Selling your house is a momentous occasion; there is a lot of strategizing and, sometimes, stressing that goes into ensuring you receive more than what you paid for your home. As in any industry, the real estate market has endured a lot of changes within the past year that are changing the way people buy and sell their homes. Here’s what you need to know as you prepare and plan for selling your home this summer!
It’s a Sellers’ Market!
Lucky you! It took us a long time to unchain ourselves from the housing market collapse. Only in the past few years have we witnessed home sales begin to significantly rebound from the previous years’ stagnation. Housing prices have continued to climb steadily, so much in fact that Case-Shiller National Home Price Index notes prices from early this year as strikingly close to those at the height of the 2006 and 2007 housing markets.
Tech is Trending
Sites like Zillow and Trulia have been around for sometime, but their mobile applications and access to new data have paved the way for a multitude of new apps that drive the way we (and our real estate agents) look for (and sell) a home. For more information on new real estate related apps take a look at 5 Things Surprising Real Estate Trends This Spring. The rise of social platforms like Pinterest and Instagram have turned everyone into their own curator; meaning prospective buyers may be looking for their new home with a thought-out, well-organized design program. As the seller, it behooves you to stage your home in order to meet buyers’ expectations. The White Orchid team knows how to arrange each space, highlighting a home’s most unique features.
Mortgages are Moving
The move by the Federal Reserve to nudge mortgage rates higher will definitely affect how your prospective buyers approach buying a home. By the end of this year, thirty-year fixed rates will likely reach 4.65%. Despite the slight increase, mortgage rates will continue to be the lowest they have been in years (a full percentage lower than they were during the recession); however, the increase will still affect some markets, namely the highest tier. This may cause adjustable rates like like the 10-year or the 7-year, which give borrowers a little bit more flexibility, to gain more traction.
Set the stage to sell your home for more
Now that you’ve familiarized yourself with this real estate season’s biggest trends and changes, you’re ready to put your home one the market! Start by getting a free, instant home staging quote from the team at White Orchid.