach out to me here and I can set up a buyer/seller consultation to see what changes, if any, your house would require to sell quickly and for top dollar!
