Only in America would we base our home selling plans around what a chubby rodent says! LOL. Since so many people follow that little dude's prediction as if it's prophecy, I've decided to have a little fun with it. Will spring come earlier or later this year? Are we going to be wearing light jackets or heavy coats in New York come March? Well, it all depends on which groundhog you listened to on Groundhog Day. Yep, there is more than one and following some of the posts on Groundhog Day, I think we ended up with 4 to 3 for an early spring. How believable is that? Well, here we are just a week later and New York City is expecting a huge nor'easter, with predictions upwards of 12 inches. I guess 4 of the groundhogs were wrong. Thanks a lot guys!
Regardless of which one of those little dudes you believed, this little dude (George L. Rosario) predicts that you may have to list NOW if you want to beat the busy spring listing rush and beat out your competition. Many sellers wait until the spring to list their home because it looks prettier, the weather is nicer, and there is an increase of buyers looking. What they don't understand is that there are numerous advantages to listing your home right before the spring rush.
Here are some of the best reasons to sell your home now.
1. Inventory is Low. You Have Less Sellers to Compete With.
What makes a home worth more? Less competition makes a home sell for more. That's not anything new. The supply and demand balance in business, regardless of the product you are selling usually tells you what that item's worth will be. The more you have of something, the less it is worth. The less you have of it, the more it is worth. Let's look at it from a none real estate angle.
Hi, my name is George and I have a bottle of water to sell you. It is a fresh, crisp, clean, 8 ounce bottle of water. We are in NYC and there is a grocery store (bodega), supermarket or restaurant on every single block. I want $10 for it. How many of these 8 ounce bottles of water would you like right now? You are probably thinking I'm crazy because you know you can get the same bottle of water for under $2 in just about any of these places. Why would you pay $10 for it.
Now let's look at that same bottle of water in a different setting. You went for a nice long car ride in the desert. It's a hot day. You didn't bring water. Your car broke down. You have no cell phone service (probably with one of those discount companies). You haven't seen another car or soul for hours or miles. You decide to walk to find either a mechanic or a phone somewhere. After walking for a couple of hours, you realize you are lost. Your throat is dry. Your clothes are sweat soaked. You feel dizzy. You need a phone. You need a compass. You need water! I come along and say, "Hi, my name is George and I have a bottle of water to sell you. It is a fresh, crisp, clean, 8 ounce bottle of water. I want $50 for it." You don't have $50 but have $40 in your pocket. I settle for the $40, you purchase the water and you now have a renewed level of hope (and a friend to help you find your way out of the desert).
The same exact bottle of water was now worth much more to you. The same is happening with homes. People will pay more when there are still a lot of qualified buyers on the market and less homes for them to make offers on. This is why homes are selling for historically high prices in New York and this is why you need to capitalize on this wave before the level of inventory grows. List your home before the Spring and Summer inventory hits the market and you will put yourself in the power seat.
Of course lots or little inventory is meaningless without the demand for it so;
2. Demand is Still Very Strong & Buyer Confidence is Back
If there was no demand for inventory, we would not see homes selling as quickly as they are selling. The latest foot traffic numbers from the National Association of Realtors (NAR) show that the number of buyers out looking for their dream homes in December reached the highest mark since February 2016. This has not slowed down. On the contrary, my office has seen a 38% increase in qualified buyers searching for homes from December 2016 to January 2017 and February has been even busier. Mortgage professionals are calling us for their clients asking us if we have any homes to show their clients. People want to buy.
Needless to say, buyers are eager to buy and they have less opportunities to bargain at this time. The choices buyers have will obviously increase hen the additional Spring inventory hits the market. Why would you wait until your "bottle of water" is worth less than it is right now?
3. Low Inventory Means More Attention to YOUR Deal
Do you want the loan officer, attorney, buyer and title company to devote more time and attention to your deal? Well, if you wait until there is more inventory and more sales to supervise, these professionals will obviously have more people to tend to and less free time to tend to you and your needs. Your home will sell quicker, you will get from listing to contract to closing quicker, and the added attention from all professionals involved should lead to a less stressful, much smoother transaction on your end. The experience will be so much better. If you know someone who has gone for a loan in the past year, or the past few months, you know that banks are asking for a lot more paperwork before handing over a pre-approval. Your buyers will have a better chance at getting through the loan process quickly and without hold-ups when lenders have less loans to close.
4. Getting to Where YOU Want to Go Is Easier Now
A big fear many sellers have is, where am I going to go if inventory is so low and homes are so difficult to find right now. Well, the good news is that if you want to purchase a larger more expensive home or if you want to downsize from what you own right now, having a bigger down payment makes you a much more competitive buyer than those that have less liquid money to work with. Therefore, selling your home when you can close a lot quicker and for more money puts you in a great position to comete with other buyers when the extra inventory hits the market. You list your home now and close when more inventory is hitting the market and you will surely be able to make better offers on the new home you want to move into than the person who is offering a 10% down payment. You can set yourself up as the stronger buyer just as more homes come onto the market.
5. Go Into the Next Chapter of Your Life In a Better Position
What is your why? Why are you selling or considering selling your home? Stick to that reason and even if you hit a bump on the road, stick to the plan. Whatever your "why" is, you will be able to reach your goal with less bumps if you put yourself in a better position to do so. Getting into it before the competition slows you down will give you the right momentum and put you in the right place to beat the odds. All of us have different reasons for selling, but all of us should sell when we put ourselves in a better place in life.
I hope this information has helped you make the right decision. If you have decided to sell, contact me and let's move forward with the next chapter in your life.
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George L. Rosario
NYC's Hometown Realtor
Coldwell Banker Kueber
DESK: 347-671-SOLD
CELL: 917-945-4211
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