Spring home sales already in full bloom
As spring comes into bloom, REALTORS® are predicting more homes will pop up on the market after existing-home sales stepped out to a fast start in 2017.
According to Realtor.com, spring is the busiest and best season to sell a home.
Reasons range from parents wanting to move when their children are not in school to buyers wanting to move when the weather is most accommodating.
Fayette County is following the same trend for spring home sales, according to Jackie Fiano, president of Fayette Board of REALTORS®.
She said the number of homes listed on the market typically rises after winter as well as the number of inquiries.
“We’re very busy right now,” said Tom Simon, real estate broker and owner of Howard Hanna Real Estate Services in Belle Vernon.
According to Simon, 50 percent of homes on the market typically sell between March and July.
Real estate experts stress that pricing in the spring is just as important. If you overprice, the home may sit and you could risk losing out on the best buyers.
“It’s all based on supply and demand,” said Simon.
In Washington and Greene counties the largest months for home sales (closings) are June thru August, with most buyers making offers 45 to 60 days prior, reports Mike Podolinsky, president of Washington/Greene Association of REALTORS® board of directors.
Podolinsky said he uses figures from the Pittsburgh agency West Penn Multi-List Inc., which provides multiple listing services and state of the art programs to broker subscribers and their agents.
The agencies service Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana counties.
While the largest supply of home buyers tends to be in the spring real estate agents find this generates the most competition from other listings.
During that time, it’s important for clients to understand which upgrades can add value and result in a faster sale.
“If a seller is thinking of putting their home on the market, I would suggest taking time to declutter the house, paint rooms neutral, if needed, spruce up the front lawn and look objectively at their home as a buyer would,” said Podolinsky.
Dr. Lawrence Yun, chief economist at the National Association of Realtors® (NAR), believes competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range.
He stressed the combination of higher interest rates and prices led to households in over half of all states last month being able to afford less of all active inventory on the market based on their income.
“There is always a constant pool of buyers looking to purchase a home, they know the market and are very educated due to the Internet,” said Podolinsky.
He said real estate websites such as Zillow, Trulia, and realtor.com provide buyers a host of information to make educated decisions before they set foot in a house. “That’s why when a home is priced correctly, it sells in days, not weeks, not months,” said Podolinsky.
In Washington and Greene counties, Podolinsky said realtors are finding that some open house tours are generating between 10 to 20 buyers on a given day.
“This is not the norm, but it shows that buyers know a good bargain when they see it. These are homes that are priced correctly, good condition and staged properly,” Podlinsky added.
Despite the rise in interest rates that are predicted to hover in the four percent range, financial advisors say it’s still a good time to lock in a low mortgage rate.
In many places across the United States, BankRate reports it continues to be a seller’s market with more potential home buyers than sellers.
Additionally, entry-level homes have been kept off the market because so many owners owed more on their homes than they were worth.
According to Podolinsky, most realtors provide a free “comparative market analysis” of your home as well as other tips and staging ideas. You can also hire a professional to help stage our home.
Realtor.com provides the following tips to help homeowners during the pre-selling preparation process.
1. Address the exterior of the home.
Winter can be harsh on a home’s exterior, so as winter winds down, homeowners who want to sell their homes should make an effort to address anything that might negatively affect their homes’ curb appeal.
2. Conquer interior clutter.
3. Eliminate odors. Conduct a thorough cleaning of the house, including vacuuming and removal of any pet hair that accumulated over the winter to help remove odor. Open windows when the weather allows so more fresh air comes into the home.