Winter has a bit of a bad rap when it comes to buying and selling homes. Actually, it’s one of the best times of year to jump into the Ann Arbor, Michigan and Washtenaw County real estate market. Although your thoughts may be on sugar plums and cozy socks, it makes a lot of sense to turn those thoughts to selling your home. Continue reading to see why you should consider listing your home for sale right now.
1. Weather: Yes, it’s cooperating.
You may not love the winter weather in southeast Michigan, but rarely does it interfere with home showings. In fact, there’s nothing about the weather that will deter a serious buyer from checking out your home. And, it’s the serious buyer who is actively searching the market right now. A few snowflakes won’t deter these home buyers, so don’t let yourself be deterred either.
2. Serious shoppers are looking NOW
If you want to wait until the spring to sell your home, then you will be joining many others who are thinking the same thing. Why does that matter? Because right now there are home buyers waiting in the wings for a home just like yours. And, there are far fewer homes on the market than there will be in the spring. Serious home buyers are looking for their perfect match right when inventory is at its lowest. That perfect match could be your home, so don’t let the opportunity pass you by.
3. Competition is less fierce.
The home buyers who are searching the Ann Arbor real estate market are always very active. In fact, competition is fierce around here! Another perk of selling a home in the winter is that there is less competition. This means that home sellers can command their top dollar price for their highly-sought after home. And, that means money in your pocket and peace of mind, too.
4. A well-priced home sells at any time of year – and that includes NOW.
Home buyers are out there RIGHT NOW. Think about it: people have reasons to move that are not necessarily within their control. Sure, some people choose to move because they are ready for a bigger home, want to take advantage of the low interest rates, or simply are ready for a change. But, there are also those who have to move because of a job transfer or because of a change in family circumstances or other personal or financial reasons. These are immediate needs that have to be filled right away.
The very best time to sell a home is when you are ready AND when you have had your home valued properly by your Piper Partners agent. In fact, according to Realtor Magazine, sellers often net a sales price greater than asking between the months of December and March, as compared to homes listed between June and November. That alone makes it very attractive for you to list your home for sale now. No need to put your life on hold – this is the time to act.
5. Changes in the White House Mean Uncertainty in Interest Rates
Source: https://www.redfin.com/about/press/releases/Redfin-Report-Reveals-Homes-Listed-in-Winter-Sell-Faster
2017 will be a new and exciting year, but it rings in with unknowns. Changes in the White House and possible interest rate hikes can dramatically affect the real estate market. In real estate, time is your enemy. Smart buyers are taking advantage of some of the most favorable conditions we’ve seen this decade, before they slip away.
Rising interest rates are causing a flurry of activity right now as home buyers see interest rates rising and eroding their buying power, home affordability and, generally, home prices about six months later. In fact, it is believed that interest rates are likely to be permanently eroding home affordability.
Since the election on November 8th, interest rates on a 30-year fixed loan have risen from around 3.5% to 4.25%, rising a quarter of a point just last week.
An average Ann Arbor home with a 20% down payment often results in a loan of about $200,000. A $200,000 loan with a rate of 3.5% percent results in a monthly payment of $898 (before taxes and other expenses). At 4%, that monthly payment is $955, and at 4.5% that payment is $1,013.
So, since the election, home buyers are spending about $115 more per month. For the same home, using the same loan! That amounts to an extra $1,380 per year, or a whopping $41,400 over the life of the loan! That’s quite a few home improvements, family vacations, or semesters of college.
30 Year Mortgage Rates
Mind blown? Get help.
How can you really know if now is the right time to sell your home? Get help from the experts here at Piper Partners. No one knows Ann Arbor and Washtenaw County real estate like we do. We understand your concerns about listing your home for sale, and we share your excitement about your future. Contact us anytime to talk about your particular circumstances. We’ll be happy to give you a home valuation so you can make a decision that is right for you.
Contact us at (734)845-9700 or service@piperpartners.com today!
