While spring may be the best time to put your home on the market, that's not possible for every homeowner. If you missed out on the height of buying season, you can still sell your home for a good price this autumn. You can do a lot to help your home feel welcoming and bright to a potential buyer. So what’s important to remember when you’re looking to sell during the cold weather months? Keep reading to get a list of tips, including pro recommendations that’ll put a new perspective on the buyer experience.
L O W M O R T G A G E R A T E S
Expectations for lower interest rates have pushed mortgage rates to their lowest levels in nearly 3 years. Because of this, buyers are able to afford more expensive homes. Though expected to stay low through the election year, if mortgage rates end up increasing over the fall and winter months while you're waiting for the spring market, it could cost you thousands of dollars and a large pool of potential buyers. Don't wait!
H A V E K I D S ?
Now that school has started again, it will be easier to keep the house ready to show while the kids are in class all day and may have activities in the evenings. However, according to one Zillow report, it's a misconception that the vast majority of buyers are shopping to fit their kids' school year schedules. In fact, more than half of buyers don't have kids under the age of 18 at home, so the fall is as good time as any to buy or sell.
L E S S C O M P E T I T I O N
The fewer number of comparable homes for sale, the greater the possibility that a buyer will look at your home. Simply put, it's the supply and demand theory. Though we continue to maintain a "slightly less-good seller's market" (meaning the market's not what it was in 2017 and 2018), inventory is still low and autumn is still historically very favorable for sellers when compared to the winter months. Not to mention, tantalizing mortgage rates are encouraging more buyers to jump into the market, increasing competition for homes.
S T A G I N G F O R T H E H O L I D A Y S
Many sellers believe staging a home is the main reason a home sells. While staging certainly helps sell homes, some buyers have a difficult time envisioning themselves in a home no matter what you do. Having an aroma in the air mixed with a nostalgic holiday vibe that is relative to the autumn season, can go a long way with some potential buyers and possibly the difference between a home selling or not. Add some fall flowers like chrysanthemums or marigolds, and add seasonal accents like fall-colored throws.
M A R K E T I N G P H O T O S
Fall may be your best opportunity in the next 5-6 months for property photos. It's particularly beneficial to have marketing photos taken before the weather turns cold and trees go bare. Photos from early-autumn show a buyer what the home looks like when the exterior may appear more lush and the grass hasn't browned yet. Fireplaces also add a touch of comfort in fall.
G R E A T T I M E T O M O V E U P
There is increased inventory in the higher price ranges and higher-priced homes take longer to sell, which may mean more negotiating capabilities for buyers in those markets. If you're planning to sell and move up to your dream home, it may be easier to afford a premium, signature, or luxury home now than it will be next spring.
What are your reasons for wanting to sell?
Is it worth it to wait or is selling now right for you and your family?
Only you can answer those questions. Perhaps it's time for a change or you need more space. If you're considering selling your home, contact your Madison REALTOR® today. We can provide up-to-date market data to help you make an informed decision, and offer suggestions on how to sell your home this fall.