You’ve probably heard that the best time to list is during the hot “spring selling season,” and that’s partially true — after all, buyers come out of the woodwork during the months of March, April and May. And while the summer tends to be a bit slower for showings, this year is bucking the trend. Here’s why:
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1. A large number of local buyers have still not bought a home. As you may have seen, the inventory of homes for sale decreased significantly this year, leaving buyers with fewer choices and increased competition throughout the springtime. In fact, some local counties saw a 15% decrease in listings from this time last year! As a result, many buyers struggled to land their dream home during the spring months, and are still actively searching. Well-priced homes are selling quickly, and we expect to see this continue through July and August.
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2. Home prices are rising at a healthy pace, and you’re likely to get more for your property than in years past. In Philadelphia, for example, the median sale price was a staggering $27,000 higher in May 2016 than May 2015. As a result, fewer homeowners are underwater and they’re now more likely to walk away from the settlement table with a check in hand.
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3. Mortgage rates are expected to remain low throughout the summer, which means that home buying will be affordable for many local home shoppers. That means more potential buyers will be able to afford your place. And since rates are hovering around historic lows, you will also likely qualify for a lower rate than what you’re currently paying if you buy another home.