We have been hearing this question from a lot of people who are on the fence about putting their homes on the market before spring. The short answer is YES! Now is a fantastic time to sell your home. Here are some reasons to list now:
- Lack of Inventory – There is currently an inventory shortage as many sellers are waiting until the spring to list their homes. While the number of overall showings is down during the winter months, the buyers that ARE looking are serious buyers. Nobody wants to look at homes for fun during the sub-freezing temps, so the looky-loos stay home! Less competition means that there is a greater opportunity for a seller to attract a buyer and demand a higher sales price.
- Relocation – Kansas City is home to several large employers who are moving people in and out of the area for jobs on a consistent basis. Several people will be starting jobs early this year and will need to purchase a home as soon as they are relocated.
- Tax Refunds – A lot of first time home buyers are planning to get their tax refunds early this year and to use that money for their down payment to purchase their first home.
- Rising Interest Rates – Interest rates are predicted to increase this year. Buyers are keeping an eye on interest rates as they directly effect their purchasing power. As rates tick up, more and more buyers decide to start their search earlier and try to beat the rising interest rates.
- NEW vs RESALE – New construction is expected to be a major competitor come spring/summer of this year. If sellers can find a buyer before then, that is their best chance at maximizing their profits. If given the choice, most buyers prefer NEW homes vs RESALE homes, so list your home now in order to avoid having to compete against new homes.