Spring has sprung! With the recent increase in seasonal temperatures, our trees and gardens have come back to life, and so too has the local real estate market. Each year, the spring real estate market is strongest in the February-to-June timeframe. The inventory of homes is coming off of winter lows and buyers hit the marketplace in earnest in hopes of securing the perfect home before the competition lays eyes on it. This combination of cyclical events makes it the perfect time for sellers to put their homes on the market to fetch top dollar.
The spring market of 2019 has proven to be an especially advantageous selling season due to several specific factors:
- We entered spring with historically low inventory. Buyers were selecting from a pool of homes that were down 3.1% from February 2018.
- Interest rates have receded back to near 4% in recent weeks. This helps stoke demand, as buyers can afford more with the price of borrowing money at historic lows.
- The average days on market has dropped. Sellers are more likely to get their full asking price if they can find their buyer in a short period of time after hitting the market. Compared to early spring of 2018, the average days on market so far this year has dropped 15%.
Sellers working with the Eric Stewart Group have seen these scenarios play out in their favor so far this year. To date, we have put 50 homes on the market and gotten 68% under contract. 38% of the homes sold in 8 days or less and the overall average days on market has been 23 days.
Selling a home is no different than selling anything else…when inventory is low and demand is high, prices go up! If you’d like to learn more about how the current marketplace is impacting your home’s value, don’t hesitate to give me a call. We can sit down together and review your home in comparison to your surrounding neighborhood to determine the appropriate asking price for your property based upon the current seasonal demands.
In the meantime, if you want a basic understanding of how you can get your home ready to sell, download our Market Ready Guide below!