 |
| Pretty soon THIS |
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| Will be THIS! |
(Sound Beach, Duck Pond Rd, Cutchogue)
1. Greater likelihood
of selling in 6 months or less. Here on Long Island, if you list your house
between Dec. 21 and March 21 you have a 34% chance of selling within 6 months,
while only a 27% chance of selling in the same time frame if you list in the spring,
and 24% chance if you list in summer or fall*.
2. You may get a higher price.
Statistically, homes that are listed in the winter sell on average for 2.3%
less than list price, while the average selling price of homes listed in other
seasons is 3.5% less than list price*. Keep in mind that the list price has to
be reasonably comparable to the selling price of other similar homes in your market
area - otherwise known as "comps".
3. Less competition.
Inventory is lowest this time of year, and we are beginning to see bidding wars
again. While as a real estate professional, this makes me cringe when I am
working for the buyer, it can certainly be an advantageous outcome for the
seller, and often results in full price or close to full price offers with
larger than normal cash down payments.
4. Real buyers buy
all year round. Not a week has gone by since the new year began that I haven't
shown prospective buyers houses. Real buyers are out looking at all times of
the year, and often have compelling reasons to buy quickly. These include major
life changes, such as a new job, new baby, or -on the North Fork- because they want to have time to
do needed repairs or renovations before the summer season begins.
5. Interest rates are
anticipated to rise. It is no secret that the Federal Reserve has been
dropping hints that it plans on cutting back its stimulus program in the near
future, which will push mortgage rates up
. This is providing a lot of motivation for buyers to get out there and
shop NOW, regardless of the weather!
Other bonuses to selling this time of year may be:
·
Increased curb appeal - everything looks pretty
under a blanket of white, and you don't have to worry about irrigating your
lawn, or weeding the garden
·
The warm and cozy factor - have a great
fireplace? Evergreens that are blanketed by snow? Now is the best time to
highlight these features.
·
Moving on - if you are planning on moving but waiting
for the spring market, you can put your plan into action by taking the first
step towards making your dream a reality and getting your house on the market
now.
Did you miss my latest Market Report for February 1 - 14? Click here to find out what's new and sold on the North Fork this month, and don't forget that all past reports are available under my 'Links' tab on the right of the screen.
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