By Michael Ardolino
Want to sell your home? Now is as good of a time as any to get started.
Why now?
Recently, National Association of Realtors Chief Economist Lawrence Yun said at a conference and expo that the residential real estate market continues to be promising.
“All markets are seeing strong conditions and home sales are the best they have been in 15 years,” Yun said. “The housing sector’s success will continue, but I don’t expect next year’s performance to exceed this year’s.”
First steps
Before a for sale sign goes up, there’s some prepping to be done.
A real estate professional will provide some tips on preparing your house to make it more attractive to potential buyers. I’ve mentioned some of that advice in past columns.
Sellers usually know to put away anything they don’t need right now and donate what they no longer want. This tip applies during the holiday season, too. A festive seasonal look can be inviting, just not too much. This means if you’re ready to sell before 2021 ends, keep this in mind to show off your space to its fullest potential.
The most important step is to sit down with a professional. They’ll go over with you how much similar houses near you sold at and help you decide the best marketing strategy and pricing for your home.
Timing is important
For the last few months, we’ve been keeping an eye on real estate news and trends together. As many recent Long Island sellers know, prices have been high and houses have sold quickly. While winter historically tends to be slower in real estate, experts predict things will be different this season.
“[This] winter is likely to be a better time to sell than winter typically is,” says Kelly Mangold, principal at RCLCO Real Estate Consulting. “Many sellers should not feel the need to wait until spring, especially in high-demand areas.”
This is no surprise. Interest rates are still historically low. For buyers, it’s still wise to get a mortgage now as some experts see interest rates inching up in 2022. A few experts, including forecasters at the Mortgage Bankers Association, predict that by the end of 2022 30-year fixed mortgage rates will average 4%. Fannie Mae economists are more conservative, thinking the rates will average more around 3.4% during the fourth quarter of next year.
Sellers can still get more money now than they would have just two winters ago. Inventory is still not meeting demand, with more buyers than sellers. Add to the equation that many buyers have met stiff competition finding their dream home. Many are still looking or starting their search again after taking a short break.
Takeaway
Real estate trends depend on what’s going on economy-wise and can be confusing sometimes. A real estate professional would be more than happy to help you with the steps and timing. So … let’s talk..
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
