Realtor Alonna Davis provides valuable tips for homeowners looking to sell their property in the spring. According to a report from Realtor.com, the week of April 14-20 is the ideal time to sell a house, as buyer demand peaks during this period and there is less competition from other sellers on the market. Home prices are also higher in late April, allowing sellers to generate the largest profit possible. However, the housing market remains challenging for both buyers and sellers as mortgage rates and asking prices continue to rise. The average interest rate on a 30-year home loan is currently 6.88%, up from 6.62% in January, and the national median asking price for a home is $384,500, a 5.7% increase from a year ago.
For individuals selling their homes this year, it is important to keep in mind that they may not receive everything they are asking for, even during the prime selling window. High home prices and mortgage rates mean that buyers will be more discerning and seeking flexibility from sellers. Home prices have become increasingly unaffordable for the average American due to low inventory, making homeowners hesitant to sell and face buying another property at higher mortgage rates. This has caused some homeowners to hold onto their properties, especially as home equity continues to grow in value. However, the spring season brings a new wave of homebuyers who take advantage of longer days and warmer temperatures to visit open houses and make offers.
Research from real estate data provider ATTOM shows that homes sell for the highest prices in April, May, and June, with sellers typically receiving the biggest return in May, 13% above their area’s median price. Alonna Davis advises sellers to take advantage of the current market conditions by ensuring their homes are in top condition and decluttered to show well to potential buyers. The Realtor.com study, based on a survey of homeowners planning to sell in the next year and those who sold in the past year, found that homeowners expect to sell their property for an average of $462,000. Reasons for selling include the need for more space, downsizing, or life events such as marriage, children, or divorce.
Overall, the spring season remains a popular time for selling homes due to increased buyer demand and higher selling prices. However, homeowners should be prepared for a challenging market with rising mortgage rates and home prices. Ensuring homes are well-maintained, decluttered, and priced competitively can help attract potential buyers and increase the likelihood of a successful sale. Working with a knowledgeable real estate agent like Alonna Davis can also provide valuable insights and guidance throughout the selling process. By taking these tips into consideration, homeowners can navigate the spring homebuying season with confidence and maximize their chances of a successful sale.
