Spring Selling Looks Good, But Don’t Procrastinate

Insight for selling homes in the Park Cities, East Dallas and Preston Hollow Real Estate Markets for Spring 2017

Spring is typically the best time to sell. Contrary to what you might have read, the pace of the spring market last year was a bit slow (and delayed) compared to prior years. However, this year the spring market seems to be off to an early and good start. There are several reasons for this, but the takeaway is: if you are thinking of selling, procrastination is not your friend. We are finally seeing buyers getting off the fence ready to buy – especially for homes priced in the mid-to-lower price ranges (for their respective neighborhoods). So what is spurring this spring market uptick?  We have a few ideas….

1. The Election is Over – No matter what side you fall on the outcome, knowing who is in office removes the uncertainty of last year. People are ready to charge forward and get on with life now. Buyers are ready to buy.

2. Interest Rate Increase is Imminent – The Feds have been threatening this for years. Now, it’s actually happening. When rates rise, buyers start to realize they may be missing the boat and so they hustle to lock in a rate (and buy a home).

UPDATE (2/17):
As expected the Feds raised the interest rate by a quarter of a percentage point on March 15, 2017. This shouldn’t affect mortgage rates in the coming months as lenders had already factored in a much-publicized hike. Past history shows a spike of borrowing after increase announcements. Especially expect it this Spring, as there are planned further rate hikes in June and December that will likely increase mortgage rates.

3. Consumer Confidence is High – Despite the real estate market showing signs of softening, consumer confidence is high and the stock market is doing well. This means buyers feel good about the future and still have money available for down payments.

4. Realistic Sellers – We hate to say it, but gone are the days of sellers getting crazy high offers from buyers. Buyers are educated, savvy, and come armed with data. As a result, more and more sellers are being realistic about pricing their homes. They are still making a nice profit, but there is less greed in the water. This is a good thing. We may be entering what we like to call a “normal market.”

5. It’s Spring! – Regardless of market forces, springtime generally brings out buyers. More buyers means upward pricing pressure. So yes, just because it’s pretty outside you can get more for your house.

Ready to Sell in this Sweet Spot? Give The Rhodes Group a call.

The key to winning this spring is a sound selling strategy, a network of contacts, and correct pricing. While our local market will be steady, it’s no longer enough to just stick a sign in the yard to get your buyer. The experience of your agent makes the utmost difference. Turn to The Rhodes Group for a team approach with decades of selling in your specific neighborhood. We live here. We’ve been selling steadily here for over 40 years. It’s not just a slogan. WE KNOW YOUR NEIGHBORHOOD.