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Spring real estate trends and tips

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March 26th, 2015

If you’ve been thinking about selling your house to move to a home that makes more sense for your retirement, this spring may be an ideal time to sell. Egypt Sherrod (egyptsherrod.com), host of HGTV’s Property Virgins, says it’s likely that several factors will combine to make the spring 2015 selling season particularly robust.

“Trends show that current owners are deciding to move up to a larger, more expensive home now because interest rates are projected to rise a full point before the end of the year,” Sherrod says. “First-time homebuyers are also expected to be out this spring in droves because of the lower down payment requirements. Prices are appreciating and are projected to appreciate by over 23.5% from now to 2019. With all of those factors in consideration, we are optimistic about the spring market.”

Sellers’ window of opportunity

While low interest rates and increasing consumer confidence are luring buyers to the market, there aren’t many high-quality homes for sale in several regions of the U.S. Sherrod says this creates a window of opportunity for sellers this spring.

“In many western, southern, and midwest states, there is still a shortage of inventory,” she says. “When there is a shortage of good available homes, this causes a seller’s market because of supply and demand issues.”

Regardless of the market dynamics in your area, you’ll want to take steps to get the best possible price. Los Angeles real estate broker Brian Horan
(Facebook.com/KilbournePropertie...) says the sellers put themselves in a good negotiating position by listing a house that is clean with very few issues. You may want to hire a home inspector before listing to identify and repair problems that could deter buyers.

“This way, a seller can avoid a negotiation on items like an outlet not working,” Horan says. “The [fewer] issues you give a buyer to negotiate on, the less a seller would have to make a concession to the buyer.”

Enlist staging help

Horan also encourages sellers to spend money on professional staging, which he says will come back to them in the form of a higher selling price.

“It’s been proven that staged properties generate more offers and higher amounts for them,” Horan says. “[Sellers] can’t seem to get past that their tastes and furniture may not be the trends of today, but staging can really pay off big time.”

Set a response date

Colorado real estate broker Ron Rovtar (tinyurl.com/rovtar) says sellers in hot markets have a tendency to accept the first good offer they receive. But, he says a little patience may mean more money in your pocket. Sellers can control the process—and potentially receive more and higher offers—by setting a response date when the home is listed.

“I think you will find that the sellers will do much better if they plan something like this: List on Wednesday, hold an open house on Saturday or Sunday, ask that offers be in by 5 p.m. Monday, and plan to respond by early afternoon on Tuesday,” Rovtar says.

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