If you’re thinking about selling your home in 2014, now is the time to get ready. Why the urgency? Because the buyer you want is on the hunt NOW.
The Internet is the New Open House
At The Property Shop LA, we were shocked to learn that January rankings for web traffic to real estate sites were up 25% over the previous month, totaling an astounding 364 million visits.
If you want to sell and your home is not online, you’re missing out on the most dedicated, motivated, serious buyers. These buyers are previewing the homes they want to see online before putting the top two or three on their Sunday afternoon itinerary— gone are the days of a prospective buyer wandering in blindly and saying, “Oh wow, this is the one!”
With gas approaching $4.50 a gallon and many of us increasingly time-starved, once the open house gets underway, your Sunday visitors arrive already interested.
Big Incentive for Buyers
We always see a spike in activity as summer approaches, but this year there are other factors at play driving buyers’ motivation to get out there and buy now.
Mortgage rates are currently trending around 4%, an incredibly low figure that we expect to see rise by 2015. A seemingly-minor 1% increase in rates can be a big deal in our market, where buyers are commonly offering $50K-$100K over a seller’s asking price to win their perfect house.
Today’s buyers can make these strong offers because rates are so historically low. When rates return to more normal levels, we are not likely to see such aggressive bidding as the same home will already be more expensive to purchase, and put many buyers close to their monthly threshold.
Why Sellers Need to Care
Home prices in 2013 have not only matched those of 2005, but exceeded them in some areas, and we have no doubt experienced a dramatic recovery.
How long is it going to last this time around? We’ll be the first to tell you that we don’t know exactly. But we do know how many of our clients were kicking themselves for missing the last boom (lots).
If selling is on your radar, the summer selling season will be here sooner than you think and Eastside buyers are ready. We are, too.
Visit us at www.ThePropertyShopLA.com and see how we can help you this selling season!