The chart shows the number of active listings on the market in Geauga County by month over the last 5 years. Click on the link below to see the entire chart. While the market is moving quickly, it is still a great time to buy. Interest rates are still very good! The process of selling your home or buying a new one can be made easier with the experience of agent. Let me help guide you or someone you know through the process. Here is a little snippet for month of December over the last 5 years.
As with every decision in life, there are pros and cons and choosing when to sell a home is no different. There are many factors that need to be taken into consideration before deciding when to sell a home. Many homeowners believe selling a home during the fall or winter months is not a good idea and that the spring is the only time a house should be sold. This is the furthest from the truth. Certainly most real estate markets across the United States experience a “spring market rush” every year. There is no doubt that the “spring market” is a great time to be selling and buying real estate, however, the fall and winter seasons may be the best fit for you for many reasons.
Less Competition – Most people wait until spring and summer to list their home, which means during the winter you will have far less competition than any other time of the year.
Serious Buyers Are Out There – Homes are sold and bought 365 days a year. Many homeowners believe that buyers aren’t out there during the fall and winter months. This simply is not the case. Serious buyers are always out there! Some buyers may stop their home search because it is the fall or winter, but serious buyers will continue to look at homes, no matter what time of year it is.
Mortgage Rates Are Low – If you’ve read about real estate in the past year, it’s likely you’ve read that the mortgage rates are low. You also probably read that there is an expectation that the rates will increase very soon. Since mortgage rates are so low right now, buyers are able to afford more expensive homes. If mortgage rates increase over the fall and winter months while you’re waiting for the spring market, it could cost you thousands of dollars as it could eliminate many buyers from the real estate marketplace! Less demand for your home will mean less money. Bottom line: take advantage of selling your home while the rates are this low.
Quicker Transactions – Right now, there are fewer real estate transactions than there will be in the spring. The fewer number of transactions means the mortgage lenders have fewer loans to process and home inspectors have fewer inspections to do. All of these factors should lead to a quicker transaction and closing for all the parties involved. A quicker transaction is going to be less stress for you.
Homes May Show Better During the Holiday – Buyers love homes that can tell a story. The holidays are a great time to show homes because the home is usually dressed up for the holiday season. Simple “seasonal” staging such as adjusting the color of the decor or having an aroma in the air that is relative to the time of year can go a long way with some potential buyers and possibly be the difference between a home selling or not.
January is the Biggest Transfer Month – Did you know that more corporate moves happen during January than any other time of the year? This may be a great reason to list your home during the holiday season.
More Time to Get Top Dollar – By starting to market your home early you may be able to secure a higher price.
Tax Benefits – By selling now you can have a closing before or after the new year for tax purposes.
More Time – Buyers may be looking at homes more during the holidays because of vacation time.
Showings – Yes, there may be fewer buyers during the winter months, but great prospects!
By considering all of the reasons above, you will be able to determine whether now is a good time to sell or if you should wait until the spring.
When you are buying or selling a home there are a number of individuals you will come in contact with. Here are some of them:
REALTOR® – A REALTOR® is a licensed real estate agent and a member of the National Association of REALTORS®. They also belong to their state and local Associations of REALTORS®.
Listing Agent – A listing agent or broker forms a legal relationship with the homeowner to sell the property. The listing agent’s responsibility and fiduciary duties are to the seller.
Buyer’s Agent – A buyer’s agent or broker works with the buyer to locate a suitable property and negotiate a successful home purchase. The buyer’s agent’s responsibility and fiduciary duties are to the buyer.
Home Inspector – A home inspector can be hired by the seller before they put their home on the market or by the buyer when an offer has been accepted. The inspector provides a comprehensive analysis of a home’s major systems and components.
Loan Officer – A loan officer is a representative of a bank or financial institution. They help customers identify their borrowing options and help them understand the terms of the loan. A seller should also meet with a lender before putting their home on the market so they know the “big picture” of their financial situation.
Appraiser – An appraiser works on behalf of the lender and provides a market analysis of the subject property. An appraiser’s finding is subjective and combined with market data of sold properties within the surrounding neighborhood.
Insurance Agent – An insurance agent helps a home buyer determine the coverage needed and finds the right insurance policy for the home.
Real Estate Attorney– In some states, real estate closings can only be conducted by an attorney. They can give advice on all legal aspects of a real estate transaction. Such as drafting and reviewing contracts, help with how to take title and assist with the closing process.
Escrow/Closing Officer – An escrow or closing officer is a non-biased third party who works with all participants to facilitate a successful closing of a real estate transaction. At the closing, the closing officer will collect the purchase money funds from the buyer and settlement costs from each party. The will prepare and record all necessary documents to transfer ownership of the property.
Title Company – The title company will search the title and provide title insurance policies to produce clear property titles and enable the efficient transfer of real estate.