The real estate market in Fremont County has been sluggish lately because of the downturn in the economy the last couple of years.
I’ve met a lot of people that have been thinking about selling their home and moving up to something bigger (or even downsizing) but haven’t pulled the trigger given the state of the economy.
But for the people that dream of selling their home, 2017 might just be the year to do it.
We’re not yet back to a real estate boom, but there are signs that the market is improving – and making a case for sellers to get off the fence and put their homes on the market.
Here’s a few reasons why that’s the case.
We Have Less Excess Inventory
In a recent Ask O column, I talked about how there just aren’t as many houses on the market right now as we might usually expect in some price ranges.
This is in part a result of the local economy. But fewer houses on the market is a good situation for sellers. Fewer houses means less competition for buyers, and the less competition there is, the more likely a buyer is to see your home as a possible solution to meet their needs. That is a sign that we are getting closer to a more balanced market – at least at some price points.
In fact, your home could be of interest to multiple buyers, which is a great situation for a seller to be in. If multiple buyers place offers on your home, the likelihood increases that you sell your home for more money – potentially even over asking price. We have seen two multiple offer situations in just the last few weeks.
Combined with interest rates that are predicted to rise, some buyers are ready to buy now while their buying power is maximized. That’s good news for you as a seller, and you should think about what you can do to stage your home to maximize its impact on potential buyers.
Spring is Here
Winter is always the slowest season for real estate. That makes sense because no one wants to move when it’s -20 degrees outside. No one wants to look at houses when it’s that cold, either, unless they are REALLY serious about buying a home!
But spring is here, and not soon enough after the winter we’ve had!
That means that more buyers will be hitting the streets looking for a home to buy in the next few months. That way they can avoid the cold and snow of winter, the rain and mud of spring, and get things wrapped up and into their new home by summertime.
With an increasing number of buyers set to start looking for a home, the next month or two is a great time to get your home ready to sell so you can take advantage of that increasing number of buyers.
Lower Price Points Are in High Demand
If you own a home that’s valued at or below $150,000, you can capitalize on the popularity of lower-priced homes among today’s buyers.
There is no doubt a trend toward more affordable homes. This has always been the case for first-time homebuyers that are seeking to own their home without paying an arm and a leg for a monthly mortgage payment.
Likewise, older people are often downsizing after their kids move out or after they enter retirement. But now, even young families with children are opting for smaller, less expensive homes and passing on more extravagant homes that require a heftier monthly payment. Minimalism and a focus on that lifestyle are definitely increasing.
If you have been on the fence about selling your home, consider these factors as being favorable for putting your home on the market this year. If you have any questions about current market conditions or anything else related to selling your home (or buying a new one!), please feel free to contact me at 307-856-3999 or drop by the office at 309 N Broadway in Riverton.