Spring is typically the best time of year to sell a property. This year isn’t much different, the market is performing exceptionally well in Massachusetts, particularly for luxury single family homes. Here are four benefits to listing your property this spring market:
Spring has Sprung!
The snow is finally melted, bulbs are sprouting and trees are turning green again. This means more fun in the sun, but it’s also Mother Nature's way of helping you showcase your property. Curb appeal plays a huge role in the sale of a home and can often make the difference between a prospective buyer getting out of their car to look inside or driving away to the next home. The warmer weather and longer days help draw prospective home buyers out into the market to shop for houses, and this is a great chance for you to stage your home. It also leads to greater attendance at open houses. The lack of snow and mud makes it easier to keep those doors and windows open, too.
Buyers are There
Families with children often decide to buy in the spring so that they can move in before the end of summer and get their kids settled and registered before the school year starts in the fall. It is easier to move when there isn't snow on the ground. And psychologically, people will want to get out of the house and away from the cabin fever of being trapped inside all winter. Despite the surge in home sales the market is still in an inventory crunch. There is a significant amount of pent up demand remaining.
Financing is Good
The tax refunds are in and the Fed has yet to raise rates, though they did remove the word “patient” from their statement in March signaling that rates may rise in June or July. This may motivate those on the fence to act now and lock in at a better rate while they can.
Sales are Spiking, Fewer Days on Market
Existing home sales in March were up 6.1%, the highest in 18 months according to data compiled by the National Association of Realtors. NAR chief economist Lawrence Yun says that strong sales combined with favorable economic factors is “improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”