Well, it’s officially spring in sunny San Diego! Despite the bouts of rain we have been getting the last few weeks (which has been refreshing), we are entering the season where things will really start to heat up. But, the heat doesn’t just apply to the temperature. Buyers and sellers begin coming out of the woodworks in spring, known as the “spring selling season,” since the holidays are over and families are more prepared to take on a home sale or purchase. We expect that spring won’t be much different this year, although inventory continues to remain really tight in San Diego County. For those who decide to list or sell their homes in spring 2018, they will likely see great returns as the home prices are still up year over year. Home prices in our area are actually up a whopping 8.6% from this time last year (a good indicator for homeowners!).
Additionally, (if you don’t believe us yet) – a Redfin study on the best seasons to sell showed that Spring “won” in the highest percentage of all the following categories: percentage sold above list price, percentage off the market within 30 days, and proportion of homes listed this season.
If you’ve been holding on for the “perfect time” to sell or you’re waiting for the market peak, many would suggest that the time is now. If little things like you wanting to repair the HVAC unit, or wait for your tenants’ lease to be up, or maybe you’re waiting for the kids to graduate before relocating have been holding you back – you may want to bite the bullet and take advantage of what’s available to sellers in San Diego. According to a recent article, here are the four reasons selling in 2018 is a great choice:
- Buyers are plenty and they are anxious to jump on any opportunity provided. As mentioned above, incredibly low inventory has pushed a lot of buyers out of the running for homes, and simply has not been able to keep up with buyer demand. Sellers may be selling at asking price or above it for now, but the market won’t support that environment forever.
- Interest rates are still low. While the Federal Reserve did raise its key interest rate from 1.5 percent to 1.75 percent recently, interest rates overall still remain low for now. Selling while interest rates are still low enough will mean you have a bigger buyer pool of prospective homeowners who weren’t pushed out by high-interest rates.
- Cheaper property taxes abound. People who live in counties and cities with high property taxes may opt to move elsewhere where taxes are lower. The passing of Jobs Act and Tax Cuts at the end of the year last year means a few significant real estate related tax policy changes.
- Renovations now won’t pay later. Zillow predicts that many homeowners will focus on renovations this year rather than selling. But, sellers won’t see the benefit in increased values due to renovations between this year and next as they would in years past. If values decrease as expected next year, your payoff won’t ever come.
Selling in the Spring Season Tips & Tricks for a Quick Sale
If you’re set on taking the leap and selling your home this spring season, then consider some of these tips in getting your home prepped to attract buyers.
For one, focus on your landscaping if your trees’ leaves fell or your grass went dormant. Now is the time to plant some fresh foliage and get things turning green again. If additional plants aren’t on your agenda, then maybe some fresh mulch or DG pathways to appeal to drought tolerant landscape lovers?
Next, take spring cleaning to the max. Go overboard with your cleaning and ensure everything is bright, fresh, aromatic, and clean as can be. Hire a professional cleaning company for maximum effectiveness. It’s easy for things to collect over the winter months and holidays between gifts, warmer blankets, and just stuff in general. As a part of the “clearing out” process, opt to also tuck away and box up winter gear that may be taking up a lot of room in your closets or in your living areas.
The next best thing you can do to prep your home for a quick sale this spring is to make repairs expected to be uncovered in an inspection. By making pre-inspection repairs, you will be able to justify a higher asking price and will avoid scaring away buyers who are looking for completely turnkey properties. Some of the things to look at include: electrical, any mold or mildew issues, plumbing, HVAC, roof repairs, structural problems and appliance issues.
The Fastest Solution to Selling a House in Any Season
If you’re sold on selling this spring in order to take advantage of high home prices, among other benefits of selling, consider your options to do so. First, there’s the traditional method of selling with a local real estate agent who will list your property. This process involves a lot of prep to ensure the home is ready to market and repaired and you’ll have to keep the home in this condition for open houses and showings. The benefit of selling this route is that if your home is in good condition, you should see multiple offers (if priced right) and may even get above asking.
The next option is to sell the home on your own. With so few homes on the market, now is as good of a time as ever to take on a transaction like this. Many will take this route if they have real estate experience, the home is in mint condition, or the home is very easy to compare to other properties being sold. Plus, and arguably most importantly, you won’t have to pay agent commission fees. But (and this is a major “but”), this process is also the most stressful and time-consuming. You are responsible for getting your home ready to sell, then marketing it to prospective buyers, hosting open houses, completing piles of paperwork, and coordinating every aspect of the transaction. If you have a full-time job, you may not choose this option.
Lastly, you have the option to sell directly to a cash buyer. This is by far the quickest way to sell because legitimate cash buyers can close on your property within a week (basically as quickly as a transaction can go). You also don’t have to worry about spending time on things leading up to the sale: cleaning, making repairs, or enduring countless buying showings. A cash buyer will buy your home as it is, pay the agent commission fees you would have paid for in the first option above, and handle every other aspect of the process for you. Quick & easy-peasy.Views: 17