Spring has sprung, and so have all the "For Sale" signs in front yards. But hold onto your gardening gloves—selling your house this season might require more than just curb appeal. The housing market is as tepid as your morning coffee after forgetting to press "brew." Buyers are playing hard to get, and sellers might need to sweeten the deal.
Here are Five Fast Facts on selling your home this spring:
- 🐱 Buyers Are Like Cats - They're curious but hesitant. The spring season usually brings them out – 40% of homes sold happen between February and May – but this year, they're sniffing around without committing.
- 😣 Discounts Are The New Black - Mortgage applications are up 7% but sales are only up 4% (better than expected but still less than last year), suggesting sellers may need to take less if they want to make a deal. Who knew so many homes would end up in the bargain bin?
- 🦨 Mortgage Rates Are Party Poopers - Interest rates are slightly lower than this time last year, but inflation has made the price of homes higher so you still need a bigger downpayment. This scares off buyers faster than a skunk at a garden party.
- 🤦 Price Gaps - The median listing price nationally is $425k, but the average selling price is only $384k. It’s like trying to rise to the occasion by taking the basement stairs.
- ✋ Sellers Are Delisting in Droves - Many are pulling their homes off the market, hoping for sunnier days ahead. It's the real estate equivalent of "maybe next year."
🔥Bottom line: In this spring's real estate tango, sellers are leading, but many toes are being stepped on. If you're looking to sell, be prepared to dance to the tune of price cuts and patience. After all, in the game of homes, you win, or you wait.
Are you buying or selling a home this spring?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
